The Transformer Monitoring System Market is expected to grow from USD 2077.9 million in 2020 to USD 3898.6 million by 2026 at a CAGR of 9.3% from 2020 to 2026.
Transformer monitoring systems are created to gather, aggregate, handle and analyze data for a single transformer. Transformer monitoring systems has the ability to monitor the voltage, temperature, and current to avoid the loss owing to fluctuation in the values. These systems have incorporated battery backup which avoids system failure in case there is black out. For the purpose of problem diagnosis, smooth working and better maintenance of the equipment, the monitoring is a vital part of a transformer. The demand for transformer monitory system increases because of the popularity and development of electricity over the past few years. The rising industry analysis transformer monitoring system market share has created various opportunities for growth. This industry's rising demand is owing to the industrial manufacturing units, rising technological advancements, and the swift adoption of electrical and electronic devices. The market trends are needed for the rising energy needs. Transformers are used to control the flow of electricity. These are important in places where high voltage is needed. The escalating demand for transformers creates a subsequent demand for the transformer monitoring system. The surging demand for market trends is the digitization of power services. The digitalization of power utilities is majorly responsible for the growth of analytical machine learning. Artificial intelligence and robotics equipment also propel the growth of power utilities. The power utilities are beneficial for the drive and growth of the transformer monitoring system market. The smart grid improves the adaptability and resilience of electricity grids and supporters in the grid integration of renewable energy sources. However, the huge cost incurred in the installation of transformer monitoring systems will hamper the market growth.
Big data analytics and integration of enhanced control systems to make the transformer monitoring system more reliable is also projected to contribute to the market growth. Furthermore, the latest trends in the transformer monitoring systems market are the present enthusiasm in replacing conventional procedures used in power transformer monitoring systems with the non-intrusive estimates, for example, polarization/depolarization current estimation, frequency domain spectroscopy, recovery voltage measurement, etc. These innovations in the products are projected to create lucrative opportunities for the global market over the estimated time period.
The global Transformer Monitoring System Market is segregated on the basis of Type as Hardware Solutions and IT Solutions. Based on Application the global Transformer Monitoring System Market is segmented in Distribution Transformers, Power Transformers and Others. Based on Service the global Transformer Monitoring System Market is segmented in Oil/Gas Monitoring, Bushing Monitoring and Others.
The global Transformer Monitoring System Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Transformer Monitoring System Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
ABB Ltd., Eaton Corporation PLC, General Electric, HZ Electric Inc, Honeywell International Inc and others are among the major players in the global Transformer Monitoring System Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Transformer Monitoring System Market has been segmented as below:
Transformer Monitoring System Market, By Type
Transformer Monitoring System Market, By Application
Transformer Monitoring System Market, By Service
Transformer Monitoring System Market, By Region
Transformer Monitoring System Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Transformer Monitoring System Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Transformer Monitoring System Market share. Major industry players with significant revenue share include ABB Ltd., Eaton Corporation PLC, General Electric, HZ Electric Inc, Honeywell International Inc and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Transformer Monitoring System Market, By Type
5.1. Key Points
5.2. Hardware Solutions
5.3. IT Solutions
6. Transformer Monitoring System Market, By Application
6.1. Key Points
6.2. Distribution Transformers
6.3. Power Transformers
6.4. Others
7. Transformer Monitoring System Market, By Service
7.1. Key Points
7.2. Oil/Gas Monitoring
7.3. Bushing Monitoring
7.4. Others
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Transformer Monitoring System Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. ABB Ltd.
9.2. Eaton Corporation PLC
9.3. General Electric
9.4. HZ Electric Inc
9.5. Honeywell International Inc
9.6. KJ Dynatech Inc
9.7. Kirloskar Electric Company Limited
9.8. Mitsubishi Corporation
9.9. Ningbo Ligong Online Monitoring Technology Co., Ltd
9.10. S&C Electric Company
9.11. Schneider Electric
9.12. Schweitzer Engineering Laboratories, Inc
9.13. Shanghai Kai People Electric Co., Ltd.
9.14. Siemens AG
9.15. Wilson Transformer Company
Transformer Monitoring System Market, By Type
Transformer Monitoring System Market, By Application
Transformer Monitoring System Market, By Service
Transformer Monitoring System Market, By Company