It's hard to tell what's in the white box to the left of the panel, but if it is electical (the EMT looks like it enters it in the lower left), the transformer is in that panel's working space...
Again, hard to tell. but it looks like the xfmr has a conduit entering on the panel side, up high. I know of no xfmrs that allow this, all call for wiring to be below the coils.