Global Transformer Monitoring System Market Size, Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts to 2030

Global transformer monitoring system market size held USD 2072.9 billion in 2020 and is expected to grow with a CAGR of 12.5% during forecast period. Transformer monitoring systems are designed to collect, aggregate, manage and analyze data for a single transformer. Transformer monitoring systems has the capability of monitoring the voltage, temperature, and current to prevent the loss due to fluctuation in the values. These systems have inbuilt battery backup that prevents system failure in case there is power cut. For the sake of problem diagnosis, smooth working and proper maintenance of the equipment, the monitoring is an essential part of a transformer. Transformer monitoring system provides with actionable information needed in the day to day decision making required to effectively and efficiently manage the grid. Using the system, any loss in power over the lines and any power shortages can be prevented through its preventive monitoring measures. Moreover, latest trends include a range of online and offline software solutions designed to monitor and evaluate transformer performance and health status of a transformer efficiently which is driving the growth of transformer monitoring system market. Rising focus on renewable electric power generation and deployment of smart grids and smart transformers are propelling the transformer monitoring system market growth.
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Market Dynamics and Factors
The demand for the transformer monitoring system has increased with the rise in renewable investments and increasing number of power grids. According to the report of Frankfurt School of Finance & Management, governments and companies around the world have committed to add around 826 gigawatts of new non-hydro renewable power capacity in the decade to 2030, which is likely to be cost around $1 trillion. Moreover, rising demand for uninterrupted electric supply is likely to further boost the transformer monitoring system market. With the integration of Internet of Things (IoT) into the systems, real-time monitoring to check all these health parameters and decrease the response time during a failure event has been achieved which has further propelled the transformer monitoring system market growth. For instance, Worldwide Tech Services Software Solutions (WWTS) has provided an IoT based transformer monitoring system for checking health parameters in real-time and alert the operator through e-mail/SMS. Microprocessors and embedded module at the transformer site are used to capture different parameters of temperature, oil level, current etc. These sensor values are transmitted to the IoT cloud platform through a WiFi network. Furthermore, growing focus on using non-conventional energy sources opens several opportunities for transformer monitoring system market. However, the high installation and maintenance cost of transformer monitoring systems would hinder the market growth.
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Market Segmentation:
Global Transformer Monitoring System Market – By Type
Hardware Solutions
Software Solutions
Global Transformer Monitoring System Market – By Services
Oil/Gas Monitoring
Bushing Monitoring
Others
Global Transformer Monitoring System Market – By Application
Distribution Transformers
Power Transformers
Others
Global Transformer Monitoring System Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis :
Asia-Pacific is dominating the global transformer monitoring systems market and is expected to continue its dominance during the forecast period. Countries such as India and China have invested highly in smart grids which is boosting the demand for transformer monitoring solutions. Moreover, their focus on renewable power generation is also supporting the market growth. For instance, a 750-Megawatt (Mw) ultra mega solar power park has been recently set up in Madhya Pradesh, India. APAC registered considerable number of installation units for projects tendered by the government authorities in 2018, and is further anticipated to increase in the years to come. North America and Europe are expected to show significant growth in the transformer monitoring system market.
Competitive Scenario :
The key players of global transformer monitoring system market are Schneider Electric S.E., Siemens AG, Crompton Greaves Ltd., Eaton Corporation Plc., General Electric Company, BPL Global LLC, Eaton Corporation Plc. and ABB Ltd.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Transformer Monitoring System industry, although key threats, opportunities and disruptive technologies that could shape the Global Transformer Monitoring System Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Transformer Monitoring System Market most.
The data analysis present in the Global Transformer Monitoring System Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Transformer Monitoring System Market business.
The 2021 Annual Global Transformer Monitoring System Market offers:
100+ charts exploring and analysing the Global Transformer Monitoring System Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Transformer Monitoring System Market type
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