The transformer monitoring system market was valued at US$ 1,842.54 million in 2019 and is projected to reach US$ 2,806.19 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.
The smart grid, along with the operations of a power system, is expected to play a significant role in transforming the electrical networks. Smart grids make it easier to quickly restore electricity after power disturbances, and help reduce the management and operating costs of utilities; this ultimately reduces power costs for consumers. Various initiatives taken by the energy sector is also driving the growth of the transformer monitoring system market. For example, in collaboration with the electric utility industry, equipment suppliers, IT operators, federal and state governments, advocacy organizations, colleges, and national laboratories, the US electrical system announced its "Grid 2030" vision. This vision covers the following power sector-related aspects: generation, transmission, delivery, storage, and end-use. It describes the fundamental problems and obstacles in grid modernization, followed by making recommendations to policymakers and industries to help them develop future electrical distribution infrastructure, such as utility communications.
Additionally, one of the transformer's most significant uses in smart grids is its role in integrating distributed power into the primary grid. Smart grids have two-way communication to monitor network characteristics and control them in real-time. The primary step involves the implementation of smart meters for end-user interactions, followed by the use of smart transformers within the network to enhance communication further and avoid power outages. The smart grid initiatives are thus among the major drivers for the growth of the transformer monitoring system market
Impact of COVID-19 Pandemic on Transformer Monitoring System Market
The US has the highest number of confirmed cases of COVID-19 morbidity among all the North American countries. This is likely to adversely affect the information and communication technology (ICT) sector due to disruptions in supply chain. The energy sector in countries in this region are likely to focus on the development of coordination between the natural gas and telecommunications industries as well as supply chain issues to better tackle grid threats.
Lucrative Regions for Transformer Monitoring System Market
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Market Insights
Emergence of Big Data Analytics
In the age of growing industrialization and rapidly changing industrial working environment, automation, big data analytics, and the Internet of Things play a critical role. Planning downtime and physically monitoring different transformer parameters now appears first age work for power distribution companies. Monitoring different standard parameters from IT cell/office comfort has now become a new norm. Big data analytics in power systems are of interest in the fields of data acquisition, storage, analysis, and visualization. However, the characterization of the state of the transmission equipment is given little care. Power transformers face many difficulties in detecting anomalies and diagnosing faults. The functional relationships between different status parameters and patterns of the defect are complicated to describe the functions explicitly. Utilities across the globe are, however, striving to safely and efficiently deliver reliable electricity.
Every critical equipment asset from generation to delivery is operating at the optimum level to meet and exceed the set goals. With the help of big data, transformers can efficiently change transmission voltages down to lower distribution voltages. Thus, the emergence of big data analytics in the transformer monitoring system market is one of the major trends likely to impact market growth during the forecast period.
Component Market Insights
Based on components, the transformer monitoring system market is segmented into hardware and IT solutions. It is expected the IT solutions segment will dominate the market worldwide during the forecast period. Hardware is usually a cabinet that is installed near a transformer, collecting local signals, possibly processing data collection, and even reacting in emergencies. A design based on embedded hardware is developed to acquire data from the electrical sensing system along with the electronic meter. It consists of a sensing system, electric circuits for signal conditioning, advanced embedded computer hardware for middle-level computing, a robust computer network for further data transmission to different locations. The E Series offered by dynamic ratings, is custom-engineered to-order modular hardware platform for utilities that need custom-made transformer monitoring solutions. The application engineers work with the service or the transformer manufacturer to develop the optimal transformer monitoring solution that meets the requirements. It manufactures, programs, and tests the solution according to our policies and processes certified to ISO 9001. Additionally, the field service team provides final installation field verification
Transformer Monitoring System Market, by Component– 2019 and 2027
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Services Market Insight
Based on service, the global market for transformer monitoring systems is segmented into oil/gas monitoring, bushing monitoring, and others. The bushing monitoring segment is estimated to record higher growth during the forecast period, as it saves time and money during continuous tracking. The bushing monitoring system is used as a stand-alone system, or in a combination with a trusted monitoring system for transformer condition. This follows the principle that it is always better to integrate multiple measurement results into an overall picture, rather than to base analysis on individual sensor measurements. Additionally, the bushing monitoring system checks transformer status and detects deterioration in bushings, finds isolation abnormalities, and issues alerts. In the application category, the bushing monitoring segment is expected to grow at a higher pace in the coming years to reach a significant valuation during the forecast period.
Application Market Insight
Based on application, the global transformer monitoring system market is segmented into distribution transformers, power transformers, and others. The power transformers segment is expected to be the largest segment in the global market for transformer monitoring systems in terms of value, owing to government regulations targeting transmission network monitoring and control. These transformers function on high voltages, which demands their regular monitoring and maintenance.
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Transformer Monitoring System Market: Strategic Insights
Market Size Value in US$ 1,842.54 Million in 2019 Market Size Value by US$ 2,806.19 Million by 2027 Growth rate CAGR of 5.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Transformer Monitoring System Market: Strategic Insights
Market Size Value in | US$ 1,842.54 Million in 2019 |
Market Size Value by | US$ 2,806.19 Million by 2027 |
Growth rate | CAGR of 5.5% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
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Speak to AnalystThe players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In Feb 2020, Power management company Eaton declared it has completed the acquisition of Power Distribution, Inc. (PDI). Eaton’s aim is to enhance the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably.
- In April 2019, ABB new field-tested model-based monitoring system is combined within standard substation equipment and presented in MicroSCADA Pro. This unique approach permits an asset’s performance to be evaluated while in actual service as well as imminent faults to be detected.
Global Transformer Monitoring System Segments:
Transformer Monitoring System Market – By Component
- Hardware
- IT Solutions
Transformer Monitoring System Market – By Service
- Bushing Monitoring
- Oil/Gas Monitoring
- Others
Transformer Monitoring System Market – By Application
- Distribution Transformer
- Power Transformer
- Others
Transformer Monitoring System Market – By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Rest of SAM
Companies
- ABB Ltd.
- Eaton Corporation plc
- Honeywell International Inc.
- Schneider Electric SE
- Siemens AG
- Schweitzer Engineering Laboratories, Inc.
- Kirloskar Electric Company
- KJ Dynatech Inc
- WILSON TRANSFORMER COMPANY
- Mitsubishi Electric Corporation
- Dynamic Ratings
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Service ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Europe region led the regenerative thermal oxidizer market in 2019 owing to strong considerable demand for maintaining and supervision of electrical grids along with stringent safety regulatory guidelines to prevent system failure its notably large industrial sector contributed in the region’s larger market share
The increase in electrification of electrical grid system and rising expenditure towards improving the electrical grid systems, transmission and distribution networks across the developing economies are powering the growth of the transformer monitoring system market.
The bushing monitoring based service continued to dominate the market by service owing to extensive scope of application for the service for basic maintenance and monitoring applications.
The List of Companies - Transformer Monitoring System Market
- ABB LTD.
- EATON CORPORATION
- HONEYWELL INTERNATIONAL, INC.
- KIRLOSKAR ELECTRIC COMPANY
- KJ DYNATECH INC.
- MITSUBISHI CORPORATION
- SCHNEIDER ELECTRIC SE
- SCHWEITZER ENGINEERING LABORATORIES, INC.
- SIEMENS AG
- WILSON TRANSFORMER COMPANY
- Dynamic Ratings
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