Transformer Monitoring System Market to be Worth US$ 7.0 Billion by 2030
Reports and Insights has published a new report titled, “Transformer Monitoring System Market: Opportunity Analysis and Future Assessment 2022-2030”
Transformer Monitoring System Market, By Product (Hardware (Direct Winding Transformer Monitors, Intelligent Transformer Monitors), Software), By Installation Type (Newly Installed Units, Retrofit Units), By Application (Dissolved Gas Analysis (DGA), Partial Discharge (PD), Bushing Monitoring, Cooling Control, Voltage Regulation), By End Use (Power Transformers, Distribution Transformers, Other Transformers), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The transformer monitoring system market is estimated to reach at a value of US$ 2.9 Bn by the end of 2022 and expected to reach at a value of US$ 7.0 Bn by 2030 with a significant CAGR of 11.8%.
The transformer monitoring system holds a crucial role in accumulating and processing data that is associated with several parameters. In addition, the transformer monitoring system is extensively used in predicting and preventing the breakdown of a transformer.
More importantly, one of the major factors that is essentially driving the demand for transformer monitoring systems is the swift growth of power utilities all around the world. These days electricity has a significant role in making the industries run at a smooth pace. And in order to enhance the overall energy system, it is essential to improve the grid system as well as reliability. Owing to which, the global transformer monitoring system market is projected to rise significantly over the years.
On top of that, the swift adoption of electrical and electronic devices all across the world, the growing number of industrial manufacturing units, as well as soaring technological advancements is further estimated to offer major breakthroughs to the growth of the global transformer monitoring system market over the forecast period.
Moreover, the transformer monitoring system aids in detecting the faulty elements of the transformers prior to the failures or entire breakdown, which further helps in decreasing the servicing cost. Owing to such factors, the transformer monitoring system is projected to witness higher demand across the global markets.
What is more, the swift urbanization and increase in industrial activities worldwide has also surged up the electricity consumption in the past few years. Today as the world looks towards setting up smart grids for efficient distribution of power, the demand for transformer monitoring systems is also anticipated to rise over the forthcoming future. Therefore, the global transformer monitoring system market is estimated to grow considerably in the coming years.
Based on regional segmentation, Asia-Pacific region is accounted to hold the largest market share in the year 2021, and expected to maintain its dominance throughout the forecast period (2022 – 2030). Mainly due to the increase in capacity and expansion plans of the utilities mainly in the developing countries. Besides this, high investment in smart grids mainly in the countries like India and China is expected to drive the growth of the market in the region.
Reports and Insights Study identifies some of the key participating players in the transformer monitoring system market globally are ABB, Siemens AG, General Electric, Maschinenfabrik Reinhausen GmbH, and Groupe Cahors S.A., among others.
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