As per Market Research Future Analysis, the global Transformer Monitoring System Market is projected to reach USD 5,348.9 Million by 2030, growing at a CAGR of 8.5% during the forecast period. The market is driven by the increasing demand for reliable electricity supply and the rapid growth of power utilities. The adoption of smart grids and digital transformation in power services is enhancing operational efficiency and energy savings. Key developments include the launch of advanced monitoring solutions by major players, indicating a trend towards digitization and predictive maintenance in the industry.
Key trends in the Transformer Monitoring System Market include advancements in technology and increasing demand for real-time data.
Siemens, Schneider Electric, Mitsubishi Electric Corporation, General Electric Company, ABB, Honeywell International, Inc., Eaton, Advanced Power Technologies, KJ Dynatech Inc, Dynamic Ratings, Hiotron, S&C Electric Company, Qualitrol Company LLC, Wilson Transformer Company, Advanced Energy Industries, Inc.
It is necessary to increase access to real-time information. Digital transformation is the most needed thing to increase energy saving through operational efficiency. Most of the global utilities are moving toward digitization with the help of smart meters and advanced metering infrastructure. The Market is widely used to collect real-time data from customers by controlling the function. The Market report is specially prepared for during the forecast period. These monitoring systems are mostly used to collect information. The huge amount of developed smart grid is the factor that drives the transformer monitoring system Market Size. These smart grids are mostly used to maintain the peak demand load, renew the energy, and balance the voltage fluctuations and overload capacity.
June 2023: Charles River Analytics, a research and development agency based in Massachusetts and government contractor for the latter, got a one million dollar Small Business Innovation Research (SBIR) Phase II contract to create an electrical transformer predictive maintenance diagnostic platform. Their Probabilistic Operations Warranted for Energy Reliability Evaluation and Diagnostics (POWERED) tool leverages large volumes of transformer data to analyze equipment health and forecast future system failures—preventing power shutdowns as well as expensive equipment repairs that are required by electrical system.
February 2023: Hitachi Energy has launched its next-gen TXpert Hub, which is part of the transformer digitalization ecosystem. The TXpert Hub allows transformer monitoring by gathering, storing, and analyzing digital sensor data from the machine.
03 April 2023: ABB commenced their new share buyback program previously announced worth up to $1 billion. This means it would be approximately 30 million shares if calculated at the current price per ABB share value.
24 August 2022: ABB and Hydrogen Optimized Inc. (HOI), the Canadian technology innovator unlocking green hydrogen production at scale, have signed an agreement aimed at expanding existing strategic relationship between these companies.
In April 2023, Siemens announced that it had acquired Sentient Technologies, a provider of transformer monitoring solutions.
February 2023 saw GE launching its Transformer Health Management offering.
Alstom rolled out its new Transformer Condition Monitoring solution in January 2023.
Eaton announced in December 2023 that the GridSense acquisition had broadened their capabilities within transformer monitoring.
There are multiple key players of Transformer Monitoring System, but here we discuss some of the common prominent players that are: Siemens, Schneider Electric, Mitsubishi Electric Corporation, General Electric Company, ABB, Honeywell International, Inc., Eaton, Advanced Power Technologies, KJ Dynatech Inc, Dynamic Ratings, Hiotron, S&C Electric Company, Qualitrol Company LLC, Wilson Transformer Company, and Advanced Energy Industries, Inc., etc.
The demand for transferring monitory system arises because of the popularity and development of electricity over the past decades. The increasing industry analysis transformer monitoring system Market Share has created several opportunities for growth. This industry's growing demand is because of industrial manufacturing units, increasing technological advancements, and the rapid adoption of electrical and electronic devices. The market Trends are required for the growing energy needs. Transformers are used to regulate the flow of electricity. These are essential in places where high voltage is required. The increasing demand for transformers creates a subsequent demand for the transfer monitoring system.
The increasing demand for market Trends is the digitization of power services. The digitalization of power utilities is contributing to the growth of analytical machine learning. Artificial intelligence and robotics equipment also drive the growth of power utilities. The power utilities are helpful for the drive and growth of the transformer monitoring system Industry. The smart grid enhances the adaptability and resilience of electricity grids and helps in the grid integration of renewable energy sources.Â
The transformer monitoring system Industry is categorized based on Type, Service, Application, and Region. The market is segmented into multiple segmentation and further sub-segmented into the other regions.
The market Outlook market is segmented into the type, which is further sub-segmented into the software and hardware.
The market Outlook market is segmented into the service and further sub-segmented into oil & gas monitoring, bushing monitoring, and others.
The market is segmented into the application, and the further sub-segmentation are power transformers, distribution transformers, and others.
The regional analysis of the Transformer Monitoring System is categorized into multiple regions. These regions include North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Among the above regional analysis, the Asia Pacific countries contribute more to achieve the highest market share. This geographical region contains the constant demand to update and upgrade the existing transmission for the transformer monitoring system Market Revenue. The region plays an important role in the constant demand for updating and up-gradation of the existing transmission and distribution of infrastructure for balancing or maintaining electricity demand. The regional market is driven by growth and enhance access to the electricity supply for market Revenue. Besides, the southern Asian countries also invest certain amounts for the smart grid infrastructure. The smart grid market industry is developing day by day because of the implementation of government regulations. The investments made by certain regions help for the growth of the market.
The research methodology for transformer monitoring system Market Analysis is necessary for analyzing the secondary research, annual reports, governmental published reports, and press releases, and many more. The analysts use different methodologies to research on the basis of multiple factors. They use different types of equipment to find out a proper result. The research methodologies are used to identify and collect the information mostly used for technical and market-oriented.
The primary sources include the related industries, preferred suppliers, manufactures, and distributors. The research methodologies are also used by the service providers, technology developers, standard and certification organizations of companies, and organizations related to all the transformer monitoring system Market Growth segments of this industry's value chain. The below-discussed points are some of the major points of research methodologies of market Analysis:
The future market report of the transformer monitoring system Market Growth covers extensive primary research. The market research is accompanied by the detailed analysis of quantitive and qualitative market standards. These market standards are followed by multiple industry experts with the key opinion of leaders to gain a deeper insight into the market and industry performance. This market report gives a clear picture of the current market scenario that includes the market size of the historic and forecast market. The report is prepared by analyzing the multiple factors that include the value and volume of the system chain,Â
technological advancements, micro and macroeconomic factors by including the governing factors of the market. The report provides an insight value of the market and all the detailed, comprehensive information with advanced strategies. Along with this, it also covers a broad study of the different market segments and regions.
| Attribute/Metric | Details |
| Â Â Market Size | Â Â 2030: 5,348.9 Million |
| Â Â CAGR | Â Â 8.5% CAGR (2022-2030) |
| Â Â Base Year | Â Â 2021 |
| Â Â Forecast Period | Â Â 2022-2030 |
| Â Â Historical Data | Â Â 2019 & 2020 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Service , Type and Application |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Siemens, Schneider Electric, Mitsubishi Electric Corporation, General Electric Company, ABB, Honeywell International, Inc., Eaton, Advanced Power Technologies, KJ Dynatech Inc, Dynamic Ratings, Hiotron, S&C Electric Company, Qualitrol Company LLC, Wilson Transformer Company, and Advanced Energy Industries, Inc., etc. |
| Â Â Key Market Opportunities | Â Â Increasing industry analysis transformer monitoring system Market Share |
| Â Â Key Market Drivers | Industrial manufacturing units Increasing technological advancements Rapid adoption of electrical and electronic devices |
Transformer Monitoring System Market Highlights:
Frequently Asked Questions (FAQ):
The transformer monitoring system market is expected to mark 8.5% CAGR.
The segments based on service are bushing monitoring, oil/gas monitoring, and others.
The bushing monitoring segment is projected to dominate the transformer monitoring system market.
The application based segments are power transformers, distribution transformers, and others.
The key participants are ABB automation company Ltd. (Switzerland), Schneider Electric SE (France), General Electric Company (US), Siemens AG (Germany), BPL Global LLC (US), Advanced Power AG (Switzerland), Crompton Greaves Ltd (India), Echelon Corporation (US), Dynamic Rating Pvt. Ltd (US), and Elster Group SE (Germany).
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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