Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Transformer Monitoring Market by Component (Hardware Solutions, Software Solutions), Type (Oil-Immersed, Cast-Resin), Services (Oil Monitoring, Bushing Monitoring, Partial Discharge Monitoring, OLTC Monitoring), Voltage & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Transformer Monitoring market is estimated to grow from USD 2.4 Billion in 2023 to USD 3.7 Billion by 2028 and is expected to record a CAGR of 9.1%
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Transformer Monitoring market.
The Transformer Monitoring market is witnessing rapid growth due to the need for stable power supply, aging infrastructure, and the advancement of smart grid technologies are driving rising demand for transformer monitoring.
The Transformer Monitoring market is dominated by a few major players that have a wide regional presence. The leading players in the Transformer Monitoring market are GE (US), ABB (Switzerland), Siemens Energy AG (Germany), Schneider Electric (France), and Eaton (Ireland).
High & Extra High Voltage is the largest segment of the Transformer Monitoring market, by voltage.
Based on voltage, the Transformer Monitoring market has been split into three types: Low voltage, medium voltage, and high & extra high voltage. The high and extra high voltage segment dominates the transformers market due to its vital role in power transmission across large distances.
Rising electricity demand, grid expansion projects, and the incorporation of renewable energy sources all increase the demand for high and extra high voltage transformers. These transformers serve an important role in efficient power distribution, making them an important component in handling the changing energy landscape and maintaining reliable electrical grids.
Oil Monitoring segment is expected to emerge as the fastest-growing segment based on services.
Based on services, the Transformer Monitoring market has been segmented into oil monitoring, bushing monitoring, partial discharge monitoring, OLTC monitoring and others. Due to its vital role as a diagnostic medium, transformer oil accounts for the greatest portion of the transformer monitoring market.
Monitoring its state provides insights into the transformer's health, allowing for preventative maintenance, minimizing downtime, and optimising performance, all of which are important elements in assuring transformer reliability and lifetime.
North America is expected to emerge as the second-largest region based on the Transformer Monitoring market.
By region, the Transformer Monitoring market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the transformer monitoring market is expanding in North America as a result of a push for power infrastructure modernization, a concentration on energy efficiency, and rigorous environmental requirements.
Monitoring solutions are in high demand due to the integration of renewable energy sources and the requirement to optimize existing transformer assets to meet changing energy demands. Furthermore, a focus on smart grid projects, as well as increased knowledge of the economic and operational benefits of real-time monitoring, contribute to the increased implementation of transformer monitoring technology in the North American region.
Cast resin is expected to be the second-fastest segment based on the type.
Retrofit is expected to be the second-fastest segment in the Transformer Monitoring market between 2023-2028 due to its eco-friendly and fire-resistant properties. As environmental concerns grow and safety becomes a priority, industries opt for cast resin transformers. The need for reliable monitoring solutions to ensure their efficient performance further contributes to the increasing demand.
Key Benefits of Buying the Report
- Growing emphasis on ensuring a reliable and continuous power supply and the need for monitoring to address the challenges of aging transformer infrastructure is likely to drive the demand. Factors such as cost barrier are hindering the growth of power transformers. Growth of big data analytic is creating opportunities in this market. Acceptance level among end users are major challenges faced by countries in this market.
- Product Development/ Innovation: The trends such as launching of continuous online monitors for transformers that uses UHF Partial Discharge monitoring, trending, and classification technology.
- Market Development: The global scenario of transformer monitoring has developed due to the digitalization of the utilities promoting the use of power transformers, increased investments in renewable energy, and increased electricity consumption throughout the world.
- Market Diversification: ABB launched ABB Ability condition monitoring for belts which offers a complete overview of the assets' condition through continuous monitoring of belt health, generating alarms and warnings in the event of deterioration. By moving from preventative to predictive maintenance, it enables operators to avoid the costly failures that can occur between physical inspections and personnel can be removed from dangerous areas.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like GE (US), ABB (Switzerland), Siemens Energy AG (Germany), Schneider Electric (France), and Eaton (Ireland) among others in the Transformer Monitoring market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 226 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.4 Billion |
| Forecasted Market Value (USD) by 2028 | $3.7 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Company Profiles
- ABB
- Advanced Power Technologies LLC
- AVL India Private Ltd
- Camlin Ltd
- CMSGP
- Doble Engineering Company
- Eaton
- Emco Electronics
- Gasera
- GE
- Hitachi Energy Ltd
- KJ Dynatech, Inc.
- Koncar - Electrical Engineering Institute Ltd.
- Maschinenfabrik Reinhausen GmbH
- Mistras Group
- Mitsubishi Electric Corporation
- Qualitrol
- Saielectrical
- Schneider Electric
- Siemens Energy Ag
- Treetech
- Ubicquia, Inc
- Vaisala
- Wilson Transformers
For more information about this report visit https://www.researchandmarkets.com/r/pqmzlf
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