Transformer monitoring systems market to reach $2.80 billion,
New York, July 27. Feb. 2, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Transformer Monitoring System Market Forecast to 2027 – Impact of COVID-19 and global analysis by component (hardware and IT solutions); Service (crossing monitoring, oil/gas monitoring and others); Application (Distribution Transformers, Power Transformers, and Others) » Global transformer monitoring system market growth is driven by increase in electrification of power grid system and increase in spending to improve power grid systems power grid, transmission and distribution networks in developing economies.
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|Market size Value in||US$1.84 billion in 2019|
|Market Size Value by||$2.80 billion by 2027|
|Rate of growth||CAGR of 5.5% from 2020 to 2027|
|Year of reference||2020|
|Number of pages||169|
|Number of tables||88|
|Number of graphs and figures||80|
|Historical data available||Yes|
|Segments Covered||Making up ; Service ; Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
In 2018, primary energy consumption increased by only a small percentage to reach 2050.7 million tonnes per oil equivalent. In 2017, the region imported around 55% of its energy consumption. Renewable energy sources account for around 30% of total EU energy production in the region, which is the highest since 2017. In 2018, fuel-based electricity was 4,077.3 TWh, compared to around 4,061.8 TWh in 2017. In 2018, Europe contributed around 12.5% of total global CO2 emissions. On the other hand, the EU has experienced a decline in coal production over the past decade. The region has moved towards adopting low-carbon energy sources due to the effect of CO2 emissions on the environment in terms of climate change. Europe has imported ~53-55% of energy for consumption in recent years. In 2016, renewable sources accounted for 86% of new energy capacity added in EU countries. Improvements in energy efficiency through promoting the use of hydropower and wind power are expected to drive the market growth over the forecast period.
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IT Solution is expected to represent the highest CAGR during the forecast period
The development of modern technologies such as commonly available and affordable telecommunications networks and easy-to-use computer systems allow utilities, transmission and generation companies to implement monitoring and protection systems for transformers. The software solutions are designed to monitor and assess the performance, health and condition of transformers. They provide transformer operators with the actionable information needed to manage the network effectively and efficiently, which helps them in the routine decision-making process. Additionally, a combination of intelligent electronic devices (IEDs), smart sensors, fully secure communications, open protocols, and smart, user-friendly head-end software allows maintenance operators to view trends and software real for informed decision-making.
The Transformer Monitoring System Market is driven by various inorganic strategies adopted by the companies. For example, in 2020 ABB, through its Power Grids business, launched its APM Edge solution for transformers, which helps these devices adapt to the increasing complexity of grid operations to maintain reliability and resiliency. energy, while reducing capital investments and operating expenses. Additionally, in 2020, Wilson Transformer Company’s Power Transformer and Distribution business units introduced monitoring and control solutions for power and distribution transformers that can be tailored to each customer’s specific needs. The range of solutions varies from simple load logging devices to complete monitoring and control solutions. Condition-based asset management solutions maximize power grid availability and reliability in a cost-effective way.
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A transformer monitoring system is an assembly of components built together to analyze and monitor several parameters such as voltage, current and temperature, and possibly the phase angle of an earth transformer, which is vital for its functionality . The systems have a built-in backup battery that helps prevent system failures in the event of a power outage. The demand for transformer monitoring systems has increased with the increasing number of electrical networks and the rapid installation of power transformers. These systems are commonly used in chemical plants, mining industry, etc. Additionally, transformer monitoring systems can be used in transmission and distribution facilities. The global transformer monitoring system market is witnessing remarkable growth owing to the growing number of power grids and rapid installation of power transformers globally. Emphasis on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing old power transformers are some other factors propelling the growth of the market.
Impact of the COVID-19 Pandemic on the Transformer Monitoring System Market
In Europe, Italy is the country hardest hit by the COVID-19 outbreak. It suffers an economic blow due to seized revenues from various industries. Other European Union (EU) member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is expected to impact the growth of the transformer monitoring system market in Europe. In addition, the governments of various EU countries limit increases in the cost of various communication services. For example, the Spanish government banned price gouging on electronic telecommunications networks as subscribers were unable to switch to other providers, and halted all non-progressive fixed and mobile dialing operations.
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