PUBLISHER: Grand View Research | PRODUCT CODE: 1530413
PUBLISHER: Grand View Research | PRODUCT CODE: 1530413
Market Size & Trends
The global transformer monitoring system market size was estimated at USD 2.48 billion in 2023 and expected to grow at a CAGR of 9.1% from 2024 to 2030. The growing demand for reliable and efficient power distribution is a major driver of the market. Transformers are critical assets in the power grid, and unexpected transformer failures can be costly, both in terms of property damage and unplanned outages. Transformer monitoring solutions play a crucial role in reducing the risk of such failures by providing real-time insights into the health and performance of transformers. The increasing adoption of smart grid technologies, which rely on advanced monitoring and control systems, is another key driver.
As renewable energy sources become more prevalent, the need for accurate demand forecasting and proactive maintenance of transformers becomes even more important. Additionally, stringent regulations and safety standards are pushing utilities and industrial facilities to invest in transformer monitoring solutions that can detect issues early and prevent catastrophic failures. The availability of cost-effective, IoT-enabled monitoring technologies has further accelerated the growth of this market, as companies seek to optimize their transformer asset management and improve overall grid reliability and efficiency.
Global Transformer Monitoring System Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented global transformer monitoring systems market report based on component, type, services, voltage, application, and region:
U.S.
Canada
Mexico
Germany
UK
Italy
Spain
France
Russia
China
India
Japan
Australia
Brazil
Argentina
Saudi Arabia
South Africa
UAE