The global transformer monitoring system market is currently valued at a robust US$ 2,785.2 million in 2022, and it is forecasted to exhibit significant growth with a remarkable Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2032. By the end of 2032, the market is expected to achieve a valuation of US$ 6,539.2 million.
Transformers, as critical components of the electrical grid and industrial processes, play a pivotal role in ensuring the reliability and stability of power distribution. To this end, transformer monitoring systems have emerged as indispensable tools for enhancing worker and public safety, mitigating unforeseen failures, and eradicating unplanned outages.
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Global governments are directing their efforts toward electrifying rural regions, which has given rise to an intricate and expansive power and grid network. Within this context, the deployment of transformer monitoring systems has emerged as a crucial solution. This technology aids in the vigilant monitoring, thorough inspection, and effective maintenance of such networks, playing a pivotal role in curbing power outages stemming from transformer malfunctions. These factors, coupled with escalated investments aimed at modernizing aging power infrastructure to meet the surging electricity demand, are poised to substantially propel market growth throughout the projected timeframe.
The ascendancy of environmentally conscious practices is elevating the prominence of green transformers, renowned for their diminished carbon footprint and superior efficiency and reliability. To effectively oversee these modern transformers, retrofit installations become necessary. As the adoption of renewable energy sources gains momentum and the sales of green transformers surge, the demand for retrofit transformer monitoring systems is anticipated to experience a considerable upswing in the years ahead.
Key takeaways from FMI’s Transformer Monitoring System Market Study:
- North America transformer monitoring system market to grow at 10.6% CAGR till 2031, driven by industrialization and monitoring upgrades in U.S. and Canada.
- Europe’s market, led by Germany, projected to expand at 7.6% CAGR due to green transformer adoption and strong manufacturer presence.
- India’s demand for monitoring systems to combat urban power issues expected to fuel market growth.
- Japan and South Korea’s combined 3% market share in 2021 propelled by extensive power network monitoring and retrofit installations.
- Software segment set to exceed US$ 277 valuation at 10.3% CAGR, boosted by IoT integration and big data analytics advancements.
Leading the Charge: Dominant Players in the Transformer Monitoring System Market
Future Market Insights (FMI) sheds light on the transformer monitoring system market’s emerging trends and delves into the strategic maneuvers undertaken by industry players to fortify their market standing.
FMI’s analysis reveals that the power transformer sector is primarily dominated by industry stalwarts including ABB, General Electric, Siemens AG, Maschinenfabrik Reinhausen GmbH, and Groupe Cahors S.A. In this echelon, ABB commands a notable 14% global market share, followed by General Electric with 10%, Siemens AG with 12%, Maschinenfabrik Reinhausen GmbH with 8%, and Groupe Cahors with 5%, as detailed by FMI.
These market leaders are directing their efforts toward novel product development aimed at reducing carbon footprints. Additionally, they are strategically expanding their presence in international markets to foster robust business growth and development.
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Market Segmentation:
By Product Type:
- Hardware
- Direct Winding Transformer Monitors
- Intelligent Transformer Monitors
- Software
By Installation Type:
- Newly Installed Units
- Retrofit Units
By End Use:
- Power Transformers
- Distribution Transformers
- Other Transformers
By Application:
- Dissolved Gas Analysis (DGA)
- Partial Discharge (PD)
- Bushing Monitoring
- Cooling Control
- Voltage Regulation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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