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Global Transformer Service Market Share, Size, Trends, Growth: By Type: Testing and Monitoring, Maintenance, Others; By Application: Distribution Transformers, Power Transformers, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Transformer Service Market Outlook
The global transformer service market size is expected to grow at a CAGR of 5.90% between 2024 and 2032, being driven by the increasing use of transformers across the industrial and commercial sector, owing to the rising demand for electricity.
Key Trends in the Market
Transformer refers to an electronic device which steps up or steps down voltage to increase or decrease the output current. Transformer service is defined as a type of service which aims at providing assistance related to the distribution, maintenance, and repair of transformers. These services also cover the provision of leak wielding, conversion plugs, seal replacement, and certifying of oil samples.
- The global transformer service market growth is being propelled by the rising application of transformers across various end use industries such as automotive, construction, and healthcare, among others.
- Rapid digitalisation across the emerging economies is fuelling the demand for electricity which is in turn leading to a greater dependence on transformers. In addition, modern forms of power generation such as wind and solar power plants are boosting the incorporation of transformers, thereby, providing impetus to the market for transformer services.
- Growing expansion and technical upgradations in industries such as construction, automotive, and power generation, among others, are further generating the demand for transformers.
- Modifications and upgradations of existing transformers across Asia Pacific and North America, are expected to lead to replacement of transformer oil, induction of better-quality transformer components, and replacement of isolators. Moreover, the rapid urbanisation across these regions is likely to provide impetus to the transformer service market.
Market Analysis
Based on type, the market can be segmented into testing and monitoring, and maintenance, among others. On the basis of application, the market can be classified into distribution transformers, and power transformers, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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 global transformer service market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ABB Ltd
- Siemens Gas and Power GmbH & Co. KG
- GE Grid Solutions
- Sunbelt Solomon
- Power Substation Services
- RESA Power, LLC.
- Others
Market Share by Type
The testing and monitoring segment, based on type, holds a significant share in the market for transformer services, as it is an integral part of transformer maintenance. Testing and monitoring ensures the quality of transformer oil which enhances the safety of the transformer. In addition, testing and monitoring services also facilitate economical working of a transformer while reducing hassle.
Meanwhile, the maintenance segment is expected to bag a decent share in the transformer service market in the forecast period. Proper maintenance of transformers is important to remove the chances of failure, leading to cost-saving.
Market Share by Application
The distribution transformer, based on application, accounts for a healthy share of the market. This type of transformer is witnessing a heightened demand across the industrial sector owing to its high efficiency at minimum loads. This escalation in the product’s demand is improving the transformer service market dynamics by emphasising focus on maintenance and safety of the transformer.
Power transformers are also gaining traction across substations and power plants and require efficient transformer service to monitor oil levels and to replace silica gel. Power transformers are used for long distances, hence, it is crucial to detect leakage in order to improve transmission. The heightening demand for transformers in the aerospace and defence industry is further aiding the market for transformer services.
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Competitive Landscape
ABB Ltd was founded in 1988, and is currently headquartered in Zurich, Switzerland. This company offers a wide range of power distribution products and services, which enable the users to facilitate safe and efficient production operations. ABB Ltd. also caters to the demands of various end use industries including utility, industry, and transportation, among others.
Siemens Gas and Power GmbH & Co. KG was founded in 2019 and is headquartered in Munich, Germany. It is a subsidiary of Siemens Energy AG which is a renowned energy development organisation. Siemens Gas and Power GmbH & Co. KG provides power solutions and components, along with assurance of maintenance and repair facilities.
Sunbelt Solomon is an American company which offers customised electrical power solutions and services. It was founded in the year 1971. Sunbelt Solomon is a distributor of electrical appliances, and it offers transformers on lease. Sunbelt Solomon repairs and services transformers effectively and caters to the demand from various end use industries and utilities.
Other market players include GE Grid Solutions, Power Substation Services, and RESA Power, LLC., 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
6.1 Global
6.2 Region
7 Industry Opportunities and Challenges
8 Global Transformer Service Market Analysis
8.1 Key Industry Highlights
8.2 Global Transformer Service Historical Market (2018-2023)
8.3 Global Transformer Service Market Forecast (2024-2032)
8.4 Global Transformer Service Market by Type
8.4.1 Testing and Monitoring
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Maintenance
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global Transformer Service Market by Application
8.5.1 Distribution Transformers
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Power Transformers
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Transformer Service Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 ABB Ltd
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Siemens Gas and Power GmbH & Co. KG
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 GE Grid Solutions
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Sunbelt Solomon
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Power Substation Services
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 RESA Power, LLC.
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Transformer Service Market: Key Industry Highlights, 2017 and 2027
2. Global Transformer Service Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Transformer Service Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Transformer Service Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Transformer Service Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Transformer Service Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Transformer Service Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Transformer Service Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Transformer Service Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Transformer Service Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Transformer Service Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Transformer Service Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Transformer Service Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Transformer Service Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Transformer Service Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Transformer Service Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Transformer Service Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Transformer Service Market Structure.
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 5.90% in the forecast period of between 2024 and 2032.
The increasing applications of transformers across various end use industries, rapid urbanisation and digitalisation in emerging economies, and increasing emphasis on upgradation of existing transformers, are the major drivers of the transformer service market.
The key trends in the market include the technical innovations and upgradations in the field of electronics which are generating a steady demand for electricity.
The types of maintenance offered by transformer service includes checks on daily, monthly, or annual basis.
The main parts of a transformer include iron core, primary winding, and secondary winding.
Transformer oil of a transformer belonging to 132 KV category should be changed every year. In transformers below 132 KV, oil should be changed once in two years and for above 132 KV transformers, oil should be changed after the interval of every two years.
A transformer service takes place by maintaining and replacing the transformer oil levels, replacing silica gel, and detecting and sealing any leakage.
Testing and monitoring, and maintenance, among others are the different types of transformer services.
ABB Ltd, Siemens Gas and Power GmbH & Co. KG, GE Grid Solutions, Sunbelt Solomon, Power Substation Services, and RESA Power, LLC., among others, are the key market players, according to the report.
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