Global Electrical Transformer Repair Market is valued at USD 1524.39 Million in 2020 and expected to reach USD 1969.42 Million by 2027 with the CAGR of 3.79 % over the forecast period.
Transformers that step-up or step-down electrical voltages are used in a variety of industrial and public service applications. Electrical transformer repair service includes the responsibilities like checking, testing, operation, repair, overhaul and maintenance. It also includes checking and inspection of smell, visual, sensory, noise, humming and vibrations in the Transformer. This also includes carrying out necessary testing in a safe, efficient and effective manner.
The power transmission and distribution system plays a significant role in the power industry. It is vital to the development of a country, as it provides electricity to various parts of the country. Power transformer repair & maintenance service is an integral part of the system, as it maintains regular power supply to end-users. Power companies are at present investing in modernization of their gird systems with the help of IoT AI-based system to predict system failure, which could provide early warring of service and maintenance work. This, in turn, is expected to save time and cost, which would require replacement of power transformers.
The global electricity need is predictable to reach around 38,700 terawatt-hours by 2050, around 30% higher than the consumption in 2006, which is supported by the expansion of the transmission and distribution network. This resulted in a significant demand for the T&D equipment, such as a transformer, as the electrical transformer repair market is auxiliary to transformer market and will grow parallel.
Scope Of The Report
This report analyses the global market for Electrical Transformer Repair. The report will enable the user to understand and gain insights into the current and forecast market situation. The market is comprehensively analyzed by geography to give complete information on the global scenario. The qualitative and quantitative data provided in this study can help user understand which market segments, regions are expected to grow at higher rates, factors affecting the market and key opportunity areas. The report also includes competitive landscape of key players in the industry along with emerging trends in the market.
4.Controlled Magnetics, Inc
6.RJW Rewinds Rewinds & J. Windsor & Sons (Engineers) Ltd
7.L/C Magnetics Inc
10.Electrical Doctor Home Services
12.Electric Power Systems
14.Maddox Industrial Transformer, LLC.
19.Lineman’s Testing Laboratories
21.Swastik Copper Pvt. Ltd.
Above mentioned companies were scrutinized to assess competitive landscape of Global Electrical Transformer Repair Market. Report provides company profiles of each player. Each profile include company product portfolio,business overview, company governance, company financials, business strategies, manufacturing locations and production facilities, company sale, recent developments and strategic collaborations & partnerships, new product launch, company segments, application diversification and company strength and weakness analysis.
Impact of COVID-19 on Global Electrical Transformer Repair Market
The global electricity demand has been drastically fall due to the recent COVID-19 pandemic. To curb the spread of coronavirus governments across the world took necessary decisions to lessen the business activity in response to minimize the threat of coronavirus. The lockdown around the world has changed the entire lifestyle of the peoples as the peoples are majorly stuck to the homes and also the work has evolved for some industry sectors to work from home or work from remote locations. The data shows that load demand for the residential has shown great spike during lockdown and drastically reduced the commercial and industrial loads.
Cash crunch has been seen in the power distribution sectors due to disruption in the economic activities led to uncertain revenue inflow. The reduced power demand led to liquidity issues which seem to curb down the expenses on new installations and systems. Renewable projects may be overdue due to lack of capital as well as equipment.
As the power and utility sectors are included under essential services though power transformer repair & maintenance service is also covered under the same. The continual supply of electricity via grid system depends on the efficient functioning of transformers. Electrical transformer repair service market has not much hard hit by the COVID-19 impact. The supply chain disruption and availability of manpower has caused the slight disturbances in the system.
Wholesale electricity prices are predictable to remain very low, putting pressure on generators; though, the impact may be offset somewhat by reduced carbon prices in some regions. Supply chain disturbances will likely continue, affecting the readiness of parts and equipment, and in the long run will lead to maintenance and infrastructure development challenges. Strains on the workforce, such as a shortage of engineers or restrictions on the movement of personnel, may create a new wave of functioning challenges.
Review Period: (2015-2027)
Historic Period: 2015 to 2020
Forecast Period: 2021 to 2027
Base Year: 2020
Unit: USD Millions
This Electrical Transformer Repair Market report provides insights on new trade regulations, market size, regional and segment market share, product/service launches, product pipeline analysis, impact of Covid-19 on, key regions, untapped markets, patent analysis, approvals, continuous innovations and developments in the market.
•North America: U.S., Canada and Rest of North America
•Europe: UK, France, Germany, Italy, Spain and Rest of Europe
•Asia Pacific: China, Japan, India, Australia, Southeast Asia and Rest of Asia Pacific
•Latin America: Brazil, Mexico, Argentina and Rest of Latin America
•Middle East and Africa: Gulf Countries, Israel, Africa and Rest of Middle East and Africa
oIn Shop Services
oOn Site Services
oOil & Gas Industry
Based on types, the market for Global Electrical Transformer Repair Market is segmented into In Shop Services and On Site Services.
The On Site Services segment market size is estimated to grow from USD 790.70 million in 2016 to USD 894.97 million 2020. The On Site Services segment accounted for the revenue share of over 58.71% in 2020.
Based on applications, the market is segmented into Electric Utilities, Wind Farms, Photovoltaic Plants, Oil & Gas Industry and Others.
The Electric Utilities segment market size is estimated to grow from USD 838.66 million in 2020 to USD 1093.12 million 2027. The Electric Utilities segment accounted for the revenue share of over 55.02% in 2020.
The rising environmental concerns owing to increasing demand for the electrical energy; the government initiatives towards the renewable energy sources and expected increasing investment in the renewable energy generation may lead to grow the market of large power transformer. The electrical transformer repair market will have great rub-off effect due to market growth of large power transformer.
To meet the rising electricity demand, countries are heavily investing in power supply generation systems. However, high manufacturing cost, and manufacturing time required for large power transformer has demanded the growth of electrical transformer repair service sector.
Shift from non-renewable to renewable energy sources has shown growing wide spread electricity applicability in private and public domain; expected to drive the huge demand for the electrical transformer repair service market.
The performance and efficiency of the electrical transformer goes down over a period of time, if not taken care with regular repair and maintenance will lead to failure. Failure of these grid systems exerts significant pressure on energy generation and distribution infrastructure to provide reliable and cost-effective power supply. The timely repairing of electrical transformer is necessary to streamline the effective and efficient power supply.
Automotive companies worldwide are spending in research, development, and launch of EVs. These vehicles have started to gain a considerable share in the global market and are predictable to replace combustion engine vehicles in coming years. Thus, the increased demand for EVs is expected to contribute to the rise in EV charging infrastructures. China has the largest number of EV stations in the world. According to the Electric Vehicle Charging Infrastructure Promotion Alliance, the country had 1.2 million stations in 2019 and is planning to increase this count by 600,000 by the end of 2020. The country plans to invest USD 1.5 billion for developing EV infrastructures by the end of 2020. Similar investments are being carried out globally, especially in APAC, thus creating demand for the growth of the MV/LV solid-state transformer market during the forecast period will propel the growth for the electrical transformer repair market.
Recent Development in Global Electrical Transformer Repair Market
Hitachi Completes Acquisition of ABB Power Grids
01-Jul-2020- Japan’s Hitachi has completed its acquisition of a majority stake in ABB Power Grids worth up to $7.8 billion, creating a new business aimed at tackling the renewable and distributed energy frontiers of the power industry.
Hitachi ABB Power Grids is the new company formed Wednesday by the close of Hitachi’s acquisition of an 80.1 percent stake in the venerable power grids unit of the Swiss-Swedish engineering giant. ABB will now focus on industrial automation, electric transportation and digital solutions.
Hitachi ABB Power Grids in India bags order worth Rs 160 crore
11-Mar-2021- An order worth Rs 160 crore has been bagged by technology major Hitachi ABB Power Grids in India to supply transformers to Indian Railways. The order has been won by Hitachi ABB Power Grids in India, which is listed on the stock exchanges as ABB Power Products and Systems India Limited company, from the Government of India’s Chittaranjan Locomotive Works (CLW) and the Central Organization for Rail Electrification (CORE), to power electric freight locos for the national transporter, according to a PTI report. Indian Railways’ CLW is an electric locomotive manufacturer.
Trilantic North America Acquires Majority Interest in Sunbelt Transformer
07-Jun-2018- Trilantic North America, a leading private equity firm, announced that it has acquired a majority interest in Sunbelt Transformer (“Sunbelt” or the “Company”), a provider of power solutions, equipment, and services to commercial, industrial and utility end markets, from Grey Mountain Partners. Trilantic North America invested in partnership with Sunbelt’s CEO, Dan Sweeney, and other key members of management to support the Company’s next phase of growth.
Sunbelt Transformer merges with Solomon Corporation
02-Jul-2019 - Trilantic North America, a private equity firm, has announced the merger of Solomon Corporation, a provider of maintenance and repair services for electrical transformers, with Sunbelt Transformer.
The combined entity will address a critical segment of the electrical power equipment and services market, serving the transformer and related needs of commercial, industrial and electric utilities customers throughout North America, reports BusinessWire.
SDMyers Opens New California-based Facility to Support the West Coast Industrial Market
25-Feb-2021- SDMyers, an electric power reliability company headquartered in Northeast Ohio, recently announced the opening of a new facility, marking its expansion on the West Coast. With additional staff and an advanced mobile repair and processing rig, the new location is teed up to grow the maintenance and consulting services that SDMyers currently offers the region.
•An overview of the Global Electrical Transformer Repair Market
•In depth analysis of market dynamics and major factors such as drivers, restraints, opportunities and trends influencing the global market
•Global Electrical Transformer Repair Market revenue data historic and forecast analysis (2015 to 2027)
•Characterization and quantification of the market segments for Electrical Transformer Repair market
•Market share analysis of key market participants and their competitive landscape
Important Questions Answered By Global Electrical Transformer Repair Market Report
•What is the impact of COVID 19 epidemic on the Global Electrical Transformer Repair Market?
•Which is mostly affected region, country?
•Which is the current largest and fastest-growing region?
•What is the market size and growth rate of the Global Electrical Transformer Repair Market?
•What are current factors affecting the growth of market?
•What are Key trends and opportunity areas?
•Within Electrical Transformer Repair Market, which segments are fastest growing & emerging strongly? What are the drivers and restraints for each segment? What are vendor competencies by segment?
•What are the major strategies adopted by leading market companies?
•What are company challenges and essential success factors by market segment?
•How company offerings and supply chain capabilities are shifting to meet emerging market needs?