What is Transformer Monitoring Solutions?
A transformer monitoring system is defined as the group of components built together so that sense as well as monitor various parameters of a pole-mounted transformer. It is used to monitor and diagnose the health of transformers. It has the capability of monitoring the transformer’s voltage, temperature, current and possibly the phase angle. Huge investments into digitization and smart grids, an increasing need for efficient power supply, growing energy demand from developing nations and growing incidences of power outages in both developed as well as developing countries and huge investments in smart grid worldwide are some of the major drivers which are propelling the growth of the market. It is expected to expand at a CAGR of 12.8% from 2018 to 2026
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | ABB Group (Switzerland), Advanced Power Technologies LLC (United States), Camlin Power Ltd. (United States), Eaton Corporation Plc (Ireland), EMCO ELECTRONICS LLP (India), GE Power (United States), EDMI Ltd. (Singapore), Honeywell International, Inc. (United States), HZ Electric Inc. (Hampden) and KJ Dynatech, Inc. (China) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Hardware Solutions and IT Solutions) , by application (Distribution Transformers, Power Transformers, Generator Transformer and Specialty Transformer) and major geographies. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Transformer Monitoring Solutions market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Transformer Monitoring Solutions market report suggests strategies that Manufacturers can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Manufacturers, some of them are ABB Group (Switzerland), Advanced Power Technologies LLC (United States), Camlin Power Ltd. (United States), Eaton Corporation Plc (Ireland), EMCO ELECTRONICS LLP (India), GE Power (United States), EDMI Ltd. (Singapore), Honeywell International, Inc. (United States), HZ Electric Inc. (Hampden) and KJ Dynatech, Inc. (China).
Market Overview:
In April 2022, GANZ Transformers and Maschinenfabrik Reinhausen cooperated as solution providers, signing a contract for close cooperation in the development and production of intelligent transformers.
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global power transformer monitoring system market can witness an upsurge in the forecast period
Influencing Trend:
Technology Advancement of the Transformer Monitoring System and Increasing Number of Power Grid Networks
Market Growth Drivers:
Growing Renewable Investments, Digitalization of the Power Utilities and Smart Grid Initiatives and Increased Demand of Energy Generation from both Renewable and Non-Renewable Sources of Energy
Challenges:
Acceptance Level among End Users such as Residential, Industrial and others
Restraints:
Issue Related to High Cost Barrier, High Investment Cost for Installation of Transformer Monitoring Systems and High Maintenance Cost so as to Ensure Smooth Functioning
Opportunities:
Rising Demand from Emerging Economics such as India, China and others
Key highlights of the Global Transformer Monitoring Solutions market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Transformer Monitoring Solutions market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Transformer Monitoring Solutions market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Manufacturers
Comprehensive information about factors that will challenge the growth of Transformer Monitoring Solutions Manufacturers
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Transformer Monitoring Solutions market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Transformer Monitoring Solutions market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Transformer Monitoring System Manufacturers, Distributer & Supplier Companies, End Users, Consultants and Investment Bankers and Government as Well as Independent Regulatory Authorities.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.