Transformer Monitoring System Market
The transformer monitoring system market is growing at a rapid pace due to the growing digitalization in utilities encouraging the use of power transformers, and increasing global demand for clean and renewable energy generation. The market is expanding steadily, driven by the increasing concern related to asset management and operational effectiveness. Moreover, the growing demand and adoption of big data analytics technology and increasing investment in offshore wind farms are providing lucrative opportunities for market growth.
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Transformer Monitoring System Market Overview
A transformer monitoring system is a set of tools and technologies that are collectively used for collecting and analyzing data related to the working conditions and performance of transformers. The system is used for determining the status, quality, and performance of transformers and predicting their failure, providing early warnings and allowing users to implement proactive maintenance and replacement strategies. The transformer monitoring system collects data on numerous parameters, including load tap changer, cooling system, dissolved gas, partial discharge, bushing power factor, temperatures, pressure, and oil levels in the transformer. The market is driven by growing energy consumption, digitalization of factories, and increasing demand for transforming monitoring systems among energy and power generation industries.
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Transformer Monitoring System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the transformer monitoring system market analysis are component, service, and application.
Based on component, the transformer monitoring system market is divided into hardware and IT solutions. The hardware segment held a larger market share in 2023.
In terms of service, the transformer monitoring system market is divided into bushing monitoring, oil/gas monitoring, and others. The bushing monitoring segment held a larger market share in 2023.
On the basis of application, the market is segmented into distribution transformers, power transformers, and others. The power transformers segment held the largest share of the market in 2023.
Major Companies operating in the Transformer Monitoring System Market are:
ABB Ltd.
Eaton Corporation plc
Honeywell International Inc.
Schneider Electric SE
Siemens AG
Schweitzer Engineering Laboratories, Inc.
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