Transformer Online Monitoring Market Size, Share, Growth, and Industry Analysis, By Type (DGA, Partial Discharge (PD), Bushing Monitoring, Through Fault Current, Integrated Online Monitoring System), By Application (Foodservice, Retail), and Regional Forecast To 2031

Updated On: 22 April 2024

Transformer Online Monitoring Market REPORT OVERVIEW

• 
• Request a Free sample to learn more about this report

global transformer online monitoring market size was USD 2183 million in 2022 and market is projected to touch USD 4120.34 Million By 2031, exhibiting a CAGR of 7.3% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, transformer online monitoring experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Systems for monitoring transformers have been utilized to maintain tabs on their health and performance. For troubleshooting, efficient operation, and proper upkeep of machinery in significant sectors without disrupting work, monitoring is a crucial component of transformer systems. It is advantageous because they incorporate sensors that enable efficient transformer online monitoring for effective analysis and operations as well as information storage systems that are designed to last the entire life of the transformer. Due to rising manufacturing activity and the growing number of electric grid networks globally, transformer online monitoring market growth will expand rapidly over the forecast period.

The transformer that guarantees the safe and continuous transfer of electricity from power stations to customers is continuously and in real time inspected. To complete the process, the transformer house has monitoring systems installed. This is necessary because grid and circuit flaws must be found before the transformers entirely fail. Transformer monitoring devices are especially helpful in areas with unstable power transmission supplies and frequent power outages.

COVID-19 Impact: Supply and Isolation Limitations to Deplete Market Advancement 

Under lockdown, electricity use fell to Sunday levels, with sharp drops in services and industries being only partially compensated by increased home use. In April, when solitary confinement was relaxed throughout the globe, electrical demand started to recover gradually. However, the impact of the COVID-19 did have a negative impact on the global transformer online monitoring market share because of the workforce limitation and lockdown activities.

LATEST TRENDS 

"Hardware Solutions and IT Solutions to Stimulate Market Development "

Hardware solutions and IT solutions are the two market segments that make up the worldwide transformer online monitoring market. By 2029, the IT solutions market category is anticipated to command a higher market share. Hardware normally consists of a panel that is placed next to a transformer in order to pick up localized signals, perhaps interpret data, and possibly even react in an emergency. A design based on hardware that is embedded is created to collect data from both the electric sensing device and the electronic meter. It is made up of a sensing system, processing of signals electric circuits, strong embedded computer hardware, a dependable computer network, and middle-level computing hardware.

Transformer Online Monitoring Market SEGMENTATION

• 
• Request a Free sample to learn more about this report

By Type

Based on type; the market is divided into DGA, partial discharge (PD), bushing monitoring, through fault current, integrated online monitoring system

DGA is the leading part of the type segment.

By Application

Based on the application; the market is divided into power transformers, distribution transformers

Power transformers is the leading part of the application segment.

DRIVING FACTORS

"Adoption of Smart Grids to Aid Market Expansion "

The market is expected to increase as a result of rising power demand as well as the expansion of the worldwide urban, commercial, and industrial sectors. Additionally, the addition of more capacity for power production is anticipated to be a significant driver behind the expansion of distribution and transmission infrastructure. It is anticipated that factors including the need for power and significant capital investments will fuel the growth of the transmission system.  Investing in smart grids accounts for a sizable percentage of the market.  The industry is expected to grow as smart grids are increasingly adopted globally to reduce power outages.  In addition, a significant factor driving growth in the market for Transformer monitoring systems is the use of contemporary communication systems in smart grids.

"Non-Renewable Energy Monitoring to Foster Industry Progress "

Transformer online monitoring market is anticipated to expand at a rapid pace throughout the course of the projection period due to the increasing need of monitoring the consumption of non-renewable energy sources and the oversight of transformer bushings. Additionally, it is anticipated that the market for transformer monitoring systems would rise in value over the course of the forecast period as a result of the increasing need for environmentally friendly power delivery and distribution via large, high-yield power transformers.

The transformer monitoring system is the only way to efficiently monitor the electrical generation of voltage variations because the energy sector depends on transformers to help with voltage swings. This is anticipated to lead to a continuous worldwide need for these systems over the course of the forecast period.

 RESTRAINING FACTORS

"Digital Advances to Hinder Market Advancement "

The market for transformer online monitoring systems has recently adopted bushing monitoring systems, therefore dissolved gas analysis is anticipated to have a reduction in growth over the course of the forecast period. In both developed and developing regions of the world, digital advances are anticipated to act as a brake on the expansion of traditional transformer monitoring systems during the course of the projected period.

Transformer Online Monitoring Market REGIONAL INSIGHTS

• 
• Request a Free sample to learn more about this report

"Huge Investments by the Government in Asia Pacific to Support Market Advancement"

During the anticipated period, Asia Pacific will dominate the worldwide transformer monitoring system market. Owing to the potential advantages in developing economies and the increasing incorporation of utility monitoring equipment into existing transformers the market is advancing. China and India are projected to emerge as the fastest-rising economies in the marketplace area for the transformer online monitoring as a result of a growing need of effective power supply and significant huge investments by such nations in smart grids. Local businesses that sell poor-quality transformer online monitoring across countries including China and other South Asian nations fiercely compete with established firms on the worldwide market, cutting into their profits.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• GE (U.S.)
• Hitachi Energy (Switzerland)
• Siemens (Germany)
• Eaton (Ireland)
• Doble Engineering Company (India)
• Mitsubishi (Japan)
• Weidmann (Switzerland)
• Qualitrol (U.S.)
• Koncar (Croatia)
• Vaisala (Finland)
• Schweitzer Engineering Laboratories (U.S.)
• Camlin Group (India)
• LGOM/Ningbo Ligong Online Monitoring Technology (China)
• Henan Zhongfen Instrument Co., Ltd. (China)
• Sun.King Technology Group Limited (China)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.