North America Transformer Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Service Type (Installation & Relocation, Testing & Monitoring, and Repair & Maintenance) and Application (Power Transformer, Distribution Transformer, and Renewable Transformer)

Code: BMIRE00027338 | Pages: 151 | Industry: Energy and Power | Date: Sep 2022 | Type: Regional

North America Transformer Services Market - Introduction

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.

North America Transformer Services Market - Overview and Dynamics   

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.

The US is one of the major markets in the North American region as the country is investing in the upgradation and maintenance of its current transformer networks. Factors such as the steady demand for repair and installation of power, distributor, and renewable transformers are projected to provide ongoing growth opportunities during the coming years. The growth of the North America transformer services market is primarily attributed to increasing focus on transformer maintenance and service activities, intense emphasis on routine maintenance and aging of transformers. The demand for power supply is growing at a faster pace, wherein the deployment of transformers is also increasing, which is fueling the market growth for transformer services in North America. As per the data published by the US Energy Information Administration (EIA), the US electricity generation had increased from 4,007 billion kWh in 2020 to 4,115 billion kWh in 2021.

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. Different types of maintenance checks need to be conducted on a power transformer, such as transformer maintenance checks on a monthly basis, daily maintenance testing and checking, annual transformer maintenance schedule, and transformer maintenance on a half-yearly basis. Thus, increased focus on performing regular maintenance activities on transformers is propelling the North America transformer services market growth.

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.

North America Transformer Services Market Analysis - Key Market Segments

Based on service type, the repair and maintenance segment held the largest share of the 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.

North America Transformer Services Market Analysis- Major Sources and Companies Listed

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.

Reasons to Buy Report

  • To understand the North America transformer services market landscape and identify market segments that are most likely to guarantee a strong return
  • To stay ahead of the race by comprehending the ever-changing competitive landscape for the North America transformer services market
  • To efficiently plan M&A and partnership deals in the North America transformer services Market by identifying market segments with the most promising probable sales
  • To help in taking knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments in the North America transformer services market
  • To obtain North America transformer services market revenue forecast by various segments from 2021-2028 in North America.

 

TABLE OF CONTENTS

1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Transformer Services Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Transformer Services Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Focus on Intensive Routine Maintenance
5.1.2 Aging of Transformers in North America
5.2 Market Restraints
5.2.1 Technological Advancements in Transformers Enhanced Product Performance and reduces service requirements
5.3 Market Opportunities
5.3.1 Growing Initiatives for Strengthening Existing Transmission and Distribution Infrastructure
5.4 Future Trends
5.4.1 Shift to Digitalization and Modern Approaches in Service Offerings
5.5 Impact analysis of Drivers and Restraints
6. Transformer Services Market - North America Market Analysis
6.1 North America Transformer Services Market Overview
6.2 North America Transformer Services Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Transformer Services Market - By Service Type
7.1 Overview
7.2 Transformer Services Market, by Service Type (2021 and 2028)
7.3 Installation and Relocation
7.3.1 Overview
7.3.2 Installation and Relocation: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Testing and Monitoring
7.4.1 Overview
7.4.2 Testing and Monitoring: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Repair & maintenance
7.5.1 Overview
7.5.2 Repair & maintenance: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
8. Transformer Services Market - By Application
8.1 Overview
8.2 Transformer Services Market, by Application (2021 and 2028)
8.3 Power Transformer
8.3.1 Overview
8.3.2 Power Transformer: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Distribution Transformer
8.4.1 Overview
8.4.2 Distribution Transformer: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Renewable Transformer
8.5.1 Overview
8.5.2 Renewable Transformer: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
9. Transformer Services Market - Country Analysis
9.1 Overview
9.2 North America: Transformer Services Market
9.2.1 North America Transformer Services Market Breakdown, by Country
9.2.1.1 US Transformer Services Market, Revenue and Forecast to 2028
9.2.1.1.1 US Transformer Services Market Breakdown, by Service Type
9.2.1.1.2 US Transformer Services Market Breakdown, by Application
9.2.1.2 Canada Transformer Services Market, Revenue and Forecast to 2028
9.2.1.2.1 Canada Transformer Services Market Breakdown, by Service Type
9.2.1.2.2 Canada Transformer Services Market Breakdown, by Application
9.2.1.3 Mexico Transformer Services Market, Revenue and Forecast to 2028
9.2.1.3.1 Mexico Transformer Services Market Breakdown, by Service Type
9.2.1.3.2 Mexico Transformer Services Market Breakdown, by Application
10. Impact of COVID-19 Pandemic on Transformer Services Market
10.1 Overview
10.1.1 North America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. COMPANY PROFILES
12.1 SDMyers, LLC
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 EMERALD TRANSFORMER
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 General Electric Company
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Vertiv Group Corp.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Hitachi Energy Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Siemens Energy
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Stark International Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 VCM Solutions
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 ELSCO Transformers
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 American Superconductor
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Tru-Amp Corporation
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 RESA Power, LLC.
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Houghton International
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Power Substation Services
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Magneto Electric
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
12.16 North American Substation Services Ltd. NAAS
12.16.1 Key Facts
12.16.2 Business Description
12.16.3 Products and Services
12.16.4 Financial Overview
12.16.5 SWOT Analysis
12.16.6 Key Developments
12.17 Transformer Services, Inc.
12.17.1 Key Facts
12.17.2 Business Description
12.17.3 Products and Services
12.17.4 Financial Overview
12.17.5 SWOT Analysis
12.17.6 Key Developments
12.18 Kinectrics
12.18.1 Key Facts
12.18.2 Business Description
12.18.3 Products and Services
12.18.4 Financial Overview
12.18.5 SWOT Analysis
12.18.6 Key Developments
12.19 Eaton
12.19.1 Key Facts
12.19.2 Business Description
12.19.3 Products and Services
12.19.4 Financial Overview
12.19.5 SWOT Analysis
12.19.6 Key Developments
12.20 Maschinenfabrik Reinhausen GmbH
12.20.1 Key Facts
12.20.2 Business Description
12.20.3 Products and Services
12.20.4 Financial Overview
12.20.5 SWOT Analysis
12.20.6 Key Developments
12.21 Transformer Engineering Service
12.21.1 Key Facts
12.21.2 Business Description
12.21.3 Products and Services
12.21.4 Financial Overview
12.21.5 SWOT Analysis
12.21.6 Key Developments
12.22 EthosEnergy
12.22.1 Key Facts
12.22.2 Business Description
12.22.3 Products and Services
12.22.4 Financial Overview
12.22.5 SWOT Analysis
12.22.6 Key Developments
12.23 Sunbelt Solomon
12.23.1 Key Facts
12.23.2 Business Description
12.23.3 Products and Services
12.23.4 Financial Overview
12.23.5 SWOT Analysis
12.23.6 Key Developments
12.24 Pace Technologies Inc.
12.24.1 Key Facts
12.24.2 Business Description
12.24.3 Products and Services
12.24.4 Financial Overview
12.24.5 SWOT Analysis
12.24.6 Key Developments
12.25 Scherer Electric
12.25.1 Key Facts
12.25.2 Business Description
12.25.3 Products and Services
12.25.4 Financial Overview
12.25.5 SWOT Analysis
12.25.6 Key Developments
12.26 TCI of NY
12.26.1 Key Facts
12.26.2 Business Description
12.26.3 Products and Services
12.26.4 Financial Overview
12.26.5 SWOT Analysis
12.26.6 Key Developments
12.27 Controlled Magnetics, Inc
12.27.1 Key Facts
12.27.2 Business Description
12.27.3 Products and Services
12.27.4 Financial Overview
12.27.5 SWOT Analysis
12.27.6 Key Developments
12.28 Lineman\'s Testing Laboratories Of Canada Limited
12.28.1 Key Facts
12.28.2 Business Description
12.28.3 Products and Services
12.28.4 Financial Overview
12.28.5 SWOT Analysis
12.28.6 Key Developments
12.29 CES Transformers
12.29.1 Key Facts
12.29.2 Business Description
12.29.3 Products and Services
12.29.4 Financial Overview
12.29.5 SWOT Analysis
12.29.6 Key Developments
12.30 van Kooy Transformer Consulting Services Inc.
12.30.1 Key Facts
12.30.2 Business Description
12.30.3 Products and Services
12.30.4 Financial Overview
12.30.5 SWOT Analysis
12.30.6 Key Developments
12.31 Aevitas
12.31.1 Key Facts
12.31.2 Business Description
12.31.3 Products and Services
12.31.4 Financial Overview
12.31.5 SWOT Analysis
12.31.6 Key Developments
12.32 SPX CORPORATION
12.32.1 Key Facts
12.32.2 Business Description
12.32.3 Products and Services
12.32.4 Financial Overview
12.32.5 SWOT Analysis
12.32.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary

LIST OF TABLES

Table 1. North America Transformer Services Market, Revenue and Forecast, 2019-2028 (US$ Mn)
Table 2. North America Transformer Services Market- Top Player Market Share
Table 3. North America Transformer Services Market, Revenue and Forecast to 2028 - By Country (US$ Million)
Table 4. US Transformer Services Market, Revenue and Forecast to 2028 - By Service Type (US$ Million)
Table 5. US Transformer Services Market, Revenue and Forecast to 2028 - By Application (US$ Million)
Table 6. Canada Transformer Services Market, Revenue and Forecast to 2028 - By Service Type (US$ Million)
Table 7. Canada Transformer Services Market, Revenue and Forecast to 2028 - By Application (US$ Million)
Table 8. Mexico Transformer Services Market, Revenue and Forecast to 2028 - By Service Type (US$ Million)
Table 9. Mexico Transformer Services Market, Revenue and Forecast to 2028 - By Application (US$ Million)
Table 10. Glossary of Terms, Transformer Services Market

LIST OF FIGURES

Figure 1. Transformer Services Market Segmentation
Figure 2. Transformer Services Market Segmentation - Region
Figure 3. Transformer Services Market Overview
Figure 4. Transformer Services Market, By Service Type
Figure 5. Transformer Services Market, By Application
Figure 6. North America: PEST Analysis
Figure 7. Transformer Services Market: Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Transformer Services Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Transformer Services Market
Figure 11. North America Transformer Services Market, Forecast and Analysis (US$ Mn)
Figure 12. Market Positioning- Top Five Players
Figure 13. Transformer Services Market Revenue Share, by service type(2021 and 2028)
Figure 14. Installation and Relocation: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. Testing and monitoring: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Repair & maintenance: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. Transformer Services Market Revenue Share, by Application (2021 and 2028)
Figure 18. Power transformer: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Distribution transformer: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Renewable transformer: Transformer Services Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Transformer Services Market Breakdown, by Country, 2021 & 2028 (%)
Figure 22. US Transformer Services Market, Revenue and Forecast to 2028 (US$ Million)
Figure 23. Canada Transformer Services Market, Revenue and Forecast to 2028 (US$ Million)
Figure 24. Mexico Transformer Services Market, Revenue and Forecast to 2028 (US$ Million)
Figure 25. Impact of COVID-19 Pandemic in North American Country Markets

The List of Companies - North America Transformer Services Market
- GE
- Hitachi Energy Ltd
- Siemens
- Vertiv Group Corp.
- Stark International Inc.
- RESA Power LLC
- Houghton International
- VCM Solutions
- Power Substation Services
- Magneto Electric

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