Transformer Monitoring Market
Transformer Monitoring Market Forecasts to 2030 - Global Analysis By Type (On-site and Remote), Component (Hardware, Software and Service), Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Transformer Monitoring Market is accounted for $2.46 billion in 2023 and is expected to reach $5.28 billion by 2030 growing at a CAGR of 10.4% during the forecast period. Transformer monitoring involves the continuous observation and analysis of various parameters related to the performance and condition of electrical transformers. Monitoring systems utilize sensors and advanced analytics to detect anomalies, predict potential failures, and optimize transformer operation. By monitoring key indicators in real-time, transformer monitoring helps ensure reliability, prevent costly downtime, extend equipment lifespan, and enhance overall efficiency in power distribution networks.
Market Dynamics:
Driver:
Rising focus on grid modernization
Transformer monitoring plays a pivotal role in modernizing grids, offering real-time data insights to enhance reliability, efficiency, and resilience. As utilities and governments invest in upgrading aging infrastructure and implementing smart grid technologies, the need for advanced transformer monitoring systems intensifies. These systems enable predictive maintenance, optimize operational performance, and facilitate compliance with stringent regulatory standards, thereby propelling the growth of the transformer monitoring market.
Restraint:
Data security concerns
Data security concerns in transformer monitoring arise due to the sensitive nature of the data collected, including grid operation information. Ensuring the confidentiality, integrity, and availability of this data against cyber threats and unauthorized access is paramount. Concerns about data breaches, cyber attacks, and regulatory compliance may deter utility companies from adopting transformer monitoring solutions, thus hindering market growth.
Opportunity:
Aging infrastructure
The aging infrastructure increases the risk of transformer failures, leading to potential power outages and costly downtime. To mitigate these risks, utility companies are increasingly investing in transformer monitoring systems. These systems provide real-time data, enabling proactive maintenance and early fault detection. By implementing transformer monitoring solutions, utilities can optimize asset management, extend the lifespan of transformers, and ensure reliable electricity supply, thereby driving the growth of the transformer monitoring market.
Threat:
High initial investment
The high initial investment in transformer monitoring is primarily due to the costs associated with acquiring and installing advanced monitoring equipment, including sensors, communication infrastructure, and data analytics platforms. This significant upfront cost can act as a deterrent for small to medium-sized utility companies with limited budgets, delaying or preventing their adoption of transformer monitoring systems. As a result, potential customers are unable to afford the initial investment required to implement these solutions, slowing down the overall adoption rate.
Covid-19 Impact
The covid-19 pandemic has had a mixed impact on the transformer monitoring market. Supply chain disruptions have led to delays in the manufacturing and delivery of monitoring equipment, affecting project timelines. However, the pandemic has also highlighted the importance of reliable electricity supply, driving increased interest in grid resilience and remote monitoring solutions. Overall, while short-term challenges persist, the long-term outlook for the transformer monitoring market remains positive as utilities prioritize grid modernization and resilience efforts.
The rectifier transformers segment is expected to be the largest during the forecast period
The rectifier transformers segment is estimated to have a lucrative growth. Rectifier transformers are crucial components in power systems used to convert alternating current (AC) to direct current (DC). These transformers are designed to withstand high current and voltage stresses associated with rectification processes. Efficiency, reliability, and precise voltage regulation are paramount in their design. Advances in materials, insulation, and cooling technologies continue to improve the performance and efficiency of rectifier transformers, meeting the evolving demands of modern power systems.
The industrial sector segment is expected to have the highest CAGR during the forecast period
The industrial sector segment is anticipated to witness the highest CAGR growth during the forecast period. In the industrial sector, transformer monitoring plays a critical role in ensuring uninterrupted operations and preventing costly downtime. By continuously monitoring parameters such as temperature, oil level, and insulation condition, these systems provide early warnings of potential faults or failures in transformers. Additionally, transformer monitoring systems often integrate with overall plant automation and control systems, providing comprehensive insights into power distribution and enhancing operational efficiency.
Region with largest share:
In the Asia-Pacific region, the transformer monitoring market is experiencing robust growth driven by rapid industrialization, urbanization, and infrastructural development. Increasing investments in energy infrastructure, particularly in emerging economies such as China, India, and Southeast Asian countries, are fueling the demand for transformer monitoring solutions. The proliferation of smart grid initiatives and the integration of IoT and AI technologies further contribute to market expansion in the region.
Region with highest CAGR:
In North America, the transformer monitoring market is witnessing steady growth. The region's advanced power grid infrastructure, coupled with increasing concerns, drives the adoption of transformer monitoring solutions. Stringent regulatory standards, such as those enforced by organizations like NERC (North American Electric Reliability Corporation), further propel market growth. Additionally, the integration of smart grid technologies and the rising demand for renewable energy sources create opportunities for transformer monitoring vendors in the region.
Key players in the market
Some of the key players profiled in the Transformer Monitoring Market include ABB Limited, Arteche Group, Crompton Greaves Limited, Eaton Corporation, Emerson Electric Corporation, Franklin Electric, General Electric Company, Koncar Group, Hitachi Energy, Honeywell International Inc., Mitsubishi Electric Corporation, NovaTech LLC, NxtGrid, Powertech Labs Inc., Schneider Electric SE, Schweitzer Engineering Laboratories Inc., Siemens AG, Toshiba Corporation, Ubicquia and WEG SA.
Key Developments:
In February 2024, Ubicquia, a leader in intelligent utility infrastructure, unveiled the UbiGrid™ Transformer Fault Detector (TFD+), a disruptive platform designed to remotely detect transformer faults, eliminate needless replacements, and ensure crew safety when re-energizing.
In February 2023, Hitachi Energy, a global technology leader advancing a sustainable energy future for all, launches the next-generation TXpert Hub, a part of its ecosystem for transformers' digitalization. The TXpert Hub enables monitoring by aggregating, storing, and analyzing the information received from the transformer's digital sensors.
In February 2023, Franklin Electric has expanded its power grid monitoring product line with the launch of the INCON Distribution Transformer Monitor. The DTM provides meter-grade precision performance monitoring of critical, low voltage pad mounted transformers and conventional pole top transformers.
Types Covered:
• On-site
• Remote
Components Covered:
• Hardware
• Software
• Service
Technologies Covered:
• Dissolved Gas Analysis (DGA)
• Partial Discharge Monitoring (PDM)
• Oil Quality Analysis
• Temperature Monitoring
• Load Monitoring
• Other Technologies
Applications Covered:
• Power Transformers
• Distribution Transformers
• Air-core Transformers
• Instrument Transformers
• Rectifier Transformers
• Other Applications
End Users Covered:
• Power Utilities
• Industrial Sector
• Commercial Sector
• Residential Sector
• Government & Public Infrastructure
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Transformer Monitoring Market, By Type
5.1 Introduction
5.2 On-site
5.3 Remote
6 Global Transformer Monitoring Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Sensors
6.2.2 Relays
6.2.3 Communication Devices
6.2.4 Meters
6.3 Software
6.3.1 Monitoring & Control Software
6.3.2 Data Management & Analytics Software
6.3.3 Visualization Tools
6.4 Service
6.4.1 Installation & Commissioning
6.4.2 Maintenance & Support
6.4.3 Consulting & Training
7 Global Transformer Monitoring Market, By Technology
7.1 Introduction
7.2 Dissolved Gas Analysis (DGA)
7.3 Partial Discharge Monitoring (PDM)
7.4 Oil Quality Analysis
7.5 Temperature Monitoring
7.6 Load Monitoring
7.7 Other Technologies
8 Global Transformer Monitoring Market, By Application
8.1 Introduction
8.2 Power Transformers
8.3 Distribution Transformers
8.4 Air-core Transformers
8.5 Instrument Transformers
8.6 Rectifier Transformers
8.7 Other Applications
9 Global Transformer Monitoring Market, By End User
9.1 Introduction
9.2 Power Utilities
9.3 Industrial Sector
9.4 Commercial Sector
9.5 Residential Sector
9.6 Government & Public Infrastructure
9.7 Other End Users
10 Global Transformer Monitoring Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 ABB Limited
12.2 Arteche Group
12.3 Crompton Greaves Limited
12.4 Eaton Corporation
12.5 Emerson Electric Corporation
12.6 Franklin Electric
12.7 General Electric Company
12.8 Koncar Group
12.9 Hitachi Energy
12.10 Honeywell International Inc.
12.11 Mitsubishi Electric Corporation
12.12 NovaTech LLC
12.13 NxtGrid
12.14 Powertech Labs Inc.
12.15 Schneider Electric SE
12.16 Schweitzer Engineering Laboratories Inc.
12.17 Siemens AG
12.18 Toshiba Corporation
12.19 Ubicquia
12.20 WEG SA
List of Tables
1 Global Transformer Monitoring Market Outlook, By Region (2021-2030) ($MN)
2 Global Transformer Monitoring Market Outlook, By Type (2021-2030) ($MN)
3 Global Transformer Monitoring Market Outlook, By On-site (2021-2030) ($MN)
4 Global Transformer Monitoring Market Outlook, By Remote (2021-2030) ($MN)
5 Global Transformer Monitoring Market Outlook, By Component (2021-2030) ($MN)
6 Global Transformer Monitoring Market Outlook, By Hardware (2021-2030) ($MN)
7 Global Transformer Monitoring Market Outlook, By Sensors (2021-2030) ($MN)
8 Global Transformer Monitoring Market Outlook, By Relays (2021-2030) ($MN)
9 Global Transformer Monitoring Market Outlook, By Communication Devices (2021-2030) ($MN)
10 Global Transformer Monitoring Market Outlook, By Meters (2021-2030) ($MN)
11 Global Transformer Monitoring Market Outlook, By Software (2021-2030) ($MN)
12 Global Transformer Monitoring Market Outlook, By Monitoring & Control Software (2021-2030) ($MN)
13 Global Transformer Monitoring Market Outlook, By Data Management & Analytics Software (2021-2030) ($MN)
14 Global Transformer Monitoring Market Outlook, By Visualization Tools (2021-2030) ($MN)
15 Global Transformer Monitoring Market Outlook, By Service (2021-2030) ($MN)
16 Global Transformer Monitoring Market Outlook, By Installation & Commissioning (2021-2030) ($MN)
17 Global Transformer Monitoring Market Outlook, By Maintenance & Support (2021-2030) ($MN)
18 Global Transformer Monitoring Market Outlook, By Consulting & Training (2021-2030) ($MN)
19 Global Transformer Monitoring Market Outlook, By Technology (2021-2030) ($MN)
20 Global Transformer Monitoring Market Outlook, By Dissolved Gas Analysis (DGA) (2021-2030) ($MN)
21 Global Transformer Monitoring Market Outlook, By Partial Discharge Monitoring (PDM) (2021-2030) ($MN)
22 Global Transformer Monitoring Market Outlook, By Oil Quality Analysis (2021-2030) ($MN)
23 Global Transformer Monitoring Market Outlook, By Temperature Monitoring (2021-2030) ($MN)
24 Global Transformer Monitoring Market Outlook, By Load Monitoring (2021-2030) ($MN)
25 Global Transformer Monitoring Market Outlook, By Other Technologies (2021-2030) ($MN)
26 Global Transformer Monitoring Market Outlook, By Application (2021-2030) ($MN)
27 Global Transformer Monitoring Market Outlook, By Power Transformers (2021-2030) ($MN)
28 Global Transformer Monitoring Market Outlook, By Distribution Transformers (2021-2030) ($MN)
29 Global Transformer Monitoring Market Outlook, By Air-core Transformers (2021-2030) ($MN)
30 Global Transformer Monitoring Market Outlook, By Instrument Transformers (2021-2030) ($MN)
31 Global Transformer Monitoring Market Outlook, By Rectifier Transformers (2021-2030) ($MN)
32 Global Transformer Monitoring Market Outlook, By Other Applications (2021-2030) ($MN)
33 Global Transformer Monitoring Market Outlook, By End User (2021-2030) ($MN)
34 Global Transformer Monitoring Market Outlook, By Power Utilities (2021-2030) ($MN)
35 Global Transformer Monitoring Market Outlook, By Industrial Sector (2021-2030) ($MN)
36 Global Transformer Monitoring Market Outlook, By Commercial Sector (2021-2030) ($MN)
37 Global Transformer Monitoring Market Outlook, By Residential Sector (2021-2030) ($MN)
38 Global Transformer Monitoring Market Outlook, By Government & Public Infrastructure (2021-2030) ($MN)
39 Global Transformer Monitoring Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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