Transformer Services Market Size to Surpass USD 8.23 billion by 2031, at a CAGR of 6.9%, Experiences Growth Due to Increasing Demand for Electricity Across | The Insight Partners
NEW YORK, July 1, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Transformer Services Market is observing significant growth owing to increasing demand for electricity across the globe.
The Transformer Services Market was valued at USD 5.51 billion in 2024 and is projected to reach USD 8.22 billion by 2031; it is expected to register a CAGR of 6.9% during 2025–2031. The global Transformer Services Market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth is attributed to the increasing demand for electricity across the globe. The global demand for electricity is growing owing to industrialization, urbanization, and population growth.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The Transformer Services Market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.
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Overview of Report Findings
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Market Segmentation
- Based on service type, the market is categorized into installation & relocation, testing & monitoring, and repair & maintenance. The repair & maintenance segment dominated the market in 2024.
- Based on application, the market is categorized into power transformer, distribution transformer, and renewable transformer. The power transformer segment dominated the market in 2024
- The Transformer Services Market is segmented into five major regions: North America, Europe, APAC, the Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few major companies operating in the Transformer Services Market are General Electric, Hitachi Ltd., Siemens, Vertiv Group Corp., Stark International Inc., RESA Power LLC, Houghton International, Honeywell, and Koncar Group.
- Trending Topics: Renewable Energy, Solar Energy, Wind Power, Smart Grid Technology.
Global Headlines on Transformer Services
- Siemens approves additional investment in Kalwa transformer plant. (November, 2024).
- GE Vernova Inc. announced it has been chosen by Power Grid Corporation of India Limited (POWERGRID) to supply over 70 extra high-voltage transformers and shunt reactors for key transmission projects across India. The 765 kV class units will support transmission infrastructure for renewable power evacuation projects under India's Tariff-Based Competitive Bidding (TBCB) framework. The order has been booked through GE Vernova T&D India Limited, a listed entity of GE Vernova's Electrification business in India. (May, 2025)
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Conclusion
The market is expected to witness tremendous growth in the coming years, owing to the energy and power industry infrastructure development, a growing number of renewable energy projects, and the rising need for proper electricity distribution, specifically in industrial areas. The growing global energy demand, along with the rising number of aging infrastructure, which needs proper replacement or maintenance, are some of the major reasons behind the growth of the transformer services market across the globe. The report from The Insight Partners, therefore, provides several stakeholders—including technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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