Global Transformer Service Market Report and Forecast 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