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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Transformer Service Market Size
The North America transformer service market is expected to grow at a CAGR of 5.5% between 2024 and 2032 and reach around USD 13.60 billion by 2032.
Key Takeaways
- A significant percentage of the installed transformers across North America has exceeded the end of their useful service life of 25-40 years.
- The USA is home to around 200,000 ageing power transformers, while it also witnesses the installation of over 2,000 new transformers annually.
- Canada is a significant producer of transformers, globally.
- Growing demand for electricity and the scaling up of renewable energy efforts aid the demand for power transformers and related services in North America.
Transformers play a vital role in the efficient transmission of electricity for consumers, thereby ensuring the seamless operation of the economy. As a result, consumers across North America are investing in transformer services to ensure continuous power supply. The adoption of services, like predictive maintenance, assists consumers in minimising transformer downtime by monitoring the transformers remotely.
Some of the factors driving the North America transformer service market growth are an ageing grid infrastructure, growing demand for electricity, and the adoption of digital maintenance services to reduce transformer downtime.
North America Transformer Service Market Report Snapshots
North America Transformer Service Market Size
North America Transformer Service Market Trends
North America Transformer Service Market Regional Analysis
North America Transformer Service Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The North America transformer service market is assessed to grow at a CAGR of 5.5% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 13.60 billion by 2032.
Operation of power transformers involves processes such as external inspection, measurement of oil temperature and load, phasing, corrective and preventive maintenance, and overhauls, among others.
Transformers need routine maintenance to ensure they run smoothly and operate safely.
The major market drivers are the growing demand for power supply and increased investment in power infrastructure.
The key trends of the North America transformer service 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.
The major regions in the market are the United States of America and Canada.
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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