The ‘Global Transformer Service Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global transformer service market, assessing the market on the basis of its segments like type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Transformer Service Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.90%
The global transformer service market is being driven by the increasing applications of transformers in various end use industries such as construction, healthcare, and automotive, among others. Construction of residential and commercial buildings are taking pace at full-pace across emerging economies. Transformers are used to regulate voltage levels from utility distribution centres to voltages which can be used for the construction project. Moreover, transformers also help in reducing the building distribution voltage to such a level that it can be used by specific equipment. Increasing use of transformers in the construction sector are accordingly increasing the demand for the transformer service market to prevent breakdowns and disruptions in transformer operation.
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Transformers have widespread usage in the healthcare sector where they are used to isolate the operator and patient from electric shocks and provide protection to medical equipment from power faults or surges. These applications are increasing the demand for testing and monitoring transformer services from the hospitals and other healthcare centres, thereby providing impetus to the market for transformer services. System failure in transformers in such situations can prove dangerous hence the medical grade electrical transformers are used to prevent such incidences and regular testing and monitoring is conducted. Rapid urbanisation and digitalisation are expected to fuel the demand for electricity and transformers, ultimately contributing to the growth of the transformer service market.
Transformer Service Industry Definition and Major Segments
Transformer service is a type of specialised service designed to promote efficient and reliable functioning of transformers, which are devices that regulate voltage to increase or decrease the output current. Depending upon the specific transformer and its condition, transformer services can involve testing of the transformer, monitoring services, and maintenance, among others.
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Based on type, the market is segmented into:
• Testing and Monitoring
• Maintenance
• Others
On the basis of application, the market is classified into:
• Distribution Transformers
• Power Transformers
• Others
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Transformer Service Market Trends
The key trends in the global transformer service market include the growing technical upgradations and innovations in industries such as power generation, construction, and automotives, among others. With advancements in technologies used, there is an augmented demand for reliable transformers and adequate service to maintain the transformers. Forms of power generations such as solar and wind power plants are encouraging the use of transformers, leading to a heightened growth of the market for transformer services.
Rising popularity of subscription contracts for transformer services are expected to be a key trend in the transformer service market. Many service providers are offering custom testing, monitoring, and maintenance contracts for transformer services, with periodically scheduled visits. These subscription contracts are particularly useful for larger companies with multiple transformers as they can ensure that all the transformers are optimally functioning without monitoring each individual transformer. Furthermore, transformer service providers often offer replacement transformers in cases of breakdowns so that work of end users is not disrupted.
The demand for the transformer service has been rising in developed and developing countries, with significant growth observed in the Asia Pacific region. Increasing energy demand along with rising population and urbanisation are leading to a heightened use of transformers and transformer services. Countries such as South Korea, China, Japan, and India are the major countries that are contributing to the development of the market for transformer services in the Asia Pacific region.
Key Market Players
The major players in the global transformer service market report are
• ABB Ltd.
• Siemens Gas and Power GmbH & Co. KG
• GE Grid Solutions
• Sunbelt Solomon
• Power Substation Services
• RESA Power
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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