"Actionable Insights to Fuel Your Growth"
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.
To gain extensive insights into the market, Request for Customization
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.
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.
· Testing & Monitoring
· Distribution Transformers
· Power Transformers
· North America (The USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry