Market Size of United States Large Power Transformer Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
