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Transformer Monitoring System Market | 2022 Analysis, Research, Applications & Forecast to 2030

Transformer monitoring systems collect and process data related to various parameters of transformers to predict and prevent the failure of a transformer. These systems have applications in power transformers and distribution transformers.

The rapid digitalization of power utilities is likely to drive the growth of the market during the forecast period. Electricity plays an important role in shaping today’s world and quality of life. It drives overall economic development and social evolution. The power utilities work extensively to provide non-stop electricity to every part of the world. However, to improve the efficiency of the overall power ecosystem, enhance grid reliability, ensure access to real-time information, and increase energy saving through operational efficiency, digital transformation is needed. Most utilities globally are moving toward digitalization with smart meters and advanced metering infrastructure that allows collection of real-time usage data from customers, along with provision for control functions, including time-based rates and demand response. For instance, CenterPoint Energy (US) installed an advanced metering system, SCADA mobile data platform, and a customer vision platform to strengthen the connection between the company and its customers. Similarly, General Electric (US) launched a smart grid test program to demonstrate the potential of integrating digitally equipped devices owned by customers with General Electric’s smart grid for customer energy programs.

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Moreover, power utilities are also installing sensors and software to the grid, which has two-way communication that allows distribution, automation, monitoring, and control. These digital components also help the utilities to detect fault and outages, voltVAR management, and real-time optimization of distribution energy resources (DERs). Digitalization has also led to the replacement of traditional substation equipment with modern digital components, providing increased capacity, and improving the safety and functionality of substation. For instance, transformers are equipped with a monitoring system that helps in digitally monitoring the functions of the transformers and detect any failure at an early stage to avoid monitory losses to the utility.

Furthermore, the Digitalization of Everything (DOE), in the power utilities, is contributing toward the growth of advanced analytics, machine learning, and artificial intelligence to capture a large amount of data effectively and with operational improvements. Artificial intelligence and robotics also minimize manual intervention and optimizes headcount. These factors are driving the growth of the transformer monitoring system market globally.

Moreover, the increasing adoption of smart grid technologies is expected to boost the growth of the global transformer monitoring system market. In 2009, the US launched the Smart Grid Investment Grant (SGIG) in the country to modernize the nation’s electrical system, improve interoperability, and collect data on smart grids and customer operations. The SGIG program also helps in the installation of transformer monitoring systems for controlling and monitoring the transformers. The increasing electricity demand in the country has created the demand for smart grids for real-time monitoring and supplying electricity to match the power consumption. Furthermore, smart grids improve the collection and analysis of system data, helping the utilities in the country to improve load forecasting and planning, leading to a reduction in faults and power outages in the country. As per the Smart Grid System Report 2018, published by the US Department of Energy (DOE), the annual investments on smart grid projects increased by 41% from USD 3.4 billion to USD 4.8 billion between 2014 and 2016, and it is expected to rise to USD 13.8 billion in 2024. Furthermore, in 2019, DOE has selected three companies PARC (US), Consolidated Edison (US), and General Electric (US) to develop and test Transensor, a smart monitoring system to improve the management of distributed energy resources and reliability of grid networks. The development of smart grids is likely to lead to the increased use of transformer monitoring systems to maintain peak demand load, power generation from renewable energy sources, overload capacity, and voltage fluctuation during the forecast period. Therefore, the development of smart grids is expected to drive the growth of the transformer monitoring system market in the world.

The global market for transformer monitoring system is segmented based on type, service, application, and region. Based on type, the global transformer monitoring system market has been segmented into hardware and software. Based on the service, the global transformer monitoring system market has been segmented into oil & gas monitoring, bushing monitoring, and others. Based on application, the global transformer monitoring system market has been segmented into power transformers, distribution transformers, and others.

Key Players

The key industry participants of the global market for transformer monitoring system include 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.

Market Research Analysis

In terms of region, the transformer monitoring system market is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific region dominates the transformer monitoring system market. Extensive power plant capacity additions, economic growth, and the need to increase access to electricity are factors that are expected to boost the growth of the transformer monitoring system market in the region.

The factor driving the demand for transformer monitoring systems is the digitalization of power utilities. Electricity plays an important role in shaping today’s world and quality of life. It drives overall economic development and social evolution. The power utilities work extensively to provide non-stop electricity to every part of the world. However, to improve the efficiency of the overall power ecosystem, enhance grid reliability, increase access to real-time information, and increase energy saving through operational efficiency, digital transformation is needed. Most utilities globally are moving toward digitalization with smart meters and advanced metering infrastructure that allows collection of real-time usage data from customers, along with provision for control functions, including time-based rates and demand response. For instance, CenterPoint Energy (US) installed an advanced metering system, SCADA mobile data platform, and a customer vision platform to strengthen the connection between the company and its customers. Similarly, General Electric (US) launched a smart grid test program to demonstrate the potential of integrating digitally equipped devices owned by customers with General Electric’s smart grid for customer energy programs.

Furthermore, increasing the adoption of smart grid technologies is likely to drive the global market. A smart grid is an electricity network that allows two-way communication between electricity suppliers and end users. It helps monitor, control, and analyze the electricity load to manage the demand and supply of electricity, reduce costs, and save energy. A smart grid improves the efficiency and flexibility of electricity grids and helps in the grid integration of renewable energy sources. It involves a variety of operations and energy measurement systems, including smart meters, distribution automation systems, various renewable energy resources, and smart appliances. The smart grid provides several benefits such as efficient transmission of electricity, reduced operation and maintenance costs for utilities, and lowers the peak demand for electricity.

Scope of the Report

This study provides an overview of the global transformer monitoring system market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, and Asia-Pacific. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Transformer Monitoring System Market Based On Type, Service, Application, and Region.

Access Report Details @ https://www.marketresearchfuture.com/reports/transformer-monitoring-system-market-2311

By Type

  • Hardware
  • Software

By Service

  • Oil and Gas Monitoring
  • Bushing Monitoring
  • Others

By Application

  • Power Transformer
  • Distribution Transformers
  • Others

By Regions

  • North America 
  • Asia-Pacific 
  • Europe
  • Middle East & Africa
  • South America
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Published by Tejas Amale

Im a Today's Marketer who have ability to track all thinks about future marketing.

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