According to the new report published by Industry Research Place Global Electrical Transformer Repair Market is valued at USD 1524.39 Million in 2020 and is expected to reach USD 1969.42 Million by 2027 with the CAGR of 3.79 % over the forecast period
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.
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.
This report highlights the impact of the Covid-19 pandemic on Global Electrical Transformer Repair Market. By combining data from a range of industry sources, as well as predictive modeling and market trend analysis, we provide an evidence-based set of projections that will allow organizations to plan their strategies more effectively. The report gives in depth analysis of short term and long term impacts of epidemic on the industry.
The COVID 19 impact assessment of Global Electrical Transformer Repair Market is divided into following sections:
Section1: Pre Lockdown
This part of the report looks at how market changed throughout early 2020, as the spread of COVID-19 intensified on different geographies.
Section2: During Lockdown
This part of the report collects data from across the sector to know how people have responded to lockdown. It analyses the impact of the epidemic on the workforce in the industry and disruption in various regions and countries
Section3: Post Lockdown
This part of the report project what sector recovery could look like and summarizes ways in which the business landscape could shift.
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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.
Global Electrical Transformer Repair Market Opportunities and Trends
The need for electricity will upsurge with persistent developments in energy efficiency. The population and need for reliable electrical energy will continue to grow. Electrical transportation will proliferate in the form of electric trains and EVs (cars, buses, and trucks). The key for fuel transformation is with renewable energy resources.
Consumers expect a more resilient, safe, reliable, and efficient grid that requires advancements in technology and processes to be modernized.
The value of electricity will be seen as more than just a commodity. Consumers will require more choices, digital-age reliability, and comfort and value. It is the cornerstone for societal and economic goals to meet sustainability needs and support a growing economy.
T&D systems will continue changing while providing pathways for the transportation of clean energy between production and consumption centers while fortifying electric system efficiency, stability, and supply reliability.
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.
The global electricity demand is expected 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.
•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 (2016 to 2026)
•Characterization and quantification of the market segments for Electrical Transformer Repair market
•Market share analysis of key market participants and their competitive landscape
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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?
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