USD 2.2 billion
Transformer Monitoring System Market Size, Share, Growth Analysis, By Type(On-line Transformer Monitoring System and Off-line Transformer Monitoring Systems.), By Application(Power Transformers, Distribution Transformers, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2182 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Transformer Monitoring System Market Insights
Transformer Monitoring System Market size was valued at USD 2.20 billion in 2022 and is poised to grow from USD 2.40 billion in 2023 to USD 4.82 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).
The growth of the transformer monitoring system market is the rising investments in smart grid infrastructure. Governments across the globe are increasingly focusing on upgrading aging power infrastructure and integrating advanced technologies to improve energy efficiency and ensure a smooth transition to renewable energy sources. As a result, utilities are deploying TMS to gain better insights into transformer performance, optimise maintenance schedules, and enhance grid stability, fostering the market's expansion. These technologies facilitate the seamless integration of data from multiple sensors and devices, allowing operators to make informed decisions based on real-time insights. Additionally, the increasing trend of digitalization in power utilities has further driven the uptake of TMS, as it enables remote monitoring and control of transformers, reducing the need for manual intervention and minimising operational costs.
US Transformer Monitoring System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-line Transformer Monitoring System
Fastest Growth
Growth Rate
6.2% CAGR
Global Transformer Monitoring System Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Transformer Monitoring System Market Segmental Analysis
The global transformer monitoring system market is segmented by type, application, and region. Based on type, the market can be segmented into on-line transformer monitoring systems and off-line transformer monitoring systems. Based on application, the market is segmented into Power Transformers, Distribution Transformers and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Transformer Monitoring System Market Analysis by Type
The dominant type is the on-line transformer monitoring system. This type of monitoring system allows real-time monitoring and continuous assessment of the transformer's health and performance while it is in operation. On-line monitoring systems provide crucial insights into the condition of the transformer, enabling operators to detect any abnormalities or potential issues promptly.
On the other hand, the fastest growing type in the global transformer monitoring system market is the off-line transformer monitoring system. These systems are designed to assess the condition of transformers during maintenance and inspection periods. While they do not offer real-time monitoring capabilities like their on-line counterparts, they are instrumental in conducting detailed diagnostics and analysis to ensure the transformer's optimal performance and reliability.
Transformer Monitoring System Market Analysis by Application
Among the various applications of transformer monitoring systems in the global market, power transformers emerge as the most dominant application. Power transformers play a critical role in electricity transmission and distribution networks, and their efficient and reliable operation is essential for ensuring a stable power supply. To achieve optimal performance and prevent costly downtime, power utilities and industrial facilities widely adopt transformer monitoring systems to monitor key parameters such as temperature, oil level, and insulation condition.
On the other hand, the fastest growing application of transformer monitoring systems is in the distribution transformers segment. Distribution transformers are responsible for stepping down the voltage from power substations to levels suitable for residential, commercial, and industrial consumption. With the increasing deployment of smart grids and the integration of renewable energy sources, the demand for distribution transformer monitoring systems has surged. These monitoring systems enable utilities to enhance grid efficiency, detect faults in real-time, and implement predictive maintenance strategies, leading to improved reliability and reduced operational costs.
Global Transformer Monitoring System Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Transformer Monitoring System Market Regional Insights
North America holds a significant share in the market due to its advanced power infrastructure, extensive use of transformers in power distribution networks, and a strong focus on grid reliability and efficiency. The presence of major players in the transformer monitoring system industry and continuous investments in grid modernization projects have further strengthened North America's position as a leading market for transformer monitoring systems.
On the other hand, the fastest growing region in the global transformer monitoring system market is Asia-Pacific. The Asia-Pacific region has been witnessing rapid growth in its power sector, driven by the increasing population, urbanisation, and industrialization in countries like China, India, and Southeast Asian nations. To meet the escalating electricity demand, there is a rising need for robust power infrastructure, including transformers, leading to a surge in the demand for transformer monitoring systems. Moreover, governments' initiatives to improve power grid reliability and reduce energy losses have also accelerated the adoption of these monitoring systems in the region.
Global Transformer Monitoring System By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Transformer Monitoring System Market Dynamics
Transformer Monitoring System Market Drivers
Growing Demand for Power Supply Reliability
- The increasing need for uninterrupted power supply in various industries, commercial establishments, and residential sectors is a major driver for the transformer monitoring system market. Transformer monitoring systems help in detecting potential faults and abnormalities in power transformers, enabling proactive maintenance and reducing downtime. This demand for improved power supply reliability is pushing utilities and power providers to invest in advanced monitoring solutions.
Transformer Monitoring System Market Restraints
Interoperability and Data Management Challenges
- Integrating new monitoring systems into existing grid infrastructure can pose interoperability challenges. Different transformer monitoring systems may use varying communication protocols and data formats, leading to data management complexities. Standardisation efforts and advancements in communication technologies are being made to address these challenges.
Request Free Customization of this report to help us to meet your business objectives.
Transformer Monitoring System Market Competitive Landscape
Companies focus on continuous research and development to introduce innovative transformer monitoring systems that offer enhanced functionalities. Moreover, in addition to the traditional players, several technology companies and start-ups are entering the transformer monitoring system market, introducing disruptive solutions such as IoT-enabled smart monitoring devices. These advanced technologies leverage data analytics, machine learning, and artificial intelligence to offer more comprehensive insights into transformer health and performance.
Transformer Monitoring System Market Top Player’s Company Profiles
- General Electric Company (US)
- Schneider Electric SE (France)
- Honeywell International Inc. (US)
- Emerson Electric Co. (US)
- Eaton Corporation plc (Ireland)
- Mitsubishi Electric Corporation (Japan)
- Hitachi ABB Power Grids (Switzerland and Sweden)
- Camlin Power Ltd. (Ireland)
- Qualitrol Company LLC (US)
- Schweitzer Engineering Laboratories, Inc. (US)
- NovaTech LLC (US)
- Littelfuse, Inc. (US)
- S&C Electric Company (US)
- Weidmann Electrical Technology AG (Switzerland)
- CG Power and Industrial Solutions Limited (India)
- Rugged Monitoring (Canada)
- RHM International LLC (US)
- Dynamic Ratings Inc. (US)
Transformer Monitoring System Market Recent Developments
- In April 2023, Siemens announced the acquisition of Sentient Technologies, a provider of transformer monitoring solutions.
- In March 2023, Schneider Electric launched its new EcoStruxure Power Transformer Monitoring solution.
- In February 2023, GE announced the launch of its new Transformer Health Management solution.
- In January 2023, Alstom announced the launch of its new Transformer Condition Monitoring solution.
- In December 2022, Eaton announced the expansion of its transformer monitoring capabilities with the acquisition of GridSense.
Transformer Monitoring System Key Market Trends
- Adoption of Smart Grid Technologies: Smart grids are advanced power distribution networks that utilise digital communication and automation to optimise electricity delivery and consumption. Transformer monitoring systems play a crucial role in supporting the implementation of smart grid infrastructures. These monitoring systems enable real-time data collection and analysis of transformer performance, ensuring timely detection of faults and potential issues. By integrating transformer monitoring systems into smart grids, utilities and power operators can enhance grid reliability, reduce downtime, and improve overall energy efficiency.
Transformer Monitoring System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global transformer monitoring system market analysis, the increasing demand for efficient power distribution and the need to ensure the reliability of power transformers are key drivers for market growth. Transformer monitoring systems play a crucial role in enhancing the operational efficiency of power grids by providing real-time data on transformer conditions and performance. Advanced monitoring technologies, such as online monitoring and remote diagnostics, offer advantages like early fault detection, predictive maintenance, and reduced downtime, ensuring the optimal functioning of power transformers. As power grids become more complex and dynamic, the demand for real-time monitoring and analytics solutions to manage transformer assets efficiently is on the rise. In terms of regional analysis, North America holds a significant market share in the transformer monitoring system market due to the region's advanced power infrastructure and the implementation of grid modernization initiatives. Europe is also a prominent region, driven by the increasing adoption of smart grid technologies and the need to upgrade aging power infrastructure.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.20 billion |
| Market size value in 2031 | USD 4.82 billion |
| Growth Rate | 9.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Transformer Monitoring System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Transformer Monitoring System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Transformer Monitoring System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Transformer Monitoring System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Transformer Monitoring System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Transformer Monitoring System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
