Transformer monitoring system solutions are integrated by power and utility companies to manage the health of transformers remotely.
They will be implemented in smart cities and countries looking to implement smart solutions for controlling energy consumption. MRFR’s report on the transformer monitoring system market outlines drivers and opportunities for the forecast period (2023-2030).
The sudden outbreak of the COVID-19 pandemic and its cascading effects on the industry are explored below.
Market Scope
The global transformer monitoring system market can expand at 8.5% CAGR over the forecast period.
Competitive Analysis
- 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
Development of Power Sector to Drive Market Demand
Initiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Use of efficient lighting and sustaining growth in countries can augur favorably for the market. Rapid urbanization and transformation of cities to smart cities can spur demand for transformer monitoring system solutions.
Huge need for infrastructure development and public safety can drive market demand. Moreover, adoption of internet of things (IoT), 5G, and analytics can create a bevy of opportunities in the coming years.
Digitization of Utilities to Amp up Market Growth
Smart homes can utilize Power grid monitoring market solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
High Costs of Smart Equipment to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the transformer monitoring system market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
COVID-19 Impact
The COVID-19 outbreak had weakened the market owing to hurdles in supply chains and production delays of transformers. Dependence on Chinese suppliers for components and lockdown restrictions can wear down manufacturers. The halt on new substation projects and lack of tax benefits can prove detrimental to the market. This will cause a dip in transformer monitoring systems as utility provider focus on retaining their revenues.
Segmentation Analysis
Software Solutions to Gain Market Share
By type, the market is segmented into software and hardware. Out of which, the LED segment is expected to grow at the highest rate during the forecast period. It is attributed to low installation costs, safe nature, and high returns on investments.
Power Transformers to be Leading Application
By application, it is divided into distribution transformers, power transformers, and others. The Wi-Fi segment is expected to be the leading wireless technology due to processing of smart signals made possible by collection of data by an ASIC. The coexistence of lighting systems with Wi-Fi gateways makes it optimal for powering the optical communications hub. Recently, Signify has expanded its product offerings by providing Bluetooth and ZigBee powered lights.
Regional Analysis
APAC to Lead Global Market
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Investments in smart grids and entry of private power providers in economies of India and China can drive market growth. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
Industry Update
mPrest has developed a transformer monitoring software suite for deployment and management of solutions for utility providers.
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