Transformer Service Market Size, Share and Global Trend By Type (Testing & Monitoring, Maintenance, Others), By Application (Distribution Transformers, Power Transformers, Others) and Regional Forecast, 2024-2032

The power demand has risen immensely in recent years and is expected to continue growing during the forecast period. The transformers are devices which provide the final voltage transformation in the distribution system. The voltage is stepped up or stepped down by the use of transformers as per the end-user connectivity. The transformers which are used to regulate the flow of electricity form a vital part of the system.

For efficient working of the transformers, various maintenance activities are needed to be carried out on the transformer at regular time intervals. The maintenance activities include sealing off any detected leakages, replacement of the silica gel if there has been a change in its color, and oil level checks in the main tank and conservator tank.

With the diversifying regions of power supply, the deployment of transformers has increased which in turn has acted as the development factor for the global transformer services market. Looking at the current scenario of power consumption the global transformer services market will have a healthy growth rate over the given forecast period.

On the basis of its type, the global transformer services market can be segmented into testing & monitoring, maintenance, and other services. The technological advancements which have seen new monitoring systems come up with precise data regarding service will see testing and monitoring system hold a significant market share during the forecast period.

Based on its applications the global transformer services market is segmented into distribution transformers, power transformers, and others. The initiatives taken by the government of various countries to convey power to each of its country parts have seen the distribution transformers hold a more significant market share in the global transformer services market.

The major market driver for the global transformer services market is the ever-increasing demand for power supply. The other factors influencing the growth of the worldwide transformer services market are advantages offered by monitoring systems such as data storage, growing focus on renewable sources of energy, expansion of existing transmission and distribution infrastructure and operational safety. These factors will increase the transformer adoption and therefore will act as growth factors for the global transformer services market.

The key market restraint for the global transformer services market is the high cost of incurred for installation of the transformer monitoring systems, which are essential to notify the need for service of a transformer. The high frequency of services which increase the cost for the same can also hinder the growth of the global transformer services market.

Key Players Covered

Some of the major companies that are present in global transformer service market are ABB, Eaton, Schneider Electric, Siemens, GE, Honeywell, KONČAR Group, Hyundai Power Transformers USA, Qualitrol, hioTron, Mitsubishi Electric Automation, Inc., Lumasense, Dynamic Ratings, Creative Micro Systems, and Power Substation Services.

SEGMENTATION

Regional Analysis

The demand for the continues power supply has been rising in developing and developed countries. Also, the increased adoption of the renewable sources of energy such as wind power and solar power has had a significant impact of the adoption of transformers which directly has acted as a boost for the global transformer services market. The global transformer services market has spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region stands as the dominant region of the transformer service market owing to the increased energy demand from the region. The factors such as increasing population and growing urbanization have led to increased demand for power. China, India, South Korea, and Japan are the major players in the region. In the North America region, the USA holds the largest market share with the latest technological advancements to ensure safety which has seen modifications in the existing transformers. The adoption of solar energy has seen more transformer deployment in the Europe region which has impacted the growth of the transformer services market in the region. The Middle East and the Latin America region hold a excellent opportunity for the transformer services market with increasing demand for energy and adoption of renewable sources for power generation.

Key Industry Developments

• In July 2019, Siemens received the order from an Iraqi developer MPC and Chinese EPC firm CITIC Constriction Co Ltd., for the supply of key components and long term power generation services for the Maisan combined power plant in Iraq. The capacity of the power plant is 840MW and plant will be supplying electricity to more than 3 million people of Iraq.


• In August 2019, Eskom the South African Power Utility provider announced about their plans to resume with the operations to replace the non-working transformers in the Ivory Park in the city of Johannesburg. The operations and maintenance senior manager at the Gauteng operating unit urged the community at the ivory park to collaborate in removing illegal connections, disconnect the bypassed meters and issue fines for the contraventions.