Reports
North America Transformer Service Market Size, Forecast: By Type: Field Services, Engineering Services, Emergency Response and Remote Monitoring, Decommissioning, Others; By Application: Power Distribution Service, Power Source Equipment Service; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
North America Transformer Service Market Outlook
The North America transformer service market size reached approximately USD 3.28 billion in 2023. The market is estimated to grow at a CAGR of 5.6% in the forecast period of 2024-2032, reaching a value of around USD 5.37 billion by 2032.
Key Trends in the Market
A transformer is a voltage control device that is mainly used for the transmission of electrical energy. Transformer services encompass a transformer system's production, distribution, maintenance, repair, electrical acceptance testing, and infrared inspections, among others.
- Growing deployment of energy-efficient transformers to reduce energy loss during transmission and distribution is one of the prominent North America transformer service market trends as these transformers have reduced energy consumption, low maintenance cost, and produce less waste compared to conventional ones.
- With the increase in ageing transformers in the region, there has been a rise in the demand for maintenance, repair, and replacement services for old transformers.
- Increased investments in smart transformers which offer remote operation through smart grids also provide impetus to the North America transformer service market growth. Smart transformers provide voltage optimisation to ensure the required amount of power and protect electrical components from power fluctuations, increasing their longevity.
- Favourable government policies for the refurbishment and modernisation of old grid infrastructure, coupled with improvement in power efficiency, are expected to aid the market in the forecast period.
Market Analysis
Based on type, the market is divided into field services, engineering services, emergency response and remote monitoring, and decommissioning, among others. The North America transformer service market segmentation, on the basis of application, includes power distribution service and power source equipment service. Based on country, the market is bifurcated into the United States of America and Canada.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America transformer service market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- AKF Group LLC
- Electrical Power Systems
- RESA Power, LLC
- American Electrical Testing Co., LLC
- Taurus Power and Controls, Inc.
- Potomac Testing
- Electrical Reliability Services
- Integrated Power Services
- General Electric Company
- Others
Market Share by Application
As per the North America transformer service market analysis, power distribution service occupies a sizeable share of the market owing to the growing demand for the installation of transformers in several end-use sectors such as residential, commercial, government, and military, among others. Service providers also ensure regular maintenance and routine checks of transformers to deal with any issues that may cause system failure. Additionally, they assist with failure assessment, improvement of energy efficiency, and modernisation of the grid, further propelling the segment’s growth.
Market Share by Country
The United States of America accounts for a substantial portion of the North America transformer service market share due to the introduction of favourable government policies that focus on the upgradation of grid infrastructure. The integration of smart technologies such as IoT for monitoring transformer health by acquiring real-time data also provides a positive outlook to the market. Furthermore, growing investments by players in alternative energy resources to stay ahead of their competitors offer lucrative opportunities for the market expansion.
Competitive Landscape
AKF Group LLC, established in 1989 and headquartered in New York, the United States, provides expertise in engineering and technology. The company also offers services in central utilities, building controls, consulting, and analysis and testing, among others.
RESA Power, LLC, established in 1928, is a major provider of critical solutions for electrical power systems. The company, based in Texas, the United States, deals in power distribution and control equipment services.
American Electrical Testing Co., LLC is a provider of engineering and testing business operations that was incorporated in 1981. It has its headquarters in Massachusetts, the United States, and provides its clients with reliable and superior quality power systems.
Other North America transformer service market players include Electrical Power Systems, Taurus Power and Controls, Inc., Potomac Testing, Electrical Reliability Services, Integrated Power Services, and General Electric Company, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Transformer Service Market Overview
8.1 Key Industry Highlights
8.2 North America Transformer Service Historical Market (2018-2023)
8.3 North America Transformer Service Market Forecast (2024-2032)
9 North America Transformer Service Market by Type
9.1 Field Services
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Type
9.1.3.1 Testing
9.1.3.2 Start Up and Installation
9.1.3.3 Annual Maintenance
9.1.3.4 Acceptance Testing
9.1.3.5 Commissioning
9.2 Engineering Services
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Type
9.2.3.1 Short Circuit Testing
9.2.3.2 Power Quality Audits
9.2.3.3 Arc Flash Studies
9.3 Emergency Response and Remote Monitoring
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 Decommissioning
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.5 Others
10 North America Transformer Service Market by Application
10.1 Power Distribution Service
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Type
10.1.3.1 Field Services
10.1.3.2 Field Start Up and Commissioning of New Equipment
10.1.3.3 Modernisation
10.1.3.4 Disaster Recovery
10.1.3.5 Extended Warranty Services
10.1.3.6 Safety and Risk Management
10.1.3.7 Testing
10.1.3.8 Decommissioning
10.1.3.9 Vibration Analysis
10.2 Power Source Equipment Service
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.2.3 Breakup by Type
10.2.3.1 Power System Studies
10.2.3.2 Consulting and Advisory Services
10.2.3.3 Design Engineering
10.2.3.4 Arc Flash Studies
10.2.3.5 Power Quality Studies
10.2.3.6 Power Factor Correction Studies and Harmonic Analysis
10.2.3.7 Others
11 North America Transformer Service Market by Country
11.1 United States of America
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.1.3 Breakup by Region
11.1.3.1 New England
11.1.3.2 Mideast
11.1.3.3 Great Lakes
11.1.3.4 Plains
11.1.3.5 Southeast
11.1.3.6 Southwest
11.1.3.7 Rocky Mountain
11.1.3.8 Far West
11.2 Canada
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.2.3 Breakup by Region
11.2.3.1 Northern Canada
11.2.3.2 British Columbia
11.2.3.3 Alberta
11.2.3.4 The Prairies
11.2.3.5 Central Canada
11.2.3.6 Atlantic Canada
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators of Demand
12.4 Key Indicators of Price
13 North America Transformer Testing and Maintenance Standards
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 AKF Group LLC
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Electrical Power Systems
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 RESA Power, LLC
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 American Electrical Testing Co., LLC
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Taurus Power and Controls, Inc.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Potomac Testing
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Electrical Reliability Services
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Integrated Power Services
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 General Electric Company
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Transformer Service Market: Key Industry Highlights, 2018 and 2032
2. North America Transformer Service Historical Market: Breakup by Type (USD Billion), 2018-2023
3. North America Transformer Service Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. North America Transformer Service Historical Market: Breakup by Application (USD Billion), 2018-2023
5. North America Transformer Service Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. North America Transformer Service Historical Market: Breakup by Country (USD Billion), 2018-2023
7. North America Transformer Service Market Forecast: Breakup by Country (USD Billion), 2024-2032
8. North America Transformer Service Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 3.28 billion.
The market is projected to grow at a CAGR of 5.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 5.37 billion by 2032.
The major market drivers are the growing demand for power supply and increased investment in power infrastructure.
The key trends of the market include the growing deployment of energy-efficient transformers, a rise in the demand for maintenance, repair, and replacement services for old transformers, increased investments in smart transformers, and favourable government policies for the refurbishment and modernisation of old grid infrastructure.
Various types of transformer services are field services, engineering services, emergency response and remote monitoring, and decommissioning, among others.
Various applications are power distribution service and power source equipment service.
The key players in the market are AKF Group LLC, Electrical Power Systems, RESA Power, LLC, American Electrical Testing Co., LLC, Taurus Power and Controls, Inc., Potomac Testing, Electrical Reliability Services, Integrated Power Services, and General Electric Company, among others.
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