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The transformer monitoring system market exhibited year-on-year growth of 10.9% in 2021, backed by increasing adoption of green transformers leading to up-gradation of associated monitoring system and growing emphasis on improving reliability of power grid. FMI states that, transformer monitoring system market revenue grew by 8.5% between 2016 and 2020. It is predicted that sales revenue will reach US$ 2 billion in 2021 with an astronomical CAGR of 10.1%.
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Green transformers are gaining popularity due to its low carbon footprint and high efficiency and reliability. To monitor these new transformers retrofit installations are required. Increasing renewable energy penetration and rising sales of green transformers will accelerate the demand for retrofit transformer monitoring system in upcoming years.
According to International Energy Agency, global electricity consumption reached 22,848 TWh in 2019. China, India, Russia, and Brazil account for more than 39% of global consumption. Rise in electricity consumption in developing countries will boost the market sales over the forecast period.
Top manufacturers are striving to reduce the installation cost of the monitoring system and make them more reliable and accurate. However, unpredictability in terms of regulatory policies and strained supply chain system are the key challenges influencing the global market for transformer monitoring systems.
“It will be interesting to see how modernization in electricity transmission system will influence the demand for transformer monitoring system during the forecast period. Rising necessity to upgrade monitoring system to comply with green transformers will boost the market growth in upcoming years,” says the FMI analyst.
Future Market Insights highlights the key trends emerging in the transformer monitoring system market and discusses the strategies employed by market players to strengthen their market position.
FMI estimated that the power transformer market is dominated by ABB, General Electric, Siemens AG, Maschinenfabrik Reinhausen GmbH, and Groupe Cahors S.A. Out of these top market players ABB holds around 14% of global market share, General Electric holds 10%, Siemens AG holds 12%, Maschinenfabrik Reinhausen GmbH holds 8%, and Groupe Cahors holds 5% of global market share, says FMI.
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Rapid urbanization and rise in industrial activities has increased the electricity consumption in past few years. With the world is looking towards establishing smart grids for effective distribution of power, the demand for transformer monitoring systems will rise over the forecast period. According to FMI, transformer monitoring system sales revenue will rise at 10.1% CAGR between 2021 and 2031.
The transformer monitoring system is a process oriented system that measures quantities like voltage and current, estimates measurement data through algorithm, creates trends, and performs model monitoring. Introduction of internet of things (IoT) based smart transformer technologies will augment the market growth during the assessment period.
Transformer monitoring system sales is expected to rise due to adoption of bulk manufacturing practices by manufacturers and heightened consumer awareness towards environmental issues.
Developed countries are investing in refurbishing existing grid infrastructure to cater to growing power needs and reduce carbon emission. Advancement in grid technology and upgrade in configurations to comply with green transformers will further complement the industry outlook.
Prominent players operating in the transformer monitoring system market are:-
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The post Digital Winding Transformer Monitors will continue To Grow Over 10.4% CAGR: FMI appeared first on Future Market Insights.
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