The electrical device observance system market exhibited year-on-year growth of 10.9% in 2021, backed by increasing adoption of inexperienced transformers leading to up-gradation of associated monitoring systems and growing stress on rising the reliableness of the facility grid.
FMI states that transformer monitoring system market revenue grew by 8.5% Between 2016 and 2020. it’s expected that sales revenue can reach US$ 2 billion in 2021 with an astronomical CAGR of 10.1%.
Governments round the world are specializing in exciting their rural areas. This has created an outsized and sophisticated power and grid network. electrical device monitoring system helps in monitoring, inspecting, and maintaining such a network and assists in limiting power outages due to electrical device failure.
These factors in conjunction with increasing investment to upgrade the ageing power infrastructure to cater for the increasing demand for electricity can boost the market growth over the forecast period.
Green transformers are gaining popularity due to its 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 system 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. Rise in electricity consumption in developing countries will boost the market sales over the forecast period.
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 system are the key challenges influencing the global market for transformer monitoring systems.
Key Takeaways from FMI’s Transformer monitoring system Market Study
- North America transformer monitoring system market will exhibit stupendous growth at 10.6% CAGR through 2031, due to rapid industrialization, growing necessity to upgrade monitoring system with respect to transformers in U.S. and Canada.
- Europe transformer monitoring system market led by Germany is forecast to grow at 7.6% CAGR during the forecast period. Rise in growth can be attributed to rising adoption of green transformers and presence of leading manufacturers in the region.
- Incorporation of modern monitoring system to tackle power outage and related issues in urban area will drive the demand for transformer monitoring systems in India.
- Japan and South Korea account for 3% of global transformer monitoring system market share in 2021. Increasing need to monitor large and complex power network and high demand of retrofits installation are key growth drivers in these countries.
- By product type, software segment is projected to surpass the market valuation of US$ 277 at a CAGR of 10.3% in 2021. Advancement in big data analytics and introduction of internet of things (IoT) in monitoring system will drive the market growth of this segment.
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