Chicago, Jan. 26, 2024 (GLOBE NEWSWIRE) — The global Transformer Monitoring Market is projected to grow from USD 2.4 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 9.1% 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.
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Transformer Monitoring Market Scope:
|USD 3.7 billion by 2028
|9.1% of CAGR
|Drivers, Restraints, Opportunities & Challenges
|Value (USD Billion)
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|Transformer Monitoring Market by Component, Type, Services, Voltage, Application, and Region.
|Asia Pacific, North America, Europe, Middle East & Africa, and South America
|Updated financial information / product portfolio of players
|Key Market Opportunities
|Growing use of big data analytics in energy industry
|Key Market Drivers
|Growing use of monitoring systems for transformers
The oil-immersed segment is expected to grow at the largest segment in the transformer monitoring market.
The Transformer Monitoring Market segments 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.
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Transformer Monitoring Market Dynamics:
- Increasing focus on digitalization of utilities
- Increased investments in renewable and clean energy generation
- Growing use of monitoring systems for transformers
- High hardware, software, and installation costs
- Growing use of big data analytics in energy industry
- Increased investments in offshore wind farms
- Low acceptance among end users
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 Market 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.
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