CHICAGO, Dec. 7, 2023 /PRNewswire/ -- Transformer Monitoring Market is expected to reach USD 3.7 billion by 2028 from USD 2.4 billion in 2023 at a CAGR of 9.1% during the 2023-2028 period according to a new report by MarketsandMarkets. Transformer monitoring is critical for guaranteeing power transformer reliability and performance. It enables real-time monitoring of critical factors like temperature, oil condition, and electrical parameters. Early diagnosis of possible problems allows for initiative-taking maintenance, reduces downtime, extends transformer lifespan, and optimizes operational efficiency, all of which contribute to a more reliable power distribution system.
Browse in-depth TOC on "Transformer Monitoring Market"
174 - Tables
65 - Figures
233 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=197443553
Transformer Monitoring Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $2.4 billion |
Estimated Value by 2028 | $3.7 billion |
Growth Rate | Poised to Grow at a CAGR of 9.1% |
Largest Market | Asia Pacific |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Type, Services, Voltage, Application, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Key Market Opportunities | Growth of big data analytic |
Key Market Drivers | Digitalization of utilities are promoting use of power transformers |
Hardware Solutions, by component, is expected to grow by the largest segment during the forecast period.
Based on component, the Transformer Monitoring Market has been split into Hardware Solutions and Software Solutions. Due to their foundational role in data capture and sensor deployment, hardware solutions are the fastest expanding segment in the Transformer Monitoring Market. As the demand for real-time monitoring and diagnostics grows, hardware components like sensors, communication devices, and control units become increasingly important in recording and transmitting critical data. The emphasis on strong, dependable hardware solutions is consistent with the industry's emphasis on proactive maintenance, asset optimization, and overall transformer asset resilience.
The oil-immersed segment, by type segment, is expected to grow at the largest segment during the forecast period.
This report segments the Transformer Monitoring Market based on type into oil-immersed and cast-resin. The oil immersed segment is expected to be the largest growing segment during the forecast period. These transformers are frequently utilized for high-power applications, making them essential components of power systems. Such transformer monitoring is critical for guaranteeing operating efficiency and averting malfunctions. Furthermore, the oil used in these transformers acts as a diagnostic medium, making real-time monitoring critical for detecting possible issues and optimizing performance, driving demand for monitoring systems even higher.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=197443553
Asia Pacific is expected to be the largest region in the Transformer Monitoring Industry
Due to growing industrialization, urbanization, and rising energy demand in countries such as China and India, Asia Pacific dominates the transformers monitoring market. Increased investments in power infrastructure, grid expansion projects, and an emphasis on energy efficiency all contribute to the region's large market share. Furthermore, rigorous regulations and a growing awareness of the need for reliable power distribution fuel the Asia Pacific region's use of transformer monitoring solutions.
Key Players
Some of the major players in the Transformer Monitoring Companies are GE (US), ABB (Switzerland), Siemens Energy AG (Germany), Schneider Electric (France), and Eaton (Ireland). The major strategies adopted by these players include sales contracts and agreements.
Inquiry Before Buying : https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=197443553
Recent Developments
- In October 2023, Eaton invested USD 85 million to increase the manufacturing of utility solutions to advance energy transitions and electrifications. These investments in regional manufacturing increases the supplies for transformers, regulators, switchgears, and their utility equipment. These investments would help the manufacturers to integrate condition monitoring in their transformers.
- In September 2023, Schneider Electric has invested USD 300 million to establish an electrical equipment manufacturing plant in El Paso, Texas, US. This expansion will help Schneider Electric to manufacture monitoring devices for transformers and other electrical appliances.
- In October 2022, Schneider Electric had offered a solution that extends transformer lifetime. By incorporating digital transformation through the implementation of IoT sensors and expert analysis, Schneider Electric monitor's transformer insulation health. The EcoStruxture Transformer Expert is an affordable and accurate transformer monitoring, also has the ability to offer automated insights.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
Power Plant Control System Market by Plant Type (Coal, Natural Gas, Hydroelectric, Nuclear, Oil, and Renewable), Solution (SCADA, DCS, Programmable Controllers), Component, Application, and Region - Global Forecast to 2026
Industrial Control Transformer Market by Power Rating (25-500 VA, 500-1,000 VA, 1,000-1,500 VA, above 1,500 VA), Primary Voltage (Up to 120 V, 121 - 240 V, above 240 V), Frequency (50 Hz and 60 Hz), Phase, End User and Region - Global Forecast to 2027
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/transformer-monitoring-system-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/transformer-monitoring-system.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/transformer-monitoring-market-worth-3-7-billion-by-2028---exclusive-report-by-marketsandmarkets-302008387.html
