COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.
The Global Transformer Monitoring System Market size is estimated to be worth of USD XX million in 2020 with a CAGR of XX% during the projected period. A transformer is a device that changes the voltage of an electrical current. This change in voltage stepping up and down is a crucial element of the process, specifically when a safe amount of electric current must be delivered to the consumers.
The transformer that ensures the secure and uninterrupted transfer of energy from power plants to customers is continually checked in actual time. The transformer monitoring systems are installed within the transformer house to do the process. Since defects in the grid and circuit must be identified before the transformers completely fail, a transformer monitoring system is required. Transformer monitoring systems are particularly useful in places where the power transmission supply is unreliable and power failures are regular.
The expansion of the global power grid network is driving the global transformer monitoring systems market. The global market is also propelled by rising electricity needs, which has resulted in a rise in electrical energy output from both renewable and nonrenewable resources.
Over the projected period, the growing number of power transformer installations is likely to boost the global transformer monitoring systems market. In the near future, the global transformer monitoring systems market is projected to benefit from people's modern lifestyle and demographic change.
The electricity transmission and distribution firms have expanded their network grid to meet the demands of customers and serve every possible client, resulting in an increase in distributor transformer installations.
Besides that, transformer monitoring systems are in high-cost expenditures that need trained and experienced personnel who are familiar with the systems' functioning. This is likely to stifle market expansion throughout the forecast period. The maintenance required to guarantee proper functioning is one of the primary barriers to the global transformer monitoring systems market's growth.
The increasing development of electrical utilities is a significant element driving demand for the transformer monitoring systems. Electricity now plays a significant part in keeping the industry functioning properly. The market potential has an impact on your current situation and quality of life. It is the engine that propels total economic and social progress. The power utility plays an important role in ensuring that everyone in the globe has access to energy at all times. However, in order to improve the entire electricity system, the grid infrastructure and reliability must be improved.
Impact of COVID-19 on Global Transformer Monitoring System Market
Among all the countries, the United States, China, India, Italy have the most recorded instances of COVID-19 incidence. Due to supply chain interruptions, this is expected to have a negative impact on the information and communication technology (ICT) industry which indirectly affects the global transformer monitoring systems market. To better combat grid risks, nations in this region's energy sectors are expected to focus on developing cooperation between both the natural gas and telecoms industries, as well as supply chain challenges.
TABLE 1: GLOBAL TRANSFORMER MONITORING SYSTEM MARKET OVERALL SNAPSHOT
The global transformer monitoring system market report has been segmented by component, service, application and region.
FIGURE 1 GLOBAL TRANSFORMER MONITORING SYSTEM MARKET
Global Transformer Monitoring Systems Market, by Components
Based on components, the transformer monitoring system market is segmented into hardware and IT solutions. Among these segments, hardware captures the largest market share in global transformer monitoring systems market in 2021 and is anticipated to remain largest till the forecast period.
The factors attributed to the growth include hardware is often a device that collects local signals and is positioned near a transformer. To collect data from an electronic meter, a design based on embedded technology was created. It comprises a sensor system, signal conditioning electric circuits, embedded computer hardware, and a reliable computer network.
The application engineers collaborate with said service or transformer manufacturer to provide the best transformer monitoring solution possible which ultimately drives the market growth of transformer monitoring systems globally.
Global Transformer Monitoring Systems Market, by Service
Based on service, the transformer monitoring system market is segmented into bushing monitoring, oil/gas monitoring, others. Among these segments, bushing monitoring captures the largest market share in the global transformer monitoring system market in 2021 and is anticipated to remain largest till the forecast period.
The bushing monitoring has led the market because it saves a lot of time and turns down the overall cost when tracking is done on a regular basis. Furthermore, the bushing monitoring system can be used on its own or in conjunction with a reliable transformer condition monitoring system.
Moreover, the bushing monitoring system also monitors transformer conditions, identifies bushing degradation, identifies isolation irregularities, and sends out alarms, hence the attributing characteristics of the bushing monitoring system propels the market growth of transformer monitoring systems globally.
Global Transformer Monitoring Systems Market, by Application
Based on application, the transformer monitoring system market is segmented into distribution transformers, power transformers, and others.
Among these segments, power transformers capture the largest market share in the global transformer monitoring systems market in 2021 and are anticipated to remain largest till the forecast period.
Government rules aimed at transmission network management and surveillance account for this portion which is propelling the market globally in the given forecasted period. Moreover, many nations are focusing on remote monitoring, which is boosting the transformer monitoring systems market globally.
Global Transformer Monitoring Systems Market, by Region
Based on region, the transformer monitoring system market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these segments, Asia Pacific captures the largest market share in global transformer monitoring systems market in 2021 and is anticipated to remain largest till the forecast period.
Asia Pacific led the global transformer monitoring market. Due to the demand from numerous emerging nations, such as China and India, is driving the Asia Pacific market. Several other nations in the area are also working to improve their electrical infrastructure in order to reduce losses caused by issues like rolling blackouts and equipment malfunction.
In addition, the rapid growth of electrical infrastructure has made this region the most appealing market for monitoring system transformation. Transformer monitoring systems are projected to increase steadily during the forecast period due to their importance in smart grids.
TABLE 2: Global Transformer Monitoring System Market Overview
FIGURE 2: Global Transformer Monitoring System Market (USD MILLION), 2021–2030
Recent Developments in Global Transformer Monitoring System Market
February 2020-Eaton, a power management firm, said that it has finalized the purchase of Power Distribution, Inc. (PDI). Eaton's goal is to improve people's lives and the planet by using power management technology and services. They offer long-term solutions that enable our clients to handle electricity and hydraulic, as well as mechanical power more securely, effectively, yet consistently.
April 2019-ABB's new field-tested model-based monitoring system was integrated into conventional substation equipment and exhibited at MicroSCADA Pro. This innovative technique allows for the evaluation of an asset's performance and the detection of impending defects while it is in use.
Major Companies: In this report, the major companies studied are Eaton Corporation Plc, General Electric, Siemens AG, ABB Ltd., Schneider Electric and others.
What Does This Report Provide?
This report provides a detailed understanding of the global transformer monitoring system market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global transformer monitoring system market have been covered in the report. This report further includes the market shares of the leading companies operating in the global transformer monitoring system market, along with their production capacities and the growth strategies adopted by them.
North America Transformer Monitoring System Market
Europe Transformer Monitoring System Market
Asia Pacific Transformer Monitoring System Market
Middle East and Africa Transformer Monitoring System Market
South America Transformer Monitoring System Market
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