PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1394956
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1394956
Scope of the Report | |
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Years Considered for the Study | 2021-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | Component, Type, Services, Voltage, Application, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
The Transformer Monitoring market is estimated to grow from USD 2.4 Billion in 2023 to USD 3.7 Billion by 2028; it is expected to record a CAGR of 9.1% during the forecast period. The Transformer Monitoring market is witnessing rapid growth due to the need for stable power supply, aging infrastructure, and the advancement of smart grid technologies are driving rising demand for transformer monitoring.
"High & Extra High Voltage is the largest segment of the Transformer Monitoring market, by voltage"
Based on voltage, the Transformer Monitoring market has been split into three types: Low voltage, medium voltage and high & extra high voltage. The high and extra high voltage segment dominates the transformers market due to its vital role in power transmission across large distances. Rising electricity demand, grid expansion projects, and the incorporation of renewable energy sources all increase the demand for high and extra high voltage transformers. These transformers serve an important role in efficient power distribution, making them an important component in handling the changing energy landscape and maintaining reliable electrical grids.
"Oil Monitoring segment is expected to emerge as the fastest-growing segment based on services"
Based on services, the Transformer Monitoring market has been segmented into oil monitoring, bushing monitoring, partial discharge monitoring, OLTC monitoring and others. Due to its vital role as a diagnostic medium, transformer oil accounts for the greatest portion of the transformer monitoring market. Monitoring its state provides insights into the transformer's health, allowing for preventative maintenance, minimizing downtime, and optimising performance, all of which are important elements in assuring transformer reliability and lifetime.
"North America is expected to emerge as the second-largest region based on Transformer Monitoring market"
By region, the Transformer Monitoring market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the transformer monitoring market is expanding in North America as a result of a push for power infrastructure modernization, a concentration on energy efficiency, and rigorous environmental requirements. Monitoring solutions are in high demand due to the integration of renewable energy sources and the requirement to optimize existing transformer assets to meet changing energy demands. Furthermore, a focus on smart grid projects, as well as increased knowledge of the economic and operational benefits of real-time monitoring, contribute to the increased implementation of transformer monitoring technology in the North America region.
Cast resin is expected to be the second-fastest segment based on the type
Retrofit is expected to be the second-fastest segment in the Transformer Monitoring market between 2023-2028 due to their eco-friendly and fire-resistant properties. As environmental concerns grow and safety becomes a priority, industries opt for cast resin transformers. The need for reliable monitoring solutions to ensure their efficient performance further contributes to the increasing demand.
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The Transformer Monitoring market is dominated by a few major players that have a wide regional presence. The leading players in the Transformer Monitoring market are GE (US), ABB (Switzerland), Siemens Energy AG (Germany), Schneider Electric (France), and Eaton (Ireland).
The report defines, describes, and forecasts the Transformer Monitoring market, by component, type, services, voltage, application, and region. It also offers a detailed qualitative and quantitate ve analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Transformer Monitoring market.
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