Transformer Monitoring System Market Size, Trends and Growth Analysis by 2027

The transformer monitoring system market was valued at approximately US$ 1,842.54 million in 2019 and is anticipated to grow to US$ 2,806.19 million by 2027, reflecting a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.

A transformer monitoring system comprises various components designed to assess and oversee multiple parameters, including voltage, current, temperature, and potentially the phase angle of a ground transformer, which is crucial for its operation. These systems are equipped with a built-in battery backup to ensure functionality during power outages. The rising demand for transformer monitoring systems is closely linked to the increasing establishment of power grid networks and the swift installation of power transformers. These systems find applications in sectors such as chemical manufacturing and mining, as well as in transmission and distribution facilities.

The global transformer monitoring system market is witnessing significant growth driven by the expanding number of power grid networks and the rapid deployment of power transformers worldwide. Additionally, the growing emphasis on renewable energy generation, the implementation of smart grids and smart transformers, and the replacement of aging power transformers are key factors contributing to market expansion.

The transformer monitoring system market is categorized based on components, services, and applications. In terms of components, the market is divided into hardware and IT solutions. When considering services, the market is segmented into bushing monitoring, oil/gas monitoring, and other related services. Furthermore, the applications of transformer monitoring systems are classified into distribution transformers, power transformers, and additional categories.

Prominent companies operating in the transformer monitoring system market include 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.

Impact of COVID-19 Pandemic on Transformer Monitoring System Market

The COVID-19 pandemic has significantly affected various sectors, with Italy being one of the hardest-hit countries in Europe. The economic repercussions have been severe, leading to a decline in revenue across multiple industries. Other European Union (EU) member states have enacted stringent measures and travel restrictions, including partial border closures, which are expected to hinder the growth of the transformer monitoring systems market in the region. Additionally, governments in several EU countries are limiting price increases for various communication services. For example, the Spanish government has prohibited price hikes on electronic telecom networks, as consumers are unable to switch providers, and has halted all non-progressive fixed and mobile numbering operations.

The overall size of the global transformer monitoring system market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data pertinent to the transformer monitoring system market. Furthermore, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and obtain deeper analytical insights. Participants in this research included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in transformer monitoring systems.