North America Transformer Services Market Forecast to 2028

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)

Report Code : TIPRE00029574 | Region : North America | Industry : Energy and Power | Published Date : 02/Sep/2022

The North America transformer services market is expected to grow from US$ 433.9 million in 2022 to US$ 593.7 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2022 to 2028.

The increasing demand for power supply, growing focus on renewable energy sources, aged transformer components, and supportive government regulations are the key factors influencing the demand for transformer services. The countries in North America are expected to drive the market growth owing to rise in maintenance activities and increasing ages of transformers. The U.S. is one of the major markets in the North American region as the country is investing in the upgradation and maintenance activities of its present 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 which helps drive the North America transformer services market growth.

The rise in initiatives for strengthening the existing transmission and distribution infrastructure is accelerating the need for transformer services, which holds potential market growth opportunities. For instance, in January 2022, the Department of Energy unveiled its “Building a Better Grid” initiative focused on increasing the nationwide development of new and upgraded high-capacity transmission lines. This initiative would increase the transmission capacity by installing new transformers and servicing existing transformers. Growing initiatives for generating renewable power, supportive government policies for meeting zero-emission and increasing investment in transmission and distribution networks are the prominent factors fueling the need for transformer services. The growing developments in transformer technology in the power industry is negatively influencing the transformer services market player’s businesses in North America. the development of dry type transformer is using natural air as cooling medium which is a perfectly suitable for mitigating the transformer temperature, overcoming the environmental hazards, and emerges as a reliable and sustainable alternative to oil-filled transformers. Thus, such featured transformer requires less maintenance in terms of routine maintenance and scheduled maintenance which is restraining the North America transformer services market growth.

In June 2021, the Government of Canada announced that it was investing in renewable energy and upgrading the electricity grid to make clean, affordable electricity options more accessible in communities across Canada. The Government of Canada had invested US$ 960 million in grid modernization and renewable energy projects. Also, in August 2021, Mexico’s Ministry of Energy published the Programa de Desarrollo del Sistema Eléctrico Nacional (PRODESEN) 2021–2035 or the National Electric System Development Plan 2021–2035 for the expansion of the power generation, transmission, and distribution networks. In Mexico, there were plans to add 1,072 circuit km of line length and 2,875 MVA capacity under 19 expansion projects and 14 modernization projects to strengthen the country’s Red Nacional de Transmission (RNT) or National Transmission Network. In addition, there are plans to add 83 circuit km of distribution lines and 863 MVA of capacity during the 2021–2035 period for RNT. Thus, such upcoming investment prospects in transmission and distribution systems are anticipated to drive the demand for North America transformer services market.

The major stakeholders in the North America transformer services market ecosystem includes raw material suppliers/ component suppliers, transformer manufacturer, transformer service providers, and end user. The countries in North America are contributing at large scale for the market growth. Mexico was the world’s top exporter of electric transformers with a power range of 16 to 500 KVA in 2020, shipping US$ 276 million worth overseas. In addition, market players are focusing on developments and new expansion strategies which are fostering the industry’s expansion. For instance, in October 2021, MGM announced the expansion of its low voltage distribution transformer factory in Tijuana, Mexico. With such development, the company will be able to increase the capacity of the transformers flowing out of the factory over the next 12 to 24 months. Furthermore, electrical equipment manufacturer WEG has also made significant investments in its Mexican transformer operations. The company announced its contract in 2020 to supply 241 transformers to a new airport in Mexico. This increase in transformer manufacturing installations further drives the demand for transformer services which helps drive the North America transformer services market outlook.

General Electric; Transformer Services, Inc.; Stark International Inc.; ABB; Schneider Electric; VCM Solutions; RESA Power, LLC.; North American Substation Services; Northern Transformer; and Delta Star Inc. are the key companies operating in the North America transformer services market. The report comprises secondary research on other companies holding a significant North America transformer services market share. In addition, several other prominent North America transformer services market players were studied and analyzed to get a holistic view of the market and its ecosystem. The North America transformer services market report provides detailed market insights which helps the key players to strategize the growth in coming years.

The overall North America transformer services market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America transformer services market. The process also serves the purpose of obtaining an overview and forecast for the North America transformer services market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America transformer services market. The North America transformer services market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influences the market growth in coming years.

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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

● 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.

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