The global transformer monitoring system market was valued at USD 2.68 Billion in 2015 and is expected to grow at a CAGR of 12.77% from 2016 to 2021. The evolution of the internet of things and big data analytics have spurred the demand for digitalization of utilities and smart grids investments, which are likely to drive the demand for transformer monitoring systems.
The Transformer Monitoring System market report provides a comprehensive examination of the global market, including subjective and quantitative data, authentic information, and forecasted market size and offer in the forecast time frame. The report’s hypotheses were obtained through the use of demonstrated examination hypotheses and procedures. This examination will now concentrate on filling in as a significant safe of the data for each Industry scene. The report is divided into sections based on type, end-users, applications, and local business sectors.
Additionally, one of the transformer’s most significant uses in smart grids is its role in integrating distributed power into the primary grid. Smart grids have two-way communication to monitor network characteristics and control them in real-time. The primary step involves the implementation of smart meters for end-user interactions, followed by the use of smart transformers within the network to enhance communication further and avoid power outages. The smart grid initiatives are thus among the major drivers for the growth of the transformer monitoring system market
The ecosystem of the global transformer monitoring system market includes components manufacturer and software developing companies. These components and software are then integrated by the OEM or integrators such as ABB Ltd., Eaton Corporation Plc., and General Electric, to form a transformer monitoring system. The end-users of transformer monitoring system are public and private utility companies and electricity transmission companies.
The report segments the transformer monitoring systems market based on type into hardware solutions and IT solutions. The hardware solutions segment is expected to dominate the market during the forecast period. On the hand, the IT solutions segment is expected to witness the fastest growth during the same period.
Based on application, the transformer monitoring systems market has been categorized into distribution transformers, power transformers, and others. Others include generator transformers and specialty transformers. The power transformer segment accounted for the largest market share in 2015, which is attributed to government regulations targeting the monitoring and control of the transmission networks. These transformers operate on high voltages, and therefore, it becomes extremely vital to monitor them regularly as against time-based monitoring and maintenance.
Services Market Insight
Based on service, the global market for transformer monitoring systems is segmented into oil/gas monitoring, bushing monitoring, and others. The bushing monitoring segment is estimated to record higher growth during the forecast period, as it saves time and money during continuous tracking. The bushing monitoring system is used as a stand-alone system, or in a combination with a trusted monitoring system for transformer conditions. This follows the principle that it is always better to integrate multiple measurement results into an overall picture, rather than to base analysis on individual sensor measurements. Additionally, the bushing monitoring system checks transformer status and detects deterioration in bushings, finds isolation abnormalities, and issues alerts. In the application category, the bushing monitoring segment is expected to grow at a higher pace in the coming years to reach a significant valuation during the forecast period.