According to our latest market study on "Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis and Forecast - by Component (Hardware and IT Solutions); Service (Bushing Monitoring, Oil/Gas Monitoring, and Others); Application (Distribution Transformers, Power Transformers, and Others); and Geography the market was valued at US$ 1,842.54 million in 2019 and is projected to reach US$ 2,806.19 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.

The global transformer monitoring system market is experiencing remarkable growth due to growing number of power grid networks and rapid installation of power transformers. Rising focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing old power transformers are a few other factors propelling the transformer monitoring system market growth. As the power sector is an important contributor to the economic growth, countries significantly invest in strengthening their power infrastructure for meeting the rising demand for electricity.

Impact of COVID-19 on Global Transformer Monitoring System market

The smart grid, along with the operations of a power system, is expected to play a significant role in transforming the electrical networks. Smart grids make it easier to quickly restore electricity after power disturbances, and help reduce the management and operating costs of utilities; this ultimately reduces power costs for consumers. Various initiatives taken by the energy sector is also driving the growth of the transformer monitoring system market. For example, in collaboration with the electric utility industry, equipment suppliers, IT operators, federal and state governments, advocacy organizations, colleges, and national laboratories, the US electrical system announced its "Grid 2030" vision.

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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 development in digital technologies has benefited the power sector by enabling transparency across the value chain, enabling access to actionable intelligence. Many utilities have introduced apps for the monitoring, display, and mobile bill payment, as well as for managing outages. Moreover, municipal, state, and national authorities are implementing smart city programs that promote technological innovations and systemic IoT applications. Such initiatives create significant value with reduced costs and higher profit. Thus, the growing digitalization of power utilities fuels the growth of the transformer monitoring system market.

Schneider Electric SE; Siemens AG; Schweitzer Engineering Laboratories, Inc.; Kirloskar Electric Company; KJ Dynatech Inc; WILSON TRANSFORMER COMPANY; Mitsubishi Electric Corporation; and Dynamic Ratings are among the key players that profiled for the global transformer monitoring system market study.

 

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