Transformer Services Market Size, Revenue, End Users And Forecast Till 2030

The North America transformer services market size was valued at US$ 433.9 million in 2022 and is projected to reach US$ 593.7 million by 2028; it is expected to grow at a CAGR of 5.4% from 2022 to 2028.
The transformer is costly and essential equipment within an electrical substation. Thus, various preventative maintenance activities must be performed to ensure that the transformer maintains a high level of performance and a long functional life. Other types of maintenance activities such as emergency or breakdown transformer maintenance are conducted in the event of a fault. However, regular maintenance significantly reduces the chances of such emergency maintenance. The increase in need for conducting the transformer services at regular intervals, along with inorganic growth strategies, are the prominent factors attributed to the growth of the market. For instance, in August 2022, RESA Power, LLC, a market leader in power systems electrical testing and transformer services, announced the acquisition of Advanced Electrical Services, Ltd. This initiative bolstered the company's presence in Canada.

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The primary purpose of transformer maintenance is to ensure that the internal and external components of transformers are kept in good condition, fit for the purpose, and operating safely. Preventative maintenance of transformers involves routine inspection, adjustment, testing, minor fixes, and special handling instructions. The transformer needs scheduled maintenance for interfacial tension (IFT), flash point, sludge content, acidity, water content, and dielectric strength, along with performance of transformer oil in the transformer. The electrical transformers are an expensive and important part of any machinery. Thus, for optimal performance and increased product life, it is becoming necessary to focus on regular maintenance check-ups. Thus, increased focus on performing regular maintenance activities on transformers is propelling the market growth.

MARKET INTRODUCTION

A few major primary and secondary sources referred to for preparing this report on the North America transformer services market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the North America Transformer Services market report include GE; Vertiv Group Corp.; Hitachi Energy Ltd.; Stark International Ltd.; RESA Power LLC; Houghton International; Siemens Energy; VCM Solutions; Power Substation Services; Magneto Electric North American Substation Services Ltd. (NASS); SPX Corporation; Transformer Services, Inc.; Kinectrics; Transformer Engineering Service; EMERALD; SDMyers; ELSCO TRANSFORMERS; American Superconductor; Tru-Amp Corporation; Controlled Magnetics, Inc.; CES Transformers; Aevitas Lineman's Testing Laboratories Of Canada Limited; van Kooy Transformer Consulting Services Inc; EthosEnergy; Sunbelt Solomon; Maschinenfabrik Reinhausen GmbH; TCI of NY (G&S Family of Companies); Pace Technologies Inc.; Scherer Electric; Eaton and among others.

List of Companies Profiled in the Luxury Yacht Market Report are:
GE
- Hitachi Energy Ltd
- Siemens
- Vertiv Group Corp.
- Stark International Inc.
- RESA Power LLC
- Houghton International
- VCM Solutions
- Power Substation Services
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Key Segmentation:

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North America transformer services market, in 2021. The growth of the segment is primarily attributed to the increase in need for maintenance and repair activities in order to make sure its internal and external parts are in good condition and to maintain a record of its condition. Based on application, the power transformers segment held the largest share of the North America transformer services market. The rise in energy demand, increase in renewable power generation, growing initiatives for smart cities & urbanization are the key factors responsible for the demand of power transformer. Thus, such factors are driving the North America transformer services market growth.

Table of Contents

Based on material, the North America transformer services market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys segment held the largest share of the North America transformer services market in 2022.
Based on size, the North America transformer services market is segmented into 75-120 feet, 121-250 feet, and Above 250 feet. The 121-250 feet segment held the largest share of the North America transformer services market in 2022.

Based on country, the North America transformer services market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the share of the North America transformer services market in 2022.

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