The global market for transformer monitoring systems is poised for significant advancement, with an estimated value of US$ 2,785.2 million in 2022. This trajectory is anticipated to sustain an impressive Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2032, propelling the market’s value to a remarkable US$ 6,539.2 million by the conclusion of 2032.
Transformers hold pivotal importance within both electrical grids and industrial operations. By diminishing corporate risk through enhanced safety for workers and the public, reducing unforeseen failures, and eliminating unplanned interruptions, transformer monitoring assumes a critical role. This system employs active analysis of numerous operational variables to ensure the optimal functionality of transformers. As the industry charts a course of exponential growth, the significance of transformer monitoring becomes ever more evident in ensuring efficiency, reliability, and safety.
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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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Read This Report From Different Publications:
Transformer Monitoring System Market Size @ https://www.prnewswire.com/news-releases/transformer-monitoring-system-market-to-witness-bolstering-growth-with-10-1-cagr-through-2031-due-to-surge-in-energy-conservation–future-market-insights-inc-301608394.html
Transformer Monitoring System Market Share @ https://www.digitaljournal.com/pr/transformer-monitoring-system-will-continue-to-grow-over-10-1-cagr-fmi
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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