In 2022, the global transformer monitoring system market will be worth US$ 2,785.2 million. It is predicted to increase between 2022 and 2032 at a compound annual growth rate of 8.9%, reaching US$ 6,539.2 Million by the end of that year.
It is predicted to grow between 2022 and 2032 at an estimated 8.9% CAGR, reaching US$ 6,539.2 Million by the end of that year. The transformer monitoring system is a process-oriented system that monitors models and generates trends while also detecting quantities like voltage and current and estimating measurement data using an algorithm. Market expansion will be fueled during the assessment period by the development of internet of things (IoT)-based smart transformer technologies.
Green transformers are becoming increasingly popular because to their reduced carbon footprint, great efficiency, and dependability. Retrofit installations are necessary to monitor these new transformers. Rising sales of green transformers and expanding renewable energy penetration will drive up demand for retrofit transformer monitoring systems in the coming years.
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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.
“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.
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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.
They are focusing on new product development to reduce the carbon footprint and are also emphasizing on expanding in 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 transformer. The new system is said to be compatible with 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 sum of current capabilities of Coretec™ 4, TXpert™ Hub with TXpert™ ready bushing sensors to deliver 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
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 for the period of 2017-2027 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of by 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, Asia Pacific excluding Japan, Japan, and Middle East & Africa)
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Key Segments Covered in Transformer Monitoring System Market Report
By Product Type:
- Hardware
- Direct Winding Transformer Monitors
- Intelligent Transformer Monitors
- Software
By Installation Type:
- Newly Installed Units
- Retrofit Units
By End Use:
- Power Transformers
- Distribution Transformers
- Other Transformers
By Application:
- Dissolved Gas Analysis (DGA)
- Partial Discharge (PD)
- Bushing Monitoring
- Cooling Control
- Voltage Regulation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
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