Transformer Monitoring Systems Market By Type (Hardware Solutions, Software Solutions); By Application (Transmission & Distribution Transformer, Power Generation Transformer, Others) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 1037 | Published Date: Feb 07, 2023
Our-in depth analysis of the global Transformer Monitoring Systems market includes the following segments:
By Type
By Application
By Region
Global Transformer Monitoring Systems Market is further classified on the basis of region as follows:
Transformer Monitoring Systems Market is anticipated to record a significant CAGR of 9.8% over the forecast period. Many multi-national companies are concentrating towards new product advances in transformer monitoring systems. Moreover, the many advantageous properties of transformer monitoring systems are exploited in the field of energy distribution now and then.
The market for transformer monitoring is predicted to showcase a vibrant growth rate on account of rising smart transformer technologies which is estimated to create an increase in demand for energy efficient monitoring systems with stringent compliances from the government’s side across the globe during the forecast period in the energy associated industries. Moreover, increasing urbanization as well as growing industrial activities are calling in for higher energy demand across the developing regions which is anticipated to work as one of the key factors in the growth of transformers monitoring industry.
On the basis of regional platform, global Transformer Monitoring Systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As the most developed region in the world with steady industrial growth, North America is panned to observe substantial transformer monitoring systems market growth during the forecast period. North America is followed by Europe in terms of energy consumption due to expanding energy sector activities with increased energy requirement thus, swelled transformer monitoring systems usage.
Asia Pacific is expected to drive demand and positively impact transformer monitoring systems market growth over the forecast period on account of increasing urbanization across the region on the back of rapid economic development. On account of multiplying industrial activities in the developing regions of Asia-Pacific, the energy consumption rate across the region is increasing with rising demand for transformer monitoring systems across the region during the forecast period.
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The market for transformer monitoring systems is expected to grow on account of increasing smart grid initiatives and rise in demand for power generation from both non-renewable as well as renewable sources in the market. The ever rising demand for renewable investment in the huge industrial sector is expected to keep a high demand rate for transformer monitoring systems in the market over the forecast period. The transformer monitoring systems globally offer new ideas for wooing investments to make in the energy sector such as development of big data analytics and rapid installment of power transformers for the purpose of offshore installation of wind farms. The transformer monitoring system is anticipated to showcase a phenomenal growth over the forecast period on account of rising demand for monitoring of energy consumption of non-renewable energy sources as well as bushing monitoring in transformers. Additionally, the rising requirement for efficient energy transmission and distribution using huge resourceful power transformers is predicted to contribute a large chunk in the overall value of transformer monitoring system market over the forecast period. Moreover, the dependency of the energy sector on transformers which aid in the fluctuation of voltage calls for efficient monitoring of the electrical energy being voltage fluctuated, which is possible only by the means of transformer monitoring systems. This is estimated to create a steady demand for these systems across the globe during the forecast period.
However, dissolved gas analysis is anticipated to fall in growth over the forecast period owing to the introduction of bushing monitoring systems in the transformer monitoring system market in the recent past. The introduction of new technologies is anticipated to behave as a restraining factor for the growth of the traditional methods of transformer monitoring systems over the forecast period across the developed and developing regions of the world.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed
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