Global Transformer Monitoring System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Transformer Monitoring System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Transformer Monitoring System is defined as a group of assembled components for sensing and monitoring various parameters of pole-mounted transformers or grounded transformers, which are critical to its function. At the same time, the Transformer Monitoring System provides remote observation through communication, providing a safer environment for employees and pedestrians.

Market Overview:

The latest research study on the global Transformer Monitoring System market finds that the global Transformer Monitoring System market reached a value of USD 2268.85 million in 2022. It’s expected that the market will achieve USD 3253.18 million by 2028, exhibiting a CAGR of 6.19% during the forecast period.

Influence of COVID-19 Outbreak on Transformer Monitoring System Industry Development

The raging COVID-19 has plunged the global economic environment into depression. The impact of COVID-19 on the Transformer Monitoring System industry will involve all major links and all entities in the industry chain. From the perspective of upstream raw materials, in the short term, the impact of supply chain disruption on SMEs is relatively small. Statistics show that among small and medium-sized enterprises and large enterprises, the proportion of enterprises that believe that supply chain disruption is the main pressure is about 21.2%. In addition, the outbreak of the epidemic has prompted countries around the world to implement comprehensive traffic control and other measures. This poses a certain threat to the global supply chain. This is mainly reflected in the impact of the epidemic on the industry's raw material procurement. Due to the limited production of raw material suppliers and poor logistics, raw material procurement is facing difficulties, but as the process of resuming work and production advances, this situation will be effectively alleviated.

From the perspective of Transformer Monitoring System, the main reason is increased cost pressure. The outbreak of COVID-19 has put companies facing pressures such as tight cash flow, supply chain disruption, and general decline in market supply and demand. Most companies expect revenue to fall sharply. Employee salaries, loan repayments and rental expenses are the main cost pressures for business operations. Especially for small and medium-sized enterprises, paying employees' wages has become the biggest cost pressure. In contrast, wage pressures for employees of large companies are relatively small.

From a downstream perspective, the impact of the epidemic on downstream customers of Transformer Monitoring System is comprehensive. Affected by the new crown pneumonia epidemic, the governments of various countries have cut off roads and other means of transportation, which directly affects the demand and supply shocks of various manufacturing industries and their upstream and downstream. As a result, during the severe period of the epidemic, the overall demand for electricity from manufacturing, mining, and metallurgical companies has declined. With the gradual improvement of the epidemic, these companies gradually resume production, and their demand for electricity will continue to increase in the future. This will promote the increase in demand for Transformer Monitoring System from downstream customers.

Transformer Monitoring System Market Challenges

For the Transformer Monitoring System industry, one of the industry's limiting factors is the high cost. At present, the transformer monitoring system integrates the functions of sensors, data collection, communication system and data analysis. Through continuous monitoring of the state parameters within a period of time, the precursor information of the early fault of the transformer can be captured in time. Determine the operating status of the transformer according to the changing trend of the transformer parameters. On the one hand, the investment cost of related components such as sensors and intelligent monitoring software is higher than that of traditional transformer monitoring systems. On the other hand, although technological advances in the use of sensors, monitors, and data storage have further added value. But the system also causes high maintenance costs, which will hinder the growth of the global transformer monitoring system market.
At present, there are a large number of companies engaged in Transformer Monitoring System related industries in the world, and the industry concentration is average. At the same time, the Transformer Monitoring System industry is a capital-intensive and knowledge-intensive industry, and is in a state of full competition.
Although some companies temporarily present some advantages in the field of this product, they also show relatively strong competitiveness. But in the long run, it is not ruled out that other listed companies in the same industry and leading companies in the world may enter the industry. Under normal circumstances, listed companies or world-renowned companies have strong capital, scale and technical advantages. Based on the scale of production, popularity, production costs, product prices, upstream and downstream bargaining power, and customer It constitutes a certain degree of competitive pressure. At the same time, some small production enterprises that adopt low-price and low-quality competition strategies will disrupt the market order to a certain extent, posing a certain threat to enterprises in the industry.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

The top three companies are GE, Siemens, Schneider Electric with the revenue market share of 17.56%, 12.00% and 10.47% in 2020.

General Electric is a multinational conglomerate originating from the United States. Its business industries include electronics, energy, transportation, aerospace, medical and financial services. Grid Solutions is GE's renewable energy business, with more than 13,000 employees serving customers worldwide. GE provides equipment, systems, and services for electric utilities and industries around the world to deliver electricity reliably and efficiently from the generating point to the end consumer.

Siemens Co., Ltd. is a German multinational company. Its electronic and electrical products are the global industry pioneers and are active in the fields of energy, medical, industrial, infrastructure, and urban business.

Segmentation Overview:

Among different product types, Hardware Solution segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Power Transformers segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Transformer Monitoring System market covered in Chapter 3:

Siemens
Mitsubishi Electric
GE
Eaton
Hexing Electrical
Schweitzer Engineering Laboratories
TBEA
KONČAR Group
Maschinenfabrik Reinhausen GmbH
Qualitrol
Dynamic Ratings
Vaisala
Schneider Electric
Weidmann Electrical Technology
Hitachi Energy

In Chapter 4 and Chapter 14.2, on the basis of types, the Transformer Monitoring System market from 2018 to 2029 is primarily split into:

Hardware Solution
IT Solution

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Transformer Monitoring System market from 2018 to 2029 covers:

Power Transformers
Distribution Transformers
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)