According to our latest market study on "Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis and Forecast - by Component (Hardware and IT Solutions); Service (Bushing Monitoring, Oil/Gas Monitoring, and Others); Application (Distribution Transformers, Power Transformers, and Others); and Geography the market was valued at US$ 1,842.54 million in 2019 and is projected to reach US$ 2,806.19 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.
The scope of the transformer monitoring system market study involves understanding the factors contributing to the growth of the transformer monitoring system market; it also includes estimating and forecasting the revenues, and conducting the market size analysis, along with spotting significant market players and their key developments.
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Impact of COVID-19 Pandemic on Transformer Monitoring System Market
In Europe, Italy is the hardest-hit country by the COVID-19 outbreak. It is suffering an economic hit due to seized revenues from various industries. Other member states in the European Union (EU) have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact growth of the transformer monitoring systems market in Europe. Further, the governments in various EU countries are restricting the increments in the cost of various communication services. For instance, the Spanish government banned price hike on electronic telecom networks, as subscribers were unable to switch to other providers, and discontinued all non-progressive fixed and mobile numbering operations.
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 a ground transformer, which is vital to its functionality. The systems has inbuilt battery backup that helps prevent system failure if there is power cut. The demand for the transformer monitoring systems has increased with the increasing number of power grid networks and rapid installation of the power transformers. These systems are commonly used in chemical plants, mining industry, etc. Additionally, the transformer monitoring systems can be used in transmission and distribution facilities. The global transformer monitoring system market experiences remarkable growth due to growing number of power grid networks and rapid installation of power transformers in the world. Mounting focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing old power transformers are a few other factors propelling the market growth.
The global transformer monitoring system market is segmented on the basis of component, service, and application. The system market, by component, is segmented into hardware and IT solutions. Based on service, the market is segmented into bushing monitoring, oil/gas monitoring, and others. By application, the transformer monitoring system market is segmented as distribution transformers, power transformers, and others.
The key companies profiled in the transformer monitoring system market are ABB Ltd; Eaton Corporation plc; Honeywell International Inc.; Schneider Electric SE; Siemens AG; Schweitzer Engineering Laboratories, Inc.; Kirloskar Electric Company; KJ Dynatech Inc.; WILSON TRANSFORMER COMPANY; Mitsubishi Electric Corporation; and Dynamic Rating; among others.
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