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Transformer Monitoring Market worth $3.7 Billion by 2028

12-08-2023 09:34 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Transformer Monitoring Market worth $3.7 Billion by 2028

The Transformer Monitoring Market is expected to reach USD 3.7 billion by 2028 from USD 2.4 billion in 2023 at a CAGR of 9.1% during the 2023-2028 period according to a new report by MarketsandMarkets™. Transformer monitoring is critical for guaranteeing power transformer reliability and performance. It enables real-time monitoring of critical factors like temperature, oil condition, and electrical parameters. Early diagnosis of possible problems allows for initiative-taking maintenance, reduces downtime, extends transformer lifespan, and optimizes operational efficiency, all of which contribute to a more reliable power distribution system.

Hardware Solutions, by component, is expected to grow by the largest segment during the forecast period.

Based on component, the Transformer Monitoring Market has been split into Hardware Solutions and Software Solutions. Due to their foundational role in data capture and sensor deployment, hardware solutions are the fastest expanding segment in the Transformer Monitoring Market. As the demand for real-time monitoring and diagnostics grows, hardware components like sensors, communication devices, and control units become increasingly important in recording and transmitting critical data. The emphasis on strong, dependable hardware solutions is consistent with the industry's emphasis on proactive maintenance, asset optimization, and overall transformer asset resilience.

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The oil-immersed segment, by type segment, is expected to grow at the largest segment during the forecast period.

This report segments the Transformer Monitoring Market based on type into oil-immersed and cast-resin. The oil immersed segment is expected to be the largest growing segment during the forecast period. These transformers are frequently utilized for high-power applications, making them essential components of power systems. Such transformer monitoring is critical for guaranteeing operating efficiency and averting malfunctions. Furthermore, the oil used in these transformers acts as a diagnostic medium, making real-time monitoring critical for detecting possible issues and optimizing performance, driving demand for monitoring systems even higher.

Asia Pacific is expected to be the largest region in the Transformer Monitoring Market

Due to growing industrialization, urbanization, and rising energy demand in countries such as China and India, Asia Pacific dominates the transformers monitoring market. Increased investments in power infrastructure, grid expansion projects, and an emphasis on energy efficiency all contribute to the region's large market share. Furthermore, rigorous regulations and a growing awareness of the need for reliable power distribution fuel the Asia Pacific region's use of transformer monitoring solutions.

Key Players

Some of the major players in the Transformer Monitoring Market are GE (US), ABB (Switzerland), Siemens Energy AG (Germany), Schneider Electric (France), and Eaton (Ireland). The major strategies adopted by these players include sales contracts and agreements.

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