Transformer Monitoring Market

Transformer Monitoring Market Size & Share - Future Growth Expectations

The global transformer monitoring market size is expected to reach USD 3.7 billion by 2028 from an estimated USD 2.4 billion in 2023, at a CAGR of 9.1% during the forecast period. The major factors driving the growth of this market include the systems ensure proactive maintenance by detecting and addressing potential issues, minimizing downtime, and optimizing transformer performance, thereby enhancing reliability and reducing overall operational costs for power utilities.

The transformer monitoring market has been witnessing significant growth due to several key factors

  • Initiatives for Grid Modernization
  • Aging Transformer Infrastructure
  • Focus on Preventive Maintenance
  • Integration of IoT and AI Technologies
  • Requirements for Regulatory Compliance
  • Growing Need for Renewable Energy Integration
  • Emerging Trends in Smart Grids and Distribution Automation

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Initiatives for Grid Modernization:

  • To improve the effectiveness, dependability, and resilience of electrical grids, numerous modernization initiatives are being carried out throughout the world. Transformer monitoring systems, which offer real-time data on the performance and condition of transformers, are essential to grid modernization initiatives. Transformer monitoring systems are becoming more and more popular as a result of investments made by utilities and grid operators to enhance asset management, reduce downtime, and boost grid dependability.

Aging Transformer Infrastructure:

  • Due to aging infrastructure, a large number of transformers globally are nearing the end of their useful lives or are in danger of failing. In order to increase the longevity and dependability of transformers, utilities and asset owners can use transformer monitoring systems to evaluate the health and condition of the devices, identify early indications of deterioration or defects, and carry out preventive maintenance. Transformer monitoring systems are becoming more and more popular due to the necessity of efficiently managing aging transformer assets.

Focus on Preventive Maintenance:

  • Predictive and preventative maintenance techniques are becoming more and more important in order to lower maintenance expenses and avoid unscheduled outages. Transformer monitoring systems give utilities and asset owners the ability to keep an eye on important factors like temperature, oil level, and insulation condition and spot possible problems before they become expensive breakdowns. Organizations can maximize asset performance and reduce operational risks by putting into place proactive maintenance strategies based on real-time data and analytics, which will stimulate market expansion.

Integration of IoT and AI Technologies:

  • Advanced analytics, predictive maintenance, and remote monitoring are made possible by the integration of Internet of Things (IoT) sensors, communication technologies, and artificial intelligence (AI) algorithms into transformer monitoring systems. Transformer-mounted Internet of Things (IoT) sensors gather information on environmental variables, load profiles, and operational conditions. AI algorithms then evaluate this data to find patterns, abnormalities, and possible failures. Transformer monitoring solutions become more effective and efficient with the use of IoT and AI technologies, which propels market expansion.

Requirements for Regulatory Compliance:

  • In order to guarantee transformer safety, dependability, and regulatory compliance, utilities and asset owners are required by regulatory standards and recommendations to monitor and maintain transformers. Transformer monitoring systems offer continuous monitoring, data logging, and reporting capabilities to assist enterprises in adhering to industry standards including IEEE 1588, NERC CIP, and IEC 61850. Adoption of transformer monitoring solutions is driven by the need to comply with regulatory standards in a variety of sectors and businesses.

Growing Need for Renewable Energy Integration:

  • In order to control the unpredictability and intermittent nature of renewable generation, the integration of renewable energy sources like solar and wind power into the grid necessitates an effective and dependable transformer infrastructure. Transformer monitoring systems facilitate the optimization of transformer performance, management of renewable energy integration, and assurance of grid stability by giving utilities visibility into grid conditions, voltage levels, and power flows. Transformer monitoring systems should become more and more in demand as renewable energy continues to gain traction.

Emerging Trends in Smart Grids and Distribution Automation:

  • Distribution automation projects and smart grid initiatives are accelerating the installation of sophisticated monitoring and control systems in electrical networks. Transformer monitoring systems are essential to smart grid applications because they give utilities up-to-date information on the health, performance, and loading situations of transformers. Transformer monitoring data can be integrated with grid management systems to help utilities manage load distribution, enhance grid operations, and boost overall system efficiency—all of which can spur market expansion.

The transformer monitoring market is expected to expand further as grid reliability, asset optimization, and regulatory compliance become more and more important to utilities, businesses, and infrastructure operators. The need for transformer monitoring systems is anticipated to rise in the upcoming years across a number of industries due to technological improvements, a greater emphasis on predictive maintenance, and the complexity of electrical grids.

Transformer Monitoring Market Share - Global Industry Landscape

The transformer monitoring market is characterized by the presence of several key players competing for market share. Some of the leading companies in the transformer monitoring industry include:

  • ABB (Switzerland)
  • Schneider Electric (France)
  • Siemens Energy (Germany)
  • General Electric (US)
  • Eaton (Ireland)

These companies, along with other specialized vendors and service providers, compete in the global transformer monitoring market by offering a variety of products, services, and solutions to meet the diverse needs of customers in the utility, industrial, and commercial sectors. Market share within the switchgear monitoring system industry may vary based on factors such as product capabilities, customer relationships, geographic presence, and technological innovations.

ABB (Switzerland)

  • ABB (Switzerland), specializes in power technology and industrial automation. They provide an array of products, systems, solutions, and services aimed at improving productivity, optimizing energy usage, and ensuring dependable power. Their product lineup encompasses drives, industrial software, measurement and analytics tools, PLC automation, robotics, power converters, inverters, and additional offerings. ABB functions through four key business divisions: Electrification, Robotics & Discrete Automation, Process Automation, and Motion. The company provides with transformer monitoring under the electrification segment. ABB Ability enabled digital solutions at its core, the offering includes low-voltage switchgear (up to 1 kilovolt) and medium-voltage equipment (1 to 66 kilovolts), indoor and outdoor circuit breakers, reclosers, fuses, contactors, relays, instrument transformers, sensors, motor control centers, as well as a wide range of air- and gas-insulated switchgear.

Schneider Electric (France)

  • Schneider Electric (France) is involved in manufacturing and distribution of industrial engineering equipment which are used to optimize energy usage in the energy and infrastructure, industry, data centers, buildings, and residential sectors. The company operates in two business segments, energy management and industrial automation. The company conducts operations in over 100 countries across Western Europe, North America, Asia-Pacific, and the Rest of the World. It has over 100 subsidiaries worldwide; major ones include Schneider (U.S.), Schneider (Europe) GmbH (Switzerland), Schneider Belgium N.V. (Belgium), and Schneider Electric (India).

Siemens Energy (Germany)

  • Siemens Energy AG (Germany) is a firm that specializes in energy technologies. It designs, manufactures, sells, and installs multi-megawatt wind turbines, gas turbines, gas engines, steam turbines, and entire systems. Power generation, renewable energy, power transmission, power distribution, automation, smart grid compression and expansion, and mechanical drives are the key products and services provided by the organization. The company operates through two segments: Gas and Power, and Siemens Gamesa Renewable Energy. The transformer monitoring are provided under the Siemens Gamesa Renewable Energy segment.

General Electric (US)

  • GE (US) is a GE Renewable Energy business that is part of GE Vernova, serves customers all over the world. Grid Solutions provides transformers, circuit breakers, voltage regulators, capacitors, reactors, panels, control tools, software, and switches, as well as services like automation, energy management, installation, engineering, and training. Grid Solutions provides services to the energy, mining, and oil industries all around the world.

Eaton (Ireland)

  • Eaton (Ireland) is a power management company offering an extensive array of products focused on fuel-efficient systems and power chain management tools. Their operations span five distinct business segments: electrical, vehicle, hydraulics, aerospace, and mobility. Within Eaton's electrical division, they provide power distribution, power quality enhancement, control and automation solutions, along with monitoring products and services. These offerings primarily cater to industrial, institutional, governmental, utility, commercial, residential, and information technology markets.

Related Reports:

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

Transformer Monitoring Market Size,  Share & Growth Report
Report Code
EP 4706
RI Published ON
5/6/2024
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