Transformer Monitoring System Market: New Business Opportunities, Emerging Trends, Competitive Strategies and Forecasts 2022

Market Scenario:
The growth of the Global Transformer Monitoring System Market is attributed to factors such as the digitalization of power utilities and the rapidly increasing demand of smart grid initiatives. The market is expected to grow further during the forecast period with the increase in use in offshore wind farms and the growth in big data analytics. The rise in power cuts is also creating a demand for transformer monitoring systems. The market is also expected to grow due to increased demand from the manufacturing sector for continuous power supply and better monitoring of transformers for ensuring timely and better production in the manufacturing plants. The growth of the market is restrained by the low awareness among users of transformers and the high installation costs.

The report has been analyzed based on the types, services, applications and regions. Among applications, the distribution transformers segment is expected to grow rapidly. Both power and distribution transformers, form a fundamental part of the electric power transmission and distribution infrastructure. The number of distribution transformers is more than that of power transformers in any network. Therefore, increase in the construction of new power transmission and distribution infrastructures is expected to result in an increased demand for distribution transformers.

Key Players:
The key players of Transformer monitoring system market are
• ABB automation company Ltd. (Switzerland,),
• General Electric Company (U.S.),
• Schneider Electric S.E. (France),
• Siemens AG (Germany),
• Advanced Power AG (Switzerland),
• BPL Global LLC (U.S.),
• Crompton Greaves Ltd. (India),
• Dynamic Ratings Pvt. Ltd. (U.S.),
• Eaton Corporation Plc. (Republic of Ireland),
• Echelon Corporation (U.S.),
• Elster Group SE (Germany),
• Hyosung Corporation (South Korea)
• others.

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Market Research Analysis
Among all applications, the power transformer segment in the transformer monitoring system market is expected to grow, owing to the strict government regulations for control of transmission networks and monitoring. Among all services, oil and gas monitoring is the most widely used monitoring services for transformers. The rising applications of transformer monitoring system in the oil and gas industry is driving the demand for transformer monitoring systems.

Market Highlights
The Global Transformer Monitoring System Market is growing due to its enhanced features such as improving safety and providing reduction in cost. Transformer monitoring systems provide real time monitoring of the transformer functioning, which further contributes to the growth of the market. Huge investments into digitization and smart grids are expected to further drive the demand for transformer monitoring systems. The ability of transformer monitoring systems to provide early intimation in case of malfunctioning of the transformers, also contributes to the growth of the market. The abilities of transformer monitoring systems to lower the risk in case of expensive power outages, to reduce on-site inspection, and to improve the life of the transformers help in improving preventive maintenance and faster reaction in times of failures.

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Asia Pacific accounts for the highest market share
Asia-pacific region is expected to grow rapidly in the transformer monitoring system market owing to heavy investments into smart grids by developing nations such as India and China. Electrification of railways in the region is also expected to drive the transformer monitoring system market in the region. The growth of Europe region is expected to be driven by the rapid growth in the use of transformer monitoring for industrial process. The increase in demand of transformer monitoring systems by the ongoing large scale construction projects is further expected to drive the growth of the market in the region.

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