Power transmission system upgrades will increase the adoption of transformer monitoring systems. The oil immersion segment is expected to grow as the largest segment in the transformer monitoring market. In the United States, the need to manage distributed generation, especially from renewable energy sources, is driving demand for transformer monitoring systems. Investments in smart grid infrastructure and the digitalization of power networks are accelerating this trend, improving asset management and operational efficiency.
NEWARK, Del., April 9, 2024 (Globe Newswire) — Demand for transformer monitoring systems is expected to be $3,259.7 million in 2024. The market is expected to rise rapidly. CAGR 8.90%achieved USD 7,646.39 million by 2034.
If a transformer fails, it will not work for more than 7 days. The impact of unexpected failures must also be considered to determine the probability and likelihood of failure occurring.
The growth of the transformer monitoring system market is forced by the rapid increase in energy consumption in developing countries due to population growth. Additionally, the continued installation of high-power transmission units and power transmission system upgrades are increasing the adoption of transformer monitoring systems.
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The high installation cost of transformer monitoring systems is a major obstacle for the transformer monitoring system industry. Advances in technology using sensors, monitors, and data storage will further increase costs. Rising maintenance costs of these systems hinders the growth of the transformer monitoring systems market.
Important points
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The retrofit units segment in the installed category is expected to capture 81.40% share in 2024.
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By product type, the hardware segment is expected to capture 83.60% market share in 2024.
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The Japanese transformer monitoring system market is suggested to expand at an impressive CAGR of 10.10% till 2034.
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During 2024-2034, the Indian transformer monitoring system (TMS) market is expected to grow at a robust CAGR of 10.00%.
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Transformer Monitoring Systems sales in UK exhibits a high CAGR of 9.60% till 2034.
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China's transformer monitoring system industry is expected to grow at a CAGR of 9.40% until 2034.
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Australia Transformer Monitoring Systems sales shows a CAGR of 9.20% till 2034.
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The Spanish transformer monitoring systems market is expected to expand at a CAGR of 9.20% by 2034.
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The US transformer monitoring system industry is expected to grow at a CAGR of 8.90% from 2024 to 2034.
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Transformer monitoring system sales in South Korea are expected to grow at a CAGR of 8.90% until 2034.
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Demand for transformer monitoring systems in Germany shows a CAGR of 7.90% until 2034.
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The Canadian TMS market is expected to grow at a CAGR of 7.30% until 2034.
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The French transformer monitoring systems market is expected to exhibit a CAGR of 8.50% from 2024 to 2034.
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The Italian TMS market will expand at a moderate CAGR of 5.60% until 2034.
“We believe that the transformer monitoring systems market will witness significant growth due to the increasing demand on power infrastructure. Integration of advanced monitoring technologies will enhance efficiency and maintenance possibilities, driving the expansion of the TMS market will be encouraged.” Nikhil Kaitwade (Vice President, Future Market Insights, Inc.).
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Regional outlook
North America has captured a significant share of the transformer monitoring systems market thanks to its advanced power infrastructure, widespread adoption of transformers in distribution networks, and focus on grid efficiency.
Another strong growing region in the global transformer monitoring systems market is the Asia Pacific region. In the Asia-Pacific region, the power sector is growing rapidly due to rapid population growth, urbanization, and industrialization in developing countries. Government plans and programs to improve power grid reliability and minimize energy losses are accelerating the adoption of transformer monitoring systems in the Asia-Pacific region.
competitive environment
With small transformer monitoring system vendors operating all over the world, the market is highly saturated. Many manufacturers of transformer monitoring systems are focusing on introducing new software with innovative features such as the Internet of Things and remote monitoring systems. Manufacturers of transformer monitoring systems are launching partnership and acquisition activities to accelerate revenue growth and strengthen market share.
modern progress
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In April 2023, Siemens announced the acquisition of Sentient Technologies, a company that provides transformer monitoring systems.
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Schneider Electric announced its new EcoStruxure transformer monitoring system in March 2023.
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GE has announced the release of its new Transformer Health Management solution in February 2023.
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Alstom has announced the release of a new transformer condition monitoring system in January 2023.
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In December 2022, Eaton announced it had acquired GridSense to expand its transformer monitoring capabilities.
major manufacturers
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siemens energy
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general electric
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Mitsubishi Electric Corporation
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Hitachi Energy Co., Ltd.
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Maschinenfabric Rheinhausen GmbH
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Qualitroll Company LLC
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Group Cahors SA
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Eaton
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Koncar-Electrical Engineering Research Institute Co., Ltd.
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Camlin Co., Ltd.
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Advanced Power Technologies LLC
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MTE Meter Test Equipment AG
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Set Co., Ltd.
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Major segments
By product type:
By installation type:
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New unit
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Retrofit unit
By end use:
By application:
By region:
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North America
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latin america
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Europe
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east asia
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South Asia and Pacific
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middle east and africa
author:
Nikhil Kaitwade (Vice President, Future Market Insights, Inc.) has over 10 years of experience in market research and business consulting. He has successfully completed over 1,500 of his client assignments, primarily in the automotive, chemical, industrial equipment, oil and gas, and service industries.
His core competencies center around developing research methodologies, proprietary analytical frameworks, creating statistical data models for price analysis, competitive mapping, and market feasibility analysis. His expertise also extends widely beyond analysis, advising clients on identifying growth potential, investment/sale decisions, and market entry decisions in established and niche market segments. Masu.
Nikhil holds an MBA degree in Marketing and IT and a postgraduate degree in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine, and EE Times.
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