Transformer Monitoring System Market to Witness Bolstering Growth with 10.1% CAGR through 2031 Due to Surge in Energy Conservation | Future Market Insights Inc.
The North America Transformer Monitoring System Market is anticipated to expand at 10.6% CAGR during the forecast period. Bushing monitoring system is anticipated to surpass the market value of US$ 1 billion by 2031 end.
NEWARK, Del., Aug. 18, 2022 /PRNewswire/ -- The transformer monitoring system market is anticipated to showcase a phenomenal market sale with a robust CAGR of 10.1% between 2021 and 2031. The market exhibited a total of US$ 2 billion in 2021 and the demand outlook remains impressive throughout the projection period.
Despite the several challenges faced by the industry due to the pandemic, the transformer monitoring system market managed to register an impeccable 10.9% year-on-year growth between 2020 and 2021. The original equipment manufacturers (OEMs) are projected to expand the overseas territories which will result in creating attractive growth prospects for the market.
As per FMI analysis, the transformer monitoring system sales revenue will surge at an opulent 10.1% CAGR between 2021 and 2031. Rapid urbanization and a surge in industrial activities have increased electrical consumption in past few years. As the world is moving forward to establishing smart grid systems, it is expected to show impressive growth over the projection period.
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Key Takeaways
- The transformer monitoring system is a process-oriented system that helps in measuring the quantities such as voltage and current, estimates measurement data through algorithms, performs model monitoring, and creates trends. With the introduction of internet of things (IoT) based smart transformer technologies, the market is anticipated to augment impressive growth.
- With the increased adoption of bulk manufacturing practices by key manufacturers of the industry and elevated customer awareness of environmental issues, transformer monitoring system sales are expected to augment across the forecast period.
- Developed countries are investing in refurbishing existing grid infrastructure to cater to growing power needs and reduce carbon emissions. Advancements in grid technology and upgrade in configurations to comply with green transformers will further complement the industry outlook.
- A hike in electrical consumption in emerging economies owing to the increasing population has led to the installation of high-power transmission units and the modernization of electricity transmission systems will propel the global transformer monitoring system market growth during the forecast period.
- The widespread adoption of smart grids and green transformers combined with its control and monitoring modules is expected to play a crucial role in revolutionizing global electrical networks. A smart grid equipped with a proper feedback system restores electricity quickly and with the minimal loss after power disturbances.
- The transformer monitoring system also comes with its benefits one of which is that it reduces the maintenance and operating cost and thus reduces power costs for consumers. These factors are expected to drive the transformer monitoring system market growth.
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Competitive Landscape
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, and Advanced Power Technologies LLC are some of the key companies profiled in the full version of the report.
In order to expand their product manufacturing and cater to rising electricity demands, market players are focusing on new product launches and establishing strategic partnerships with other solution providers.
More Insights into the Transformer Monitoring System Market
The United States is estimated to showcase lucrative growth opportunities in the transformer monitoring system market as it helps in preventing transformer failure-induced power outages and improving the transformer performance. Increasing government initiatives to replace conventional grid infrastructure with power transformers and smart grids in order to reduce transmission losses will bolster growth in the market.
Owing to the rapid technological advancement in the U.S. to reduce the installation time and maintenance cost paired with growing urbanization is expected to fuel market growth. Adoption of IT solutions in the monitoring system to maintain electrical flow and boost the efficiency of power transmission will create opportunities for market growth in the region.
As per the analysis, Germany is expected to showcase lucrative growth opportunities in the market due to the growing population and booming manufacturing sector. This has led to an escalated demand for energy in the country.
Increasing industrialization and thriving manufacturing industries have hiked the demand for electricity in China. The government is investing to optimize and modernize its existing transmission and distribution system to cater to the growing demand.
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Transformer Monitoring System Market Key Segments
By Product:
- Hardware
- Direct Winding Transformer Monitors
- Intelligent Transformer Monitors
- Software
By Installation Type:
- Newly Installed Units
- Retrofit Units
By Application:
- Dissolved Gas Analysis (DGA)
- Partial Discharge (PD)
- Bushing Monitoring
- Cooling Control
- Voltage Regulation
By End Use:
- Power Transformers
- Distribution Transformers
- Other Transformers
By Region:
- North America
- Western Europe
- Latin America
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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