- The power transmission and distribution system plays an important 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 currently 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.
Key Drivers of Global Power Transformer Repair & Maintenance Market
- Aging energy generation and distribution infrastructure is a key driver of the power transformer repair & maintenance market. Aging grid systems need frequent repair and maintenance. Failure of these grid systems exerts significant pressure on energy generation and distribution infrastructure to provide reliable and cost-effective power supply.
- Rise in demand for electricity is another key driver of the power transformer repair & maintenance market. Governments and companies across the globe are investing in the installation of grids in remote places, which is projected to boost the demand for power transformers. This rise in demand for power transformers is anticipated to further propel the power transformer repair & maintenance market during the forecast period.
Global Power Transformer Repair & Maintenance Market: Segmentation
- The global power transformer repair & maintenance market can be segmented based on type and location
- Based on type, the power transformer repair & maintenance market can be classified into repair & overhauling and maintenance & refurbishing. The repair & overhauling segment is estimated to expand at a high CAGR during the forecast period, as major countries worldwide have aging grids that require frequent repair and overhauling of power transformers.
- Based on location, the power transformer repair & maintenance market can be bifurcated into onsite and offsite. The onsite segment is estimated to expand at a significant CAGR, as it saves time and cost and consequently, fuels the demand for onsite repair & maintenance.
Global Power Transformer Repair & Maintenance Market: Regional Segmentation
- Based on region, the global power transformer repair & maintenance market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global power transformer repair & maintenance market in 2019. The market in the region is expected to expand during the forecast period, owing to expansion of infrastructure, rise in industrialization, and governments’ initiatives to provide electricity to all parts of their respective countries. In Asia Pacific, China, India, and japan are the leading countries in terms of power transformers installation, which in turn is estimated to boost the demand for repair and maintenance of transformers during the forecast period.
- The market in North America and Europe is projected to expand significantly during the forecast period due to rapid increase in infrastructure and industrialization in these regions coupled with aging grids that require frequent repair and maintenance
- The market in Latin America and Middle East & Africa is also projected to expand at a steady pace during the forecast period due to steady increase in investment in grid development in these regions
COVID Impact on the Global Power Transformer Repair & Maintenance Market
- Power transformer repair & maintenance is included under essential services, as whole grid system depends on the smooth functioning of transformers. The COVID-19 pandemic marginally affected the power transformer repair & maintenance market, by disrupting the supply chain as well as availability of manpower due to the lockdown in various countries. However, efforts taken by governments restored supply chain, and the availability of manpower is returning to normal, which is estimated to drive the power transformer repair & maintenance market in the near future.
Key Players Operating in the Market:
- PVJ Power
- Transerv Europe Limited
- Transformer Service bvba
- Brush Group
- EMSc (UK) Ltd.
- Energy care group
- RESA Power, LLC.
- SPX Transformer Solutions Inc.
- Stark International Inc.
- Sunbelt Transformer, Ltd.
Global Power Transformer Repair & Maintenance Market: Research Scope
Global Power Transformer Repair & Maintenance Market, by Type
- Repair & Overhauling
- Maintenance & Refurbishing
Global Power Transformer Repair & Maintenance Market, by Location
Global Power Transformer Repair & Maintenance Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.