North America Industrial Services on Electrical Equipment Market Insights Forecasts to 2033

• The North America Industrial Services on Electrical Equipment Market Size Was Estimated at USD XX Billion in 2023
• The Market Size is Growing at a CAGR of XX% from 2023 to 2033.
• The North America Industrial Services on Electrical Equipment Market Size is Expected to Reach USD XX Billion by 2033.

The North America Industrial Services on Electrical Equipment Market size is expected to reach USD XX Billion by 2033, at a CAGR of XX% during the forecast period 2023 to 2033.

Market Overview

The North America industrial services on electrical equipment market refers to the industry that specializes in the maintenance, repair, installation, testing, and commissioning of electrical equipment for industrial purposes. This market includes a wide range of services designed to ensure the dependability, efficiency, and safety of electrical systems in industries such as manufacturing, energy and utilities, oil and gas, transportation, and commercial infrastructure. Furthermore, preventive and predictive maintenance, electrical testing, system upgrades, troubleshooting, and lifecycle management of industrial electrical components such transformers, switchgear, circuit breakers, motors, and control panels are among the key services offered. The market is being pushed by rising industrial automation, increased energy efficiency standards, and rigorous safety regulations in North America. Additionally, In September 2024, At Climate Week NYC, Hitachi Energy announced intentions to invest an additional $155 million USD to enhance its North American production capacity. This involves the construction of a new distribution transformer factory in Reynosa, Mexico, as well as extensions to the transformer factory in South Boston, Virginia, and the high-voltage switchgear and breakers factory in Mount Pleasant, Pennsylvania.

Report Coverage

This research report categorizes the market for the North America industrial services on electrical equipment market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America industrial services on electrical equipment market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America industrial services on electrical equipment market.

Driving Factors

The North America industrial services on electrical equipment market is being driven by increased industrial automation, as smart manufacturing and Industry 4.0 technologies require dependable electrical systems. Rising energy efficiency standards force enterprises to upgrade and maintain electrical equipment for peak performance, while severe safety and regulatory compliance (OSHA, NFPA, ANSI) requires regular inspections and servicing. Furthermore, outdated industrial infrastructure necessitates regular maintenance and retrofits to avoid failures. The expansion of renewable energy integration, such as solar, wind, and smart grids, drives the demand for specialist electrical services.

Furthermore, the region's commitment to energy efficiency and sustainability has led to continued technological improvements, particularly in the fields of smart grid infrastructure and renewable energy integration. Strong commercial and industrial sectors, as well as increased spending on infrastructure upgrading projects, contribute to long-term growth momentum. Furthermore, favorable regulations that stimulate innovation and the utilization of renewable energy sources drive market growth in North America.  

Restraining Factors

The North America industrial services on electrical equipment market has constraints such as high initial prices of modern maintenance technology and trained workforce shortages, which limit service uptake. Service providers face increased operational hurdles due to complex regulatory compliance and increasing industry requirements. Furthermore, volatility in raw material costs and supply chain interruptions affect the cost and availability of electrical equipment and components.

Market Segment

• The transformers segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the equipment type, the North America industrial services on electrical equipment market is divided into transformers, switchgear, motors & generators, busbars and busducts, power quality products, circuit breakers, HVDC systems, substations, and others. Among these, the transformers segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This dominance is fueled by expanding demand for power transmission and distribution upgrades, increased industrialization, and the incorporation of renewable energy sources into the grid. Transformers play an important role in voltage regulation and energy efficiency, therefore regular maintenance, retrofitting, and service are required to reduce power losses and ensure grid dependability.

• The operation and maintenance segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe.

Based on the application, the North America industrial services on electrical equipment market is divided into design, inspection installation & commissioning, testing & diagnostics, operation and maintenance, repair services, and retrofitting and upgradation. Among these, the operation and maintenance segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe. This dominance stems from the growing demand for continuous system reliability, efficiency, and compliance in industries such as manufacturing, energy, and utilities. Regular preventive and predictive maintenance reduces downtime, improves performance, and extends the life of vital electrical equipment, therefore O&M services are a top priority for industrial operations.

• The power generation segment held the largest share in 2023 and is estimated to grow at a remarkable CAGR during the predicted timeframe.

Based on the industry, the North America industrial services on electrical equipment market is divided into power generation, manufacturing, oil & gas, mining, transportation, construction, and others. Among these, the power generation segment held the largest share in 2023 and is estimated to grow at a remarkable CAGR during the predicted timeframe. This dominance is fueled by rising electricity consumption, grid modernization efforts, and increased investment in renewable energy sources such as solar, wind, and hydroelectric power. The switch to sustainable energy and decarbonization activities has resulted in considerable improvements and maintenance requirements for electrical infrastructure, increasing demand for industrial services.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America industrial services on electrical equipment market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ABB Ltd.
• General Electric
• Schneider Electric
• Eaton Corporation
• Emerson Electric Co.
• Mitsubishi Electric Corporation
• Hitachi Energy Ltd.
• Hyosung Heavy Industries
• Toshiba Energy Systems
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2024, The US Department of Energy offered a USD 18 million funding opportunity for Flexible Innovative Transformer Technologies (FITT). To improve grid reliability and reduce transformer supply chain constraints, the DOE will select up to nine awardees through this funding opportunity announcement (FOA) to conduct research, develop, and demonstrate advanced transformers for distribution and transmission scale applications.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the North America Industrial Services on Electrical Equipment Market based on the below-mentioned segments:

North America Industrial Services on Electrical Equipment Market, By Equipment Type

• Transformers
• Switchgear
• Motors & Generators
• Busbars and Busducts
• Power Quality Products
• Circuit Breakers
• HVDC Systems
• Substations
• Others

North America Industrial Services on Electrical Equipment Market, By Application

• Design
• Inspection Installation & Commissioning
• Testing & Diagnostics
• Operation and Maintenance
• Repair Services
• Retrofitting and Upgradation

North America Industrial Services on Electrical Equipment Market, By Industry

• Power Generation
• Manufacturing
• Oil & Gas
• Mining
• Transportation
• Construction
• Others