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North America Distribution Transformer Market Forecast 2020-2028

The distribution transformer market of North America is anticipated to record a CAGR of 7.51% during the projected years, 2020-2028. One of the significant reasons boosting the market growth in the region is the increasing consumption of electricity and smart grid initiatives taken by the United States and Canada.
In order to survey the growth of the North America distribution transformer market further, the region is divided into the United States. In Canada, there is a great opportunity for distribution transformers. One of the major opportunities for the market is power generation through renewable energy sources. Canada depends largely on hydropower for power generation, which accounts for 63.5% of electricity generation in the country. The electric sector of Canada has an installed generating capacity of 134GW, and is expected to reach 170 GW by 2035, according to the export statistic of the government. The wind is the second-largest source of electricity generation in the country. It is anticipated that there will be a considerable investment in the power generation sector by 2030, and 80% of power generation facilities will be upgraded in the coming years. Canada is a developed nation, where the economy, health and safety, and national security depend on the effective distribution of electricity. The Smart Grid organization in Canada has taken initiatives to meet the growing electricity demand and modernize the old grid system by making it more efficient, smarter, and competent to match the developing technology. For example, a smart grid organization in Ontario is continuously funding smart grid projects and promoting smart grid technology. In order to prevent accidents caused by electric malfunctions, the Canadian electricity association has made certain safety guidelines.

General Electric Company, Emerson Electric company, Eaton Corporation Inc, Hammond Power Solutions Inc, ABB Ltd, etc. are some of the renowned companies operating in the market.

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North America Distribution Transformer Market Forecast 2020-2028
Published By :Inkwood Research
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