United States Large Power Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

United States Large Power Transformer Market is Segmented by Type (Single-phase Transformer and Three-phase Transformer), Application (Power Transmission, Power Generation, and Other Applications).

US Large Power Transformer Market Size

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United States Large Power Transformer Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.20 %
Market Concentration Low

Major Players

United States Large Power Transformer Market

*Disclaimer: Major Players sorted in no particular order

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US Large Power Transformer Market Analysis

United States large power transformer market is expected to register a CAGR of more than 4.2% during the forecast period (2022-2027). As a result of the COVID-19 pandemic, U.S. greenhouse gas emissions decreased 11% in 2020, while electric power emissions decreased 10% due to reduced electricity demand and a continued shift from coal to renewable energy and less carbon-intensive natural gas. Large transformer manufacturers were unable to operate due to a lack of cash flow, and power distribution companies were hit by lockdown measures that negatively affected their financial health. Factors such as growing investments in transmission infrastructure and increasing demand for electrical energy are expected to drive the market during the forecast period. However, manufacturing costs and the high lead time required for producing large power transformers are likely to hamper the market's growth.

  • The power generation segment is expected to dominate the market, owing to the high usage of large power transformers in renewable energy generation is expected to boost the market.
  • As companies strive to reduce their carbon footprints, many transformer manufacturers in the United States are developing new low-carbon transformers insulated with fully biodegradable vegetable oils which generates reduced CO2 emissions. Increasing advancements in the power transformers technology coupled with initiatives for reducing carbon footprint is expected to provide ample opportunity to the market players in the forecast period
  • Increasing investments in the renewable energy sector are expected to boost the large power transformer market. Through these investments, the United States government is going to make progress towards its goal of having a 100% clean energy grid by 2035.

US Large Power Transformer Market Trends

This section covers the major market trends shaping the US Large Power Transformer Market according to our research experts:

Power Generation Segment to Dominate the Market

  • There has been an increase in the number of industries, business expansions, and the development of the service sector, resulting in a growth in power demand year over year. According to the US Energy Information Administration, 27.3 gigawatts (GW) of natural gas-fired capacity is scheduled to come online between 2022 and 2025, which would increase the current capacity (489.1 GW) by 6%.
  • As of 2021, the electricity generation in the United States is 4,406.4 TWh, an increase of 2.8% over 4,284.8 TWh in 2020. As U.S. electricity generation has changed over time, especially in recent years, natural gas and renewable energy sources have accounted for an increasing share of U.S. electricity production.
  • The share of natural gas-fired electricity installed capacity increased from 17% in 1990 to 43% in 2021, and electricity generation has increased more than tripled from 12% in 1990 to 38% in 2021.
  • In the United States, wind energy's share of total utility-scale electricity generating capacity increased from 0.2% in 1990 to about 12% by 2021, and its share of total utility-scale electricity generation increased from less than 1% to about 9%.
  • According to the U.S. Energy Information Administration, the share of renewables in U.S. electricity generation is expected to grow from 21% in 2020 to 42% in 2050. Wind and solar generation make up most of that growth. In 2021, the U.S. electric power sector added 13 gigawatts (GW) of utility-scale solar photovoltaic (PV) capacity. There is going to be 20 GW of solar capacity added in 2022 and 24 GW in 2023, generating 31 billion kWh of electric power in 2022 and 41 billion kWh in 2023, respectively.
  • In October 2021, the U.S. Department of Agriculture announced that they are investing USD 464 million to build or improve renewable energy infrastructure and to help rural communities, agricultural producers and businesses lower energy costs in 48 states and Puerto Rico.
  • During the transmission and storage of electricity generated with renewable energy sources, transformers play a critical role, i.e., between 33 kilovolts and 275 kV, which is accomplished by large power transformers with a 120 megavolt-ampere rating.
  • In view of these factors, the usage large power transformers in the power genration are expected to dominate the market during the forecast period.
Electricity Generation

Growing investments in transmission infrastructure to drive the market

  • In developed countries like the United States, transformers are being replaced to ensure a continuous and efficient electricity supply. In the forecast period, this trend will increase. Considering their environmental viability and advanced features, eco-friendly large power transformers are expected to see significant growth over the next few years.
  • In April 2022, According to the US Department of Interior and the Bureau of Land Management (BLM), three transmission projects are proposed, that is expected to carry renewable energy across the Western United States, emphasizing the President's commitment to expediting the expansion and modernization of the country's power infrastructure in order to create high-paying union jobs and provide American businesses and homeowners with affordable clean energy.
  • In May 2022, Hitachi Energy announced plans to invest over USD 10 million in the expansion and modernization of its distribution transformer facility in Jefferson City, Missouri, United States in order to increase production capacity and enhance the manufacturing process.
  • In May 2022, The U.S. Department of Energy announced a USD 2.5 billion Transmission Facilitation Program (TFP). As part of TFP, the Federal government is going to provide support to overcome financial barriers to the construction of large-scale new transmission lines and the upgrading of existing transmission equipment as well as the installation of microgrids in selected U.S. states and territories.
  • During 2021, Xcel Energy intends to invest USD 1.7 to USD 2 billion in Colorado's Power Pathway that is going to help boost the economy, connect new energy resources in eastern Colorado, enhance electric grid reliability, and help ensure power availability during severe weather. It is expected that approximately 560 to 650 miles of new transmission lines plus four new and expanded substations will be built to provide power to Colorado homes and businesse.
  • According to Edison Electric Institute (EEI) , investor-owned electric utilities and stand-alone transmission companies invested USD 27.8 billion in transmission assets in 2021, a 11.2% increase over the USD 25.0 billion invested in 2020.
  • Therefore, growing investments in the transmission infrastructure are expected to drive market growth.
Transmission Investment

US Large Power Transformer Industry Overview

United States large power transformer market is fragmented. Some of the key players in the market include Siemens Energy AG, General Electric Company, Hitachi T&D Solutions, Inc, Mitsubishi Electric Corporation, and ABB Ltd.

US Large Power Transformer Market Leaders

  1. Siemens Energy AG

  2. General Electric Company

  3. Hitachi T&D Solutions, Inc

  4. Mitsubishi Electric Corporation

  5. ABB Ltd.

*Disclaimer: Major Players sorted in no particular order

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US Large Power Transformer Market News

  • In October 2021, A collaboration between GE Research and Prolec GE with Cooperative Energy led to the development and installation of the world's first flexible large power transformer at the utility's major substation in Columbia, Mississippi. The transformer, rated at 165kV, 60/80/100 MVA, and developed as part of an ongoing project funded by the US Department of Energy's (DOE's) Office of Electricity, has begun field validation for six months to assess its performance and understand how this new technology could transform grid management.
  • In October 2021. GE-Prolec Transformers Inc., a subsidiary of a joint venture between General Electric and Xignux, a Mexican private company, has completed the acquisition of SPX Transformer Solutions, including large power transformers, for a contract value of USD 645 million.

US Large Power Transformer Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Electricity Consumption in TWh, United States, 2015-2021

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Single-phase Transformer

      2. 5.1.2 Three-phase Transformer

    2. 5.2 Application

      1. 5.2.1 Power Transmission

      2. 5.2.2 Power Generation

      3. 5.2.3 Other Applications

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Siemens Energy AG

      2. 6.3.2 General Electric Company

      3. 6.3.3 Hitachi T&D Solutions, Inc

      4. 6.3.4 Mitsubishi Electric Corporation

      5. 6.3.5 ABB Ltd.

      6. 6.3.6 Toshiba Corporation

      7. 6.3.7 Hyundai Electric & Energy Systems Co., Ltd

      8. 6.3.8 TBEA Co., Ltd

      9. 6.3.9 JiangSu HuaPeng Transformer Co., Ltd.

      10. 6.3.10 Weg SA

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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US Large Power Transformer Industry Segmentation

United States large power transformer market report include:

Type
Single-phase Transformer
Three-phase Transformer
Application
Power Transmission
Power Generation
Other Applications
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US Large Power Transformer Market Research FAQs

The United States Large Power Transformer Market is projected to register a CAGR of greater than 4.20% during the forecast period (2024-2029)

Siemens Energy AG, General Electric Company, Hitachi T&D Solutions, Inc, Mitsubishi Electric Corporation and ABB Ltd. are the major companies operating in the United States Large Power Transformer Market.

The report covers the United States Large Power Transformer Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Large Power Transformer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

United States Large Power Transformer Industry Report

Statistics for the 2024 United States Large Power Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Large Power Transformer analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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United States Large Power Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)