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%.

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Key Points Covered in Transformer monitoring system Market Study

• Market estimates and forecast 2021 – 2031
• Key drivers and restrains impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competitive Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact On Transformer Monitoring System Market
• Recommendation on Key Winning Strategies

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.

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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.

Who is Winning?

Future Market Insights highlights the key trends emerging in the transformer monitoring system market and discusses the strategies employed by market players to strengthen their market position.

FMI estimated that the power transformer market is dominated by ABB, General Electric, Siemens AG, Maschinenfabrik Reinhausen GmbH, and Groupe Cahors S.A. Out of these top market players ABB holds around 14% of global market share, General Electric holds 10%, Siemens AG holds 12%, Maschinenfabrik Reinhausen GmbH holds 8%, and Groupe Cahors holds 5% of global market share, says FMI.

They are focusing on new product development to reduce the carbon footprint and are also emphasizing on expanding in overseas territories for business development.

• For instance, ABB introduced its new model based monitoring system in April 2019. This system was used in combination with standard substation equipment and was presented in MicroSCADA Pro. This allows easy performance evaluation while in service and can detect imminent faults.
• H2scan launched the “Gen 5 System” designed to reduce the risk of explosion in high voltage transformer. The new system is said to be compatible with wide range of transformers.
• Hitachi ABB Power Grids recently introduced Txpert™ bushing monitoring and diagnostic system which enables real time monitoring for power transformers. The new system combines voltage reference and sum of current capabilities of Coretec™ 4, TXpert™ Hub with TXpert™ ready bushing sensors to deliver real time solution for digital bushing monitoring and enable smarter decisions based on obtained data.

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Prominent players operating in the transformer monitoring system market are:-

• 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
• Advanced Power Technologies LLC

Key Segments Covered In Transformer monitoring system Market Study:

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

By Region:

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