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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Transformer Service Market Analysis by Region
The United States of America is expected to hold a significant share in the market driven by an ageing transformer infrastructure
According to the North America transformer service market analysis, an ageing transformer infrastructure across the United States creates opportunities for modernisation, repair, and replacement transformer services. Further, climate change drives the need for greater infrastructural investment and the demand for transformers to prevent and reduce power outages, as well as support the USA’s transition to renewable energy.
According to the North America transformer service market report, as the development of renewable energy infrastructure is crucial to foster a prospering economy, Canada supports governmental spending on new transmission lines. Consequently, the installation of transmission lines aids the demand for new transformers and the need for transformer services. Further, Canada is a significant manufacturer of transformers globally. The Canadian transformer sector is expanding at a rapid rate and is a significant contributor to the country’s total electrical manufacturing revenue.
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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