In 2022, the market for transformer monitoring systems is anticipated to be worth US$2,785.2 Mn. By the end of 2032, it is anticipated to have grown at a CAGR of 8.9%, placing a value of US$ 6,539.2 Mn.
Recent years have seen an increase in electricity consumption due to rapid urbanisation and increased industrial activity. As the world moves toward smart grids for more efficient power distribution, the demand for transformer monitoring systems is expected to rise over the forecast period. According to FMI, revenue from transformer monitoring systems will increase at a CAGR of 10.1 per cent between 2021 and 2031.
The transformer monitoring system is a process-oriented system that measures quantities such as voltage and current, estimates measurement data using an algorithm, generates trends, and monitors models. During the assessment period, the introduction of internet of things (IoT)-based smart transformer technologies will boost the market growth.
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Green transformers are gaining popularity due to their 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 systems 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. The rise in electricity consumption in developing countries will boost 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 systems are the key challenges influencing the global market for transformer monitoring systems.
Key Takeaways from FMI's Transformer monitoring system Market Study
- North American transformer monitoring system market will exhibit stupendous growth at 10.6% CAGR through 2031, due to rapid industrialization, and the growing necessity to upgrade monitoring systems concerning transformers in U.S. and Canada.
- The Europe transformer monitoring system market led by Germany is forecast to grow at 7.6% CAGR during the forecast period. The rise in growth can be attributed to the rising adoption of green transformers and the presence of leading manufacturers in the region.
- The incorporation of modern monitoring systems to tackle power outages and related issues in an urban areas will drive the demand for transformer monitoring systems in India.
- Japan and South Korea account for 3% of the global transformer monitoring system market share in 2021. The increasing need to monitor large and complex power networks and the high demand for retrofit installation are key growth drivers in these countries.
- By product type, the software segment is projected to surpass the market valuation of US$ 277 at a CAGR of 10.3% in 2021. Advancements in big data analytics and the introduction of the internet of things (IoT) in monitoring systems 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. The rising necessity to upgrade monitoring systems to comply with green transformers will boost the market growth in upcoming years," says the FMI analyst.
Prominent players operating in the transformer monitoring system market are:-
- 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
- Advanced Power Technologies LLC
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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 from 2017 to 2027 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is segmented based on 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, the Asia Pacific excluding Japan, Japan, and the Middle East & Africa)
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