NEWARK, Del, April 09, 2024 (GLOBE NEWSWIRE) -- The demand for transformer monitoring systems is expected to be US$ 3,259.70 million in 2024. The market is expected to rise at a CAGR of 8.90%, attaining US$ 7,646.39 million by 2034.
When a transformer fails, it gets out of operation for seven days or more. The implications should also be considered to ascertain the probability of unforeseen failure and the potentiality of failure occurring.
The growth of the transformer monitoring system market is compelled by booming energy consumption in developing countries owing to the ascending population. Besides, the ongoing installation of high-power transmission units and the electricity transmission system upgradation amplifies the adoption of transformer monitoring systems.
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The high installation cost of transformer monitoring systems is a significant impediment to the transformer monitoring system industry. The technological progression that uses sensors, monitors, and data storage further ramps up the cost. The soaring maintenance cost of these systems, inhibit the transformer monitoring system market growth.
Key Takeaways
- The retrofit units’ segment in the installation type category to earn a share of 81.40% in 2024.
- In the product type category, the hardware segment to possess a market share of 83.60% in 2024.
- Japan transformer monitoring system market implies expansion at a staggering CAGR of 10.10% through 2034.
- From 2024 to 2034, India transformer monitoring system (TMS) market is set to grow at a robust CAGR of 10.00%.
- Sales of transformer monitoring systems in the United Kingdom indicate a strong CAGR of 9.60% through 2034.
- The Chinese transformer monitoring system industry is expected to grow at a CAGR of 9.40% through 2034.
- Australia’s transformer monitoring system sales denote a CAGR of 9.20% through 2034.
- Through 2034, Spain’s transformer monitoring system market is expected to show escalation at a CAGR of 9.20%.
- The United States transformer monitoring system industry imply augmentation at a CAGR of 8.90% from 2024 to 2034.
- Sales of transformer monitoring systems in South Korea is expected to rise at a CAGR of 8.90% through 2034.
- Germany’s transformer monitoring system demand indicates a CAGR of 7.90% through 2034.
- Canada TMS market is expected to grow at a CAGR of 7.30% through 2034.
- The French transformer monitoring system market is set to exhibit a CAGR of 8.50% from 2024 to 2034.
- Italy’s TMS market reflects expansion at a moderate CAGR of 5.60% through 2034.
“The transformer monitoring system market is confident of a noteworthy growth due to the augmenting demand for power infrastructure. The synthesis of advanced monitoring technologies thrusts TMS market expansion, provisioning intensified efficiency and maintenance potential,” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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Regional Outlook
North America acquires a significant transformer monitoring system market share owing to its advanced power infrastructure, extensive transformer employment in power distribution networks, and an intense concentration on grid efficiency.
Another robustly flourishing region in the global transformer monitoring system market is Asia Pacific. Asia Pacific experiences swift growth in the power sector, amplified by the booming population, urbanization, and industrialization in developing economies. The government's schemes and plans to enhance power grid reliability and minimize energy losses accelerate the adoption of transformer monitoring systems in the Asia Pacific.
Competitive Landscape
The market is remarkably saturated because of the small transformer monitoring system vendors who operate globally. A lot of transformer monitoring system manufacturers are emphasizing announcing novel software with innovative features like the Internet of Things and remote monitoring systems. To ramp up transformer monitoring system producers’ revenue growth and strengthen their market shares, they are entering into partnership and acquisition activities.
Modern Progressions
- In April 2023, Siemens announced to acquire Sentient Technologies, a company that delivers transformer monitoring systems.
- Schneider Electric declared its new EcoStruxure Power Transformer Monitoring system in March 2023.
- GE proclaimed the release of its new Transformer Health Management solution in February 2023.
- Alstom made a pronouncement on the release of its new Transformer Condition Monitoring system in January 2023.
- In December 2022, Eaton indicated that it acquired GridSense to broaden its transformer monitoring capabilities.
Key Manufacturers
- Siemens Energy
- General Electric
- Mitsubishi Electric Corporation
- Hitachi Energy Ltd.
- Maschinenfabrik Reinhausen GmbH
- Qualitrol Company LLC
- Groupe Cahors S.A.
- Eaton
- Koncar-Electrical Engineering Institute Inc.
- Camlin Ltd
- Advanced Power Technologies LLC
- MTE Meter Test Equipment AG
- CETT Co., Ltd.
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Key Segments
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 and Africa
Author By:
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.
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