In 2021, the electrical device-keeping system market grew by 10.9 percent year over year, owing to the rising deployment of inexperienced transformers, which led to upgrades in associated monitoring systems and increased emphasis on improving the facility grid’s reliability.
According to FMI, revenue from transformer monitoring systems increased by 8.5 percent between 2016 and 2020. Between 2021 and 2031, the market is expected to grow at a 10.1 percent compound annual growth rate (CAGR).
Governments all across the world are focusing on making their rural communities more exciting. This has resulted in massive and complex electricity and grid network. Electrical device monitoring systems aid in the monitoring, inspection, and maintenance of such a network, as well as the prevention of power outages caused by electrical device failure.
These factors, combined with an increased investment to repair aging power infrastructure to meet rising electricity demand, are expected to promote market growth throughout the forecast period.
Due to their reduced carbon footprint, great efficiency, and dependability, green transformers are becoming increasingly popular. Retrofit installations are necessary to monitor these new transformers. In the next years, increased demand for retrofit transformer monitoring systems will be fueled by rising renewable energy penetration and green transformer sales.
Global electricity consumption hit 22,848 TWh in 2019, according to the International Energy Agency. More than 39% of global consumption is accounted for by China, India, Russia, and Brazil. Over the projection period, rising electricity demand in developing countries will enhance market sales.
FMI’s Transformer Monitoring System Market Study Highlights
- Due to fast industrialization and the growing need to improve transformer monitoring systems in the United States and Canada, the North American transformer monitoring system market will rise at a staggering 10.6 percent CAGR through 2031.
- During the forecast period, the Europe transformer monitoring system market, driven by Germany, is expected to develop at a 7.6% CAGR. The increased use of green transformers, as well as the existence of prominent manufacturers in the region, can be ascribed to the increase in growth.
- The need for transformer monitoring systems in India would be driven by the adoption of contemporary monitoring systems to address power outages and related concerns in urban areas.
- In 2021, Japan and South Korea will account for 3% of the worldwide transformer monitoring system market. In these countries, the growing requirement to monitor huge and complex power networks, as well as the rising demand for retrofits, are major growth drivers.
- The software segment is expected to surpass the market worth of US$ 277 in 2021, with a CAGR of 10.3 percent. The inclusion of the internet of things (IoT) in monitoring systems, as well as advancements in big data analytics, will drive market expansion in this area.