Digital Winding Transformer Monitoring System Market will continue To Grow Over 10.4% CAGR: FMI

As per Future Market Insights (FMI) analysis, the transformer monitoring system market sales will total US$ 2 billion in 2021. The demand outlook remains impressive as the market is forecast to register 10.1% CAGR between 2021 and 2031

Despite challenges posed by the COVID-19 outbreak, the transformer monitoring system market registered 10.9% year-on-year growth between 2020 and 2021. Expansion in overseas territories for business development by original equipment manufacturers (OEMs) will create attractive prospects for the growth of the market in the coming years.

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The transformer monitoring system market exhibited year-on-year growth of 10.9% in 2021, backed by increasing adoption of green transformers leading to up-gradation of associated monitoring systems and growing emphasis on improving the reliability of the power grid. FMI states that transformer monitoring system market revenue grew by 8.5% between 2016 and 2020. It is predicted that sales revenue will reach US$ 2 billion in 2021 with an astronomical CAGR of 10.1%.

Governments around the world are focusing on electrifying their rural areas. This has created a large and complex power and grid network. Transformer monitoring system helps in monitoring, inspecting, and maintaining such a network and assists in limiting power outages due to transformer failure. These factors along with increasing investment to upgrade the aging power infrastructure to cater to the increasing demand for electricity will boost the market growth over the forecast period.

Green transformers are gaining popularity due to their low carbon footprint and high efficiency and reliability. To monitor these new transformers retrofit installations are required. Increasing renewable energy penetration and rising sales of green transformers will accelerate the demand for retrofit transformer monitoring systems in upcoming years.

According to International Energy Agency, global electricity consumption reached 22,848 TWh in 2019. China, India, Russia, and Brazil account for more than 39% of global consumption. A rise in electricity consumption in developing countries will boost market sales over the forecast period.

Top manufacturers are striving to reduce the installation cost of the monitoring system and make them more reliable and accurate. However, unpredictability in terms of regulatory policies and strained supply chain systems are the key challenges influencing the global market for transformer monitoring systems.

“It will be interesting to see how modernization in electricity transmission system will influence the demand for transformer monitoring system during the forecast period. The rising necessity to upgrade monitoring systems to comply with green transformers will boost the market growth in upcoming years,” says the FMI analyst.

Key Takeaways from FMI’s Transformer monitoring system Market Study

• North America transformer monitoring system market will exhibit stupendous growth at 10.6% CAGR through 2031, due to rapid industrialization, growing necessity to upgrade monitoring systems concerning transformers in U.S. and Canada.

• European transformer monitoring system market led by Germany is forecast to grow at 7.6% CAGR during the forecast period. The rise in growth can be attributed to the rising adoption of green transformers and the presence of leading manufacturers in the region.
• Incorporation of modern monitoring systems to tackle power outages and related issues in an urban area will drive the demand for transformer monitoring systems in India.

• Japan and South Korea account for 3% of the global transformer monitoring system market share in 2021. The increasing need to monitor large and complex power networks and high demand for retrofits installation are key growth drivers in these countries.

• By product type, the software segment is projected to surpass the market valuation of US$ 277 at a CAGR of 10.3% in 2021. Advancement in big data analytics and the introduction of the internet of things (IoT) in monitoring systems will drive the market growth of this segment.

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Competitive Landscape

Future Market Insights identifies ABB, Siemens AG, General Electric, Maschinen Fabrik Reinhausen GmbH, and Groupe Cahors S.A. as the top five market players operating in the transformer monitoring system market. They collectively account for more than 49% of the global market share in 2021.

To expand their product manufacturing and cater to rising electricity demands, market players are focusing on new product launches and establishing strategic partnerships with other solution providers.

For instance, in February 2020, Eaton acquired Power Distribution Inc. (PDI) to improve life quality and the environment using its power management technologies and services. Eaton is one of the leading power management companies in the world and is aiming towards providing suitable solutions to effectively manage electrical power using power transformer monitoring systems.

In July 2019, Nepal Electricity Authority (NEA) launched a new smart transformer monitoring system to inspect and provide online surveillance to its substations and transformers across the country.

Some of the prominent players operating in the Transformer Monitoring System Market profiled by FMI are:

• ABB Group,
• Siemens AG,
• General Electric,
• Mitsubishi Electric Power Products, Inc.,
• Eaton Corporation,
• Hitachi Ltd.,
• Qualitrol Company LLC,

More Insights on the Global Transformer Monitoring System Market Outlook

FMI provides an unbiased analysis of the Transformer Monitoring System Market
, presents historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global Transformer Monitoring System Market with a detailed segmentation based on:

By Product:

• Hardware
o Direct Winding Transformer Monitors
o 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

By Region:

• North America
• Western Europe
• Latin America
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East and Africa (MEA)

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Key Questions Answered in the Report

• Who are the key exporters operating in the transformer monitoring system market?
• What is the North America transformer monitoring system market outlook?
• Who are the leading companies in the transformer monitoring system market?
• What is the share of top companies in the transformer monitoring system market?
• At what rate will transformer monitoring system sales increase in Europe?
• Which are the top countries driving transformer monitoring system market demand?
• What are the key statistics for the transformer monitoring system market in Japan and South Korea?

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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers

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