New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware and IT Solutions); Service (Bushing Monitoring, Oil/Gas Monitoring, and Others); Application (Distribution Transformers, Power Transformers, and Others)” The global transformer monitoring system market growth is driven by increase in electrification of electrical grid system and rising expenditure towards improving the electrical grid systems, transmission and distribution networks across the developing economies.
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| Market Size Value in | US$ 1.84 billion in 2019 |
| Market Size Value by | US$ 2.80 billion by 2027 |
| Growth rate | CAGR of 5.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 169 |
| No. Tables | 88 |
| No. of Charts & Figures | 80 |
| Historical data available | Yes |
| Segments covered | Component ; Service ; Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
In 2018, primary energy consumption increased only by a small percentage to 2050.7 million tons per oil equivalent. As of 2017, the region is importing ~55% of its energy use. Renewable energy sources account for ~30% of the total EU energy production of the region, which is the highest since 2017. As of 2018, fuel-based electricity was generated at 4077.3 TWh, compared to ~4061.8 TWh generated in 2017. In 2018, Europe contributed to ~12.5% of the world's total CO2 emissions. On the other hand, the EU has witnessed a fall in coal production since the last decade. The region has moved toward the adoption of energy sources having lower carbon footprint due to the effect of CO2 emissions on the environment in terms of climate change. Europe has imported ~53–55% of energy for consumption in the past few years. In 2016, renewable sources accounted for 86% of the new energy capacity added in the EU countries. Improvements in energy-efficiency by promoting the use of hydroelectricity and wind power are likely to drive market growth during the forecast period.
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IT Solution is anticipated to account highest CAGR during the forecast period
Developing modern technologies such as commonly accessible and affordable telecommunications networks and easy-to-use IT systems enable utilities, transmission, and generation companies to set up monitoring and protection systems for transformers. Software solutions are designed to monitor and assess the performance, health, and status of transformers. They provide transformer operators with actionable information required to manage the grid effectively and efficiently, which assists them in routine decision-making process. Additionally, a combination of intelligent electronic devices (IEDs), smart sensors, fully secure communications, open protocols, and user-friendly intelligent head-end software enables maintenance operators to view trends and the actual software for informed decision-making.
The transformer monitoring system market is driven by various inorganic strategies adopted by the companies. For instance, in 2020, ABB, through its Power Grids business, introduced its APM Edge solution for transformers, which help these devices adapt to the rising complexity of grid operations to safeguard energy reliability and resilience, all while reducing capital investment and operational expense. Also, in 2020, the Power Transformer and Distribution Business Units of Wilson Transformer Company introduced monitoring and control solutions for power and distribution transformers, which can be tailored to each customer’s specific requirement. The range of solutions varies from simple load recording devices to full monitoring and control solutions. The condition-based asset management solutions maximize the availability and reliability of electrical networks in a cost-effective manner.
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A transformer monitoring system is an assembly of components built together to analyze and monitor several parameters such as voltage, current, and temperature, and possibly the phase angle of a ground transformer, which is vital to its functionality. The systems has inbuilt battery backup that helps prevent system failure if there is power cut. The demand for the transformer monitoring systems has increased with the increasing number of power grid networks and rapid installation of the power transformers. These systems are commonly used in chemical plants, mining industry, etc. Additionally, the transformer monitoring systems can be used in transmission and distribution facilities. The global transformer monitoring system market experiences remarkable growth due to growing number of power grid networks and rapid installation of power transformers in the world. Mounting focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing old power transformers are a few other factors propelling the market growth.
Impact of COVID-19 Pandemic on Transformer Monitoring System Market
In Europe, Italy is the hardest-hit country by the COVID-19 outbreak. It is suffering an economic hit due to seized revenues from various industries. Other member states in the European Union (EU) have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact growth of the transformer monitoring systems market in Europe. Further, the governments in various EU countries are restricting the increments in the cost of various communication services. For instance, the Spanish government banned price hike on electronic telecom networks, as subscribers were unable to switch to other providers, and discontinued all non-progressive fixed and mobile numbering operations.
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