The global Transformer Monitoring Software market size is expected to reach close to USD 237.61 Million by 2029 with an annualized growth rate of 4.85% through the projected period.
Smart grid initiatives coupled with digitalization of the power utilities are key factors driving the growth of the global transformer monitoring software market.
The global transformer monitoring software market is categorized based on type, application, and service. Region wise, Asia Pacific was the largest market in 2020; and is expected to be the fastest growing region by 2028, with a CAGR of over 12%.
Key players serving the global transformer monitoring software market include ABB Ltd., Eaton Corporation PLC, General Electric, Schneider Electric, Siemens AG, Honeywell International, Inc., Kirloskar Electric Company Limited, Mitsubishi Corporation, HZ Electric, Inc., KJ Dynatech, Inc., Ningbo Ligong Online Monitoring Technology Co., Ltd., S&C Electric Company, Schweitzer Engineering Laboratories, Inc., Shanghai Kai People Electric Co., Ltd, and Wilson Transformer Company among other prominent players.
Transformer Monitoring Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 237.61 Million|
|Growth Rate||CAGR of 4.85% during 2021-2030|
|Segment Covered||By Service, By Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Siemens,Schneider Electric,Mitsubishi Electric Corporation,General Electric Company,ABB,Honeywell International Inc.,Eaton,Advanced Power Technologies,KJ Dynatech Inc,Dynamic Ratings,Hiotron,S&C Electric Company,Qualitrol Company LLC,Wilson Transformer Company|
Key segments of the global transformer monitoring software market
Type Overview, 2018-2028 (USD Billion)
- Hardware Solutions
- IT Solutions
Application Overview, 2018-2028 (USD Billion)
- Distribution Transformers
- Power Transformers
Service Overview, 2018-2028 (USD Billion)
- Oil/Gas Monitoring
- Bushing Monitoring
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central and South America
- Rest of Central and South America
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Transformer Monitoring Software industry
- The overall segmentation of transformer monitoring software market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of transformer monitoring software market
What does the report include?
- The study on the global transformer monitoring software market includes analysis of qualitative market indicators such as drivers, restraints, challenges, and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, application, and service. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global transformer monitoring software market is suitable for all the players across the value chain including raw material suppliers, Transformer Monitoring Software providers, manufacturers, distributors, suppliers, and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global transformer monitoring software market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global transformer monitoring software market
Frequently Asked Questions (FAQ) :
Automation, big data analytics, & IoT are essential in an era of increasing industrialization and constantly changing industrial working environments. Power distribution firms are now required to plan downtime and physically check certain transformer characteristics. Monitoring several standard metrics from the comfort of an IT cell or an office has now become the norm. In the disciplines of data collection, analysis, & visualization, big data analytics in power systems is of interest. The characterization of the condition of the transmission equipment, on the other hand, receives minimal attention. Detecting abnormalities and diagnosing problems in power transformers is challenging. It's difficult to express the functions directly since the functional connections between various status metrics and fault patterns are complex. Utilities across the world, on the other hand, are working to provide dependable energy in a safe and efficient manner.
From generation through delivery, every essential equipment asset is performing at its best to meet and exceed the objectives. Transformers can effectively reduce transmission voltages with the assistance of big data. As a result, one of the main trends expected to influence market development during the projected period is the rise of big data analytics in the transformer monitoring system software market.
The global transformer monitoring software market has been segmented based on type, application, and service. During the projected period, the IT solutions segment is anticipated to dominate the global market. Hardware is often a cabinet placed near a transformer that collects local signals, potentially processes data, and even reacts in an emergency. It comprises of a sensor system, signal conditioning electric circuits, sophisticated embedded computer hardware for middle-level computing, and a reliable computer network for data transfer to various places. Dynamic Ratings' E Series is a custom-engineered to-order modular hardware platform for utilities in need of transformer monitoring solutions. The application engineers collaborate with the service or transformer manufacturer to provide the best transformer monitoring solution possible. It produces, programs, and tests the solution in accordance with our ISO 9001-certified rules and procedures. The field service crew also performs final installation field verification.
Based on regions, the global transformer monitoring software market is segmented into North America, Europe, Asia Pacific, Central and Central and South America and Middle East & Africa. Asia Pacific currently dominates global transformer monitoring software market owing to growing demand from India and China. China's need for energy has risen as a result of its thriving manufacturing sectors and increasing industrialization. To meet the increasing demand, the government is spending to improve and upgrade its current transmission and distribution infrastructure. In China, the market for transformer monitoring systems will be driven by an increase in new transmission line construction. China is working to increase its renewable energy production capacity in order to decrease its carbon impact. Siemens Energy, for example, is supplying 22 units of “FITformer WIND” transformers for installation at China's first commercial 66kV offshore wind farm in March 2021. The need for transformer monitoring systems to transmit power from generating sites to customers will rise as the number of such installation projects rises, particularly in the renewable energy industry. Hitachi ABB Power Grids started building of a worldwide transformer design and production center in Chongqing, China, in April 2021, with an initial expenditure of US $230 million.