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Transformer Monitoring System Market is set to growth with market value of $3.2 billion and is considered as one of the fast growing global market in transformer industry during 2019 and 2025. Growth in power consumption along with emerging market trends of IoT adoption in distribution transformers monitoring and shift towards smart grid networking are key factors shaping the market growth, finds Ayesha, research analyst at OG Analysis.
Transformer Monitoring Solutions market is largely fragmented and is characterized by presence of large number of local and global players. The industry is also witnessing increased merger and acquisition activities as inorganic growth remains the preferred mode of expansion for most companies.
Next generation transformer systems are increasingly being researched and developed by key market OEMs. To ensure sustainable business growth in the medium to long term future, all major suppliers are investing in advanced Transformer monitoring systems with sophisticated functionalities.ABB, Alstom, and Siemens are the leading vendors in the market.
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Increasing installation of new transformers and upgrading or replacement of aged transformers is considered as the prominent market driver for monitoring companies. Accordingly, significant portion of replacement requirements in Asia Pacific and Middle East African countries will fuel the Transformer monitoring systems market demand.
Despite cost savings over the lifetime of systems, high switching costs restrict buyers from rapidly embracing advanced systems. In addition, low profit margin due to intense competition from domestic and global suppliers, the market faces price challenges.
Global electricity consumption growth is set to drive the market growth over coming years
Transformer monitoring systems market looks promising with strong growth prospects over the future period attributed to large consumption of electricity and power. Accordingly, from less than 22,000 TWh, the global electricity demand is forecast to increase to 30,000 TWh between 2017 and 2030.
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Developing economies will account for the largest share of new demand, driven by rapid economic and population growth, the need for more goods and services as well as strong policy push towards electrification, as studied by IEA.
Increase in demand requires continuous power supply, thereby driving power stations, sub-stations and step-up/step-down power transformers and distribution transformers. Efficient operation of these transformers requires installation of advanced transformer monitoring solutions.
Consumption of key transformer monitoring systems types is set to expand the market size
Among the transformer monitoring systems types, power monitoring systems holds about 54.1% transformer monitoring systems market share in 2018. Growth in market segment is driven by power monitoring transformers systems serving end users in industrial and commercial sectors to avoid idle times, reduce losses and accidents.
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Whereas, distribution transformer monitoring (DTM) system is an end-to-end service for electricity distribution companies looking to manage their low voltage transformers and downstream networks. Accordingly, the demand for monitoring these transformers is large and presents potential transformer monitoring systems market opportunities for suppliers.
Power Breakdown challenges in emerging economies pave potential market opportunity
A significant portion of developing and less developed countries face tough challenges in electricity distribution in terms of breakdowns and frequent outages. For instance, in India, China and South East Asia, breakdowns due to load mismanagement, transmission and distribution losses play a prominent role in power supply interruptions. Accordingly, these countries are planning to install transformer monitoring systems to reduce overall maintenance and overhead costs.
Further, in Asian markets, the transformer monitoring systems market competition is intense with local domestic vendors offering cheaper solutions such as DGA, RTD, bushing monitors, temperature monitors along with customization of functionalities and service aspects.
Whereas, rapidly varying industrial working environment and swift industrialization, big data analytics, automation and internet of things are triggering marker growth across developed regions. Companies operating in the US are focusing on new training services and centres to expand their business. For instance, in September 2017, OMICRON opened its new service center in Stafford to offer training in protection testing, power transformer testing & monitoring, instrument transformer testing, and rotating machines monitoring.
Key Industry developments in the industry showcase huge market opportunity over the forecast period
Key players in the transformer monitoring system market are providing innovative and cost effective solutions to mark significant growth across industrial and domestic end users. For instance, in 2108, H2scan launched a new hydrogen sensor system for industrial markets which allows monitoring of distribution transformers, provides hydrogen gas safety sensing and will cost up to 80% less.
Further, key market vendors are entering into alliances and acquisition to expand their product line. For example, in 2019, Maschinenfabrik Reinhausen GmbH (MR) completed the acquisition of CEDASPE Power S.r.L. and ETI Elettrindustria S.r.L. to expand its product portfolio in regards the accessories and components for distribution and power transformers.
Presence of key players is boosting the growth of market, Schneider Electric SE, ABB Ltd, General Electric Company, Honeywell International Inc, Mitsubishi Electric Corporation, BPL Global LLC, Dynamic Ratings Pvt. Ltd., FISO Technologies Inc, and Echelon Corporation are major players operating in the transformer monitoring system market.
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