The global transformer monitoring software market was valued at USD 2.0 Billion in 2019 and is expected to grow at a CAGR of 10.4% over the forecast 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 smart grid, together with power system operations, is anticipated to play a key role in the transformation of electrical networks. Smart grids make it simpler to rapidly restore power after a power outage and assist utilities lower their administration and operational expenses, lowering power prices for customers. The development of the transformer monitoring system software market is also fueled by several efforts made by the energy industry.
Adroit Market Research report on global transformer monitoring software market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities, and challenges. The market has been studied for the period 2018 to 2028, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market competition with Porter's five forces analysis and company positioning based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global transformer monitoring software market have been studied in detail.
Due to capacity expansion and improvement plans of utilities in emerging nations, Asia-Pacific is projected to lead the worldwide transformer monitoring systems market during the forecast period. Furthermore, nations such as India and China have made significant investments in smart grids, which has increased demand for transformer monitoring systems.
The prominent players operating in global transformer monitoring software market includes 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.
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