FMI states that transformer monitoring system market revenue raised by 8.5% Between 2016 and 2020. The demand outlook stays remarkable as the market is predicted to register a 10.1% CAGR between 2021 and 2031
Green transformers are gaining popularity due to their low carbon footprint and high efficiency and reliability. To monitor these new transformers retrofit installations are required. Increasing renewable energy penetration and rising sales of green transformers will accelerate the demand for retrofit transformer monitoring systems in upcoming years.
According to International Energy Agency, global electricity consumption reached 22,848 TWh in 2019. China, India, Russia, and Brazil account for more than 39% of global consumption. The rise in electricity consumption in developing countries will boost market sales over the forecast period.
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Top manufacturers are striving to reduce the installation cost of the monitoring system and make them more reliable and accurate. However, unpredictability in terms of regulatory policies and strained supply chain systems are the key challenges influencing the global market for transformer monitoring systems.
Key Takeaways from FMI’s Transformer monitoring system Market Study
- North American transformer monitoring system market will exhibit stupendous growth at 10.6% CAGR through 2031, due to rapid industrialization, and the growing necessity to upgrade monitoring systems concerning transformers in U.S. and Canada.
- The Europe transformer monitoring system market led by Germany is forecast to grow at 7.6% CAGR during the forecast period. The rise in growth can be attributed to the rising adoption of green transformers and the presence of leading manufacturers in the region.
- The incorporation of modern monitoring systems to tackle power outages and related issues in an urban areas will drive the demand for transformer monitoring systems in India.
- Japan and South Korea account for 3% of the global transformer monitoring system market share in 2021. The increasing need to monitor large and complex power networks and the high demand for retrofits installation are key growth drivers in these countries.
- By product type, the software segment is projected to surpass the market valuation of US$ 277 at a CAGR of 10.3% in 2021. Advancements in big data analytics and the introduction of the internet of things (IoT) in monitoring systems will drive the market growth of this segment.
“It will be interesting to see how modernization in electricity transmission system will influence the demand for transformer monitoring system during the forecast period. Rising necessity to upgrade monitoring system to comply with green transformers will boost the market growth in upcoming years,” says the FMI analyst.
Who is Winning?
Future Market Insights highlights the key trends emerging in the transformer monitoring system market and discusses the strategies employed by market players to strengthen their market position.
FMI estimated that the power transformer market is dominated by ABB, General Electric, Siemens AG, Maschinenfabrik Reinhausen GmbH, and Groupe Cahors S.A. Out of these top market players ABB holds around 14% of global market share, General Electric holds 10%, Siemens AG holds 12%, Maschinenfabrik Reinhausen GmbH holds 8%, and Groupe Cahors holds 5% of global market share, says FMI.
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They are focusing on new product development to reduce the carbon footprint and are also emphasizing expanding overseas territories for business development.
- For instance, ABB introduced its new model-based monitoring system in April 2019. This system was used in combination with standard substation equipment and was presented in MicroSCADA Pro. This allows easy performance evaluation while in service and can detect imminent faults.
- H2scan launched the “Gen 5 System” designed to reduce the risk of explosion in high voltage transformers. The new system is said to be compatible with a wide range of transformers.
- Hitachi ABB Power Grids recently introduced Txpert™ bushing monitoring and diagnostic system which enables real-time monitoring for power transformers. The new system combines voltage reference and a sum of current capabilities of Coretec™ 4, TXpert™ Hub with TXpert™ ready bushing sensors to deliver a real-time solution for digital bushing monitoring and enable smarter decisions based on obtained data.
Prominent players operating in the transformer monitoring system market are:-
- ABB Group
- Siemens AG
- General Electric
- Mitsubishi Electric Power Products Inc.
- Eaton Corporation
- Hitachi Ltd.
- Qualitrol Company LLC
- Koncar-Electrical Engineering Institute Inc.
- Maschinenfabrik Reinhausen GmbH (MR)
- CETT Co., Ltd.
- Groupe Cahors
- Camlin Power
- MTE Meter Test Equipment AG
- Advanced Power Technologies LLC
More Insights on the Transformer monitoring system Market
In its latest report, FMI offers an unbiased analysis of the global transformer monitoring system market, providing historical data from 2017 through 2027 and forecast statistics for the period of 2021-2031.
To understand the global market potential, its growth, and scope, the market is segmented based on product type (hardware and software monitoring system), by application type (dissolved gas analysis, partial discharge, bushing monitoring, cooling control, and voltage regulation system), by installation type (newly installed units and retrofit units), by end-use (power transformers, distribution transformers, and other transformers), and by region (North America, Latin America, Western Europe, Eastern Europe, the Asia Pacific excluding Japan, Japan, and Middle East & Africa).
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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