Transformer Monitoring System Market - By Type (Hardware Solutions and Software Solutions), By Service (Oil/Gas Monitoring, Bushing Monitoring, and Others), By Application (Distribution Transformers, Power Transformers, and Others) and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Transformer Monitoring System Market size held USD 2072.9 billion in 2020 and is expected to grow with a CAGR of 12.5% during forecast period. Transformer monitoring systems are designed to collect, aggregate, manage and analyze data for a single transformer. Transformer monitoring systems has the capability of monitoring the voltage, temperature, and current to prevent the loss due to fluctuation in the values. These systems have inbuilt battery backup that prevents system failure in case there is power cut. For the sake of problem diagnosis, smooth working and proper maintenance of the equipment, the monitoring is an essential part of a transformer. Transformer monitoring system provides with actionable information needed in the day to day decision making required to effectively and efficiently manage the grid. Using the system, any loss in power over the lines and any power shortages can be prevented through its preventive monitoring measures. Moreover, latest trends include a range of online and offline software solutions designed to monitor and evaluate transformer performance and health status of a transformer efficiently which is driving the growth of transformer monitoring system market. Rising focus on renewable electric power generation and deployment of smart grids and smart transformers are propelling the transformer monitoring system market growth.

Market Segmentation:

Based on type, the global transformer monitoring system market is bifurcated into hardware solutions and software solutions. Based on services, the market is categorized into oil/gas monitoring, bushing monitoring and others. By application, the market is classified into distribution transformers, power transformers, and others. By geography, transformer monitoring system market is divided into North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

The demand for the transformer monitoring system has increased with the rise in renewable investments and increasing number of power grids. According to the report of Frankfurt School of Finance & Management, governments and companies around the world have committed to add around 826 gigawatts of new non-hydro renewable power capacity in the decade to 2030, which is likely to be cost around $1 trillion. Moreover, rising demand for uninterrupted electric supply is likely to further boost the transformer monitoring system market. With the integration of Internet of Things (IoT) into the systems, real-time monitoring to check all these health parameters and decrease the response time during a failure event has been achieved which has further propelled the transformer monitoring system market growth. For instance, Worldwide Tech Services Software Solutions (WWTS) has provided an IoT based transformer monitoring system for checking health parameters in real-time and alert the operator through e-mail/SMS. Microprocessors and embedded module at the transformer site are used to capture different parameters of temperature, oil level, current etc. These sensor values are transmitted to the IoT cloud platform through a WiFi network. Furthermore, growing focus on using non-conventional energy sources opens several opportunities for transformer monitoring system market. However, the high installation and maintenance cost of transformer monitoring systems would hinder the market growth.

Geographic Analysis:

Asia-Pacific is dominating the global transformer monitoring systems market and is expected to continue its dominance during the forecast period. Countries such as India and China have invested highly in smart grids which is boosting the demand for transformer monitoring solutions. Moreover, their focus on renewable power generation is also supporting the market growth. For instance, a 750-Megawatt (Mw) ultra mega solar power park has been recently set up in Madhya Pradesh, India. APAC registered considerable number of installation units for projects tendered by the government authorities in 2018, and is further anticipated to increase in the years to come. North America and Europe are expected to show significant growth in the transformer monitoring system market.

Competitive Scenario:

The key players of global transformer monitoring system market are Schneider Electric S.E., Siemens AG, Crompton Greaves Ltd., Eaton Corporation Plc., General Electric Company, BPL Global LLC, Eaton Corporation Plc. and ABB Ltd.

Transformer Monitoring System Market  Report Scope