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 system and growing emphasis on improving reliability of 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%.

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

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Despite challenges posed by 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 growth of the market in the coming years.

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 network and assists in limiting power outage due to transformer failure. These factors along with increasing investment to upgrade the ageing power infrastructure to cater the increasing demand of electricity will boost the market growth over the forecast period.

Green transformers are gaining popularity due to its 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 system 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. Rise in electricity consumption in developing countries will boost the 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 system are the key challenges influencing the global market for transformer monitoring systems.

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 system with respect to transformers in U.S. and Canada.
• Europe transformer monitoring system market led by Germany is forecast to grow at 7.6% CAGR during the forecast period. Rise in growth can be attributed to rising adoption of green transformers and presence of leading manufacturers in the region.
• Incorporation of modern monitoring system to tackle power outage and related issues in urban area will drive the demand for transformer monitoring systems in India.
• Japan and South Korea account for 3% of global transformer monitoring system market share in 2021. Increasing need to monitor large and complex power network and high demand of retrofits installation are key growth drivers in these countries.
• By product type, 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 introduction of internet of things (IoT) in monitoring system will drive the market growth of this segment.

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

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Competitive Analysis:

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

In order 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.

Major Key Players:

ABB Group, Siemens AG, General Electric, Mitsubishi Electric Power Products, Inc., Eaton Corporation, Hitachi Ltd., Qualitrol Company LLC, Koncar-Electrical Engineering Institute Inc., Maschinenfabrik Reinhausen GmbH (MR), CETT Co., Ltd., Groupe Cahors, Camlin Power, MTE Meter Test Equipment AG, and Advanced Power Technologies LLC