Transformer Monitoring System Market is expected to reach US$ 2,806.19 Mn in 2027

According to our latest market study on "Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis and Forecast - by Component (Hardware and IT Solutions); Service (Bushing Monitoring, Oil/Gas Monitoring, and Others); Application (Distribution Transformers, Power Transformers, and Others); and Geography the market was valued at US$ 1,842.54 million in 2019 and is projected to reach US$ 2,806.19 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.

The global transformer monitoring system market is experiencing remarkable growth due to growing number of power grid networks and rapid installation of power transformers. Rising focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing old power transformers are a few other factors propelling the transformer monitoring system market growth. As the power sector is an important contributor to the economic growth, countries significantly invest in strengthening their power infrastructure for meeting the rising demand for electricity.

The development in digital technologies has benefited the power sector by enabling transparency across the value chain, enabling access to actionable intelligence. Many utilities have introduced apps for the monitoring, display, and mobile bill payment, as well as for managing outages. Moreover, municipal, state, and national authorities are implementing smart city programs that promote technological innovations and systemic IoT applications. Such initiatives create significant value with reduced costs and higher profit. Thus, the growing digitalization of power utilities fuels the growth of the transformer monitoring system market.

Schneider Electric SE; Siemens AG; Schweitzer Engineering Laboratories, Inc.; Kirloskar Electric Company; KJ Dynatech Inc; WILSON TRANSFORMER COMPANY; Mitsubishi Electric Corporation; and Dynamic Ratings are among the key players that profiled for the global transformer monitoring system market study.

Impact of COVID-19 on Global Transformer Monitoring System market
Covid-19 is likely to adversely affect the information and communication technology (ICT) sector due to disruptions in supply chain. The energy sector in countries in this region are likely to focus on the development of coordination between the natural gas and telecommunications industries as well as supply chain issues to better tackle grid threats

China exported large-scale power transformers to the US at competitive prices. Its domestic market for transformers shows signs of overcapacity. According to the 2014 DOE report, in China, there are ~30 manufacturers capable of producing 220 KV transformers and above, and extensive international manufacturers, including ABB, were establishing factories in China. However, of the ongoing COVID-19 pandemic is expected to impede market growth in the next 1-2 years.

Transformer Monitoring System Market Breakdown, by Component, 2019

• Hardware
• IT Solution

• Bushing Monitoring
• Oil/Gas Monitoring
• Others

• Distribution Transformers
• Power Transformer
• Others