Credence Research, a leading market research and consulting firm, today revealed new insights into the Global Transformer Monitoring System Market. The market, which was valued at USD 2.5 Billion in 2022, is projected to reach USD 4.7 Billion by 2030, growing at a CAGR of 9.5% between 2023 and 2030.
The increased demand is primarily driven by the rise in smart grid technology adoption and the surge in the need for a reliable and consistent power supply. “Transformer monitoring systems play a crucial role in ensuring that transformers operate efficiently and receive proper maintenance, thereby meeting the constant demand for electricity supply,” the report mentions.
As the market’s growth accelerates, IT solutions continue to lead the market, holding over 75% of the market value in 2022. Hardware solutions, however, are expected to exhibit the fastest growth over the forecast period.
On the application front, power transformers hold the lion’s share with over 75% market value, while distribution transformers are predicted to demonstrate the fastest growth. The report also finds that the oil/gas monitoring segment governs the global market, boasting a massive 30% share in 2022 and expected to grow rapidly.
Regionally, Asia Pacific has a stronghold on the transformer monitoring systems market, largely due to rapid industrialization, urbanization, and increased investments in power infrastructure. North America and Europe together hold just under 40% of the market share in 2022, with Europe contributing over 22%.
Despite the positive outlook, the market does face challenges such as expensive initial installation costs, interoperability with legacy systems, and complex data management. However, the report points out that the integration of cutting-edge technologies like AI and ML and the growing use of renewable energy sources present significant expansion opportunities for the market.
The integration of smart grid technologies and increasing demand for reliable and uninterrupted power supply have fueled the market’s growth. “The need for proactive maintenance and risk reduction of unexpected downtime and power supply interruptions is driving the necessity for transformer monitoring systems,” said the report’s author.
The report emphasizes the promising role of AI and ML in transformer monitoring systems. By applying AI and ML algorithms, predictive maintenance, efficient resource utilization, and precise problem detection are made possible, thereby improving operational effectiveness.
Finally, the report points to the expansion of the renewable energy sector as another potential growth area. The need for effective management and monitoring of transformers in renewable energy installations underpins the growing importance of transformer monitoring systems in this sector.
Browse full report (Transformer Monitoring Systems Market By Application (Power Transformers, Distribution Transformers, Distribution Transformers), By End-Use Verticals (Residential, Commercial, Industrial)-Growth, Future Prospects & Competitive Analysis, 2016 – 2030) – https://www.credenceresearch.com/report/transformer-monitoring-systems-market
Segmentation
- By Type
- Hardware Solutions
- IT Solutions
- By Application
- Distribution Transformers
- Power Transformers
- By Service
- Oil/Gas Monitoring
- Burshing Monitoring
- Others (Temperature Monitoring and Partial Discharge Monitoring)
- By Region
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Browse full report (Transformer Monitoring Systems Market By Application (Power Transformers, Distribution Transformers, Distribution Transformers), By End-Use Verticals (Residential, Commercial, Industrial)-Growth, Future Prospects & Competitive Analysis, 2016 – 2030) – https://www.credenceresearch.com/report/transformer-monitoring-systems-market
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