Transformer Market Share

Transformer Market Share Analysis

Additionally, power utilities are incorporating sensors and software into the grid, enabling two-way communication for distribution, automation, monitoring, and control. These digital components play a crucial role in helping utilities identify faults and outages, manage voltage variations (voltVAR), and optimize the real-time distribution of energy resources (DERs). The shift toward digitalization has resulted in the replacement of traditional substation equipment with modern digital components, enhancing capacity and improving the safety and functionality of substations. For example, transformers now come equipped with monitoring systems that enable the digital monitoring of their functions, allowing for the early detection of any potential failures and preventing financial losses for the utility.

Moreover, the broader trend of Digitalization of Everything (DOE) in power utilities is contributing to the growth of advanced analytics, machine learning, and artificial intelligence (AI). These technologies play a pivotal role in efficiently capturing large amounts of data and driving operational improvements. The integration of artificial intelligence and robotics reduces manual intervention and optimizes workforce utilization. These factors collectively propel the global growth of the transformer monitoring system market.

Electricity is a cornerstone of modern life, shaping the world we live in and influencing our quality of life. It serves as a driving force for overall economic development and societal evolution. Power utilities worldwide are tirelessly working to ensure uninterrupted electricity supply to every corner of the globe. To enhance the efficiency of the overall power ecosystem, improve grid reliability, access real-time information, and increase energy savings through operational efficiency, digital transformation is imperative.

Most utilities globally are actively moving towards digitalization, incorporating smart meters and advanced metering infrastructure. These technologies enable the real-time collection of usage data from customers, along with control functions such as time-based rates and demand response. For example, CenterPoint Energy in the United States installed an advanced metering system, SCADA mobile data platform, and a customer vision platform to strengthen the connection between the company and its customers. Similarly, General Electric launched a smart grid test program, demonstrating the potential integration of digitally equipped customer devices with General Electric's smart grid for customer energy programs.

The global demand for electricity is anticipated to surge in the coming years due to population growth, rapid urbanization, infrastructure development, and increased access to electricity.