North America Dry-type Transformer Market Forecast 2021-2028
The North America dry-type transformer market is expected to register a CAGR of 6.74%, over the forecast period of 2021 to 2028. The primary factors attributed to the market growth are, the rapid economic development due to the relocation of manufacturing bases, and the increased demand for electricity.
The North America dry-type transformer market growth is analyzed by assessing Canada and the United States. In Canada, the power sector is dominated by renewable sources, like hydropower, which accounts for more than 50% of the generation. Provinces such as Ontario witness a diverse and robust supply mix, with hydroelectric and natural gas-based power generation, solar and wind power generation, and increased demand-response resources. Moreover, in addition to the United States, Canada also achieved a 100% electrification rate, in recent years. Besides, the majority of the country's electrical transmission and distribution grids were developed during the high economic growth period, from the 1950s to the 1980s.
However, Canada's aging infrastructure has resulted in increased outages and higher failure rates. As a result, the nation requires a massive infrastructural renewal. Refurbishing the existing transmission and distribution infrastructure is anticipated to be a crucial driver for the region's dry-type transformer market. Canada's power sector is also transforming from a system based on an extensive and centralized generation, transmission, and distribution, to a relatively smaller-scale and distributed generation. Likewise, the declining costs of equipment are also encouraging the localized generation of distributed energy, like, solar and wind. Thus, such factors are anticipated to fuel the market growth, over the forecast period.
Prominent companies operating in the market include, General Electric Company, Hammond Power Solutions Inc, Hanley Energy GCC, Voltamp Transformers Ltd, Eaton Corporation PLC, etc.
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