The transformer monitoring system market size is projected to reach US$ 3.54 billion by 2031 from US$ 2.21 billion in 2023. The market is expected to register a CAGR of 6.1% in 2023–2031. The growing investment in eco-friendly and energy-efficient power tools is likely to remain a key transformer monitoring system market trend.
The transformer monitoring system market is growing at a rapid pace due to the growing digitalization in utilities encouraging the use of power transformers, and increasing global demand for clean and renewable energy generation. The market is expanding steadily, driven by the increasing concern related to asset management and operational effectiveness. Moreover, the growing demand and adoption of big data analytics technology and increasing investment in offshore wind farms are providing lucrative opportunities for market growth.
A transformer monitoring system is a set of tools and technologies that are collectively used for collecting and analyzing data related to the working conditions and performance of transformers. The system is used for determining the status, quality, and performance of transformers and predicting their failure, providing early warnings and allowing users to implement proactive maintenance and replacement strategies. The transformer monitoring system collects data on numerous parameters, including load tap changer, cooling system, dissolved gas, partial discharge, bushing power factor, temperatures, pressure, and oil levels in the transformer. The market is driven by growing energy consumption, digitalization of factories, and increasing demand for transforming monitoring systems among energy and power generation industries.
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Transformer Monitoring System Market: Strategic Insights
Power utilities are heavily investing in process automation and digital monitoring and management of processes. Power utilities require a large number of sensors and data-handling tools to intelligently handle and use collected data. The expansion of electrical grids to meet the growing energy demands of commercial, industrial, and residential customers increases the demand for transformers among power utilities for the proper distribution of electricity. Power utilities are also investing in upgrading grids to increase dependability and resilience. This increases the demand for transformer monitoring systems for replacing antiquated transformers and upgrading the aged infrastructure. Transformer monitoring systems play a significant role in monitoring networks for transmission and distribution utilities at the generation level. Monitoring generation transformers is crucial before delivering electricity to the grid. This mandates power utilities to digitalize their monitoring system for efficient distribution of electricity. Thus, the digitization of utilities is expected to increase demand for transformer monitoring systems.
Big data analytics increases the demand for power transformers in the energy industry. Big data analytics allows utilities to optimize their power systems by collecting and analyzing huge volumes of real-time data related to the demand and supply of electricity. This data-driven method allows more efficient grid operations and improves overall system efficiency. Growing demand for energy among consumers encourages the energy industry to adopt modern power transformers that can adapt to changing loads and easily communicate with data analytics systems. Moreover, significant benefits provided by big data analytics technology to transformer monitoring systems, including predictive maintenance, detection of difficulties & failures, and inspecting data, among others, are creating opportunities in the market.
Key segments that contributed to the derivation of the transformer monitoring system market analysis are component, service, and application.
The geographic scope of the transformer monitoring system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The market in Asia Pacific is expected to grow at a significant pace during the forecast period, due to growing industrialization and rapid urbanization. Technological advancement and the growing number of renewable energy projects are creating opportunities for the market in the region. Transformer monitoring systems are highly beneficial in renewable energy projects for detecting and avoiding problems that could lead to costly outages.
The regional trends and factors influencing the Transformer Monitoring System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Transformer Monitoring System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.21 Billion |
| Market Size by 2031 | US$ 3.54 Billion |
| Global CAGR (2023 - 2031) | 6.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Transformer Monitoring System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Transformer Monitoring System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The transformer monitoring system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for transformer monitoring system and strategies:
The “Transformer Monitoring System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global transformer monitoring system market during the forecast period is US$ 1.33 billion.
The global transformer monitoring system market is expected to reach US$ 3.54 billion by 2031.
The key players holding majority shares in the global transformer monitoring system market are ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Schneider Electric SE, and Siemens AG.
The growing investment in eco-friendly and energy-efficient power tools is anticipated to play a significant role in the global transformer monitoring system market in the coming years.
The growing digitalization in utilities encourages the use of power transformers and increasing global demand for clean and renewable energy generation are the major factors that propel the global transformer monitoring system market.
The global transformer monitoring system market was estimated to be US$ 2.21 billion in 2023 and is expected to grow at a CAGR of 6.1% during the forecast period 2023 - 2031.