Market
Highlights
The global transformer monitoring system
market is growing due to its enhanced features such as improving safety and
providing reduction in cost. Transformer monitoring systems provide real time
monitoring of the transformer functioning, which further contributes to the
growth of the market. Huge investments into digitization and smart grids are
expected to further drive the demand for transformer monitoring systems. The
ability of transformer monitoring systems to provide early intimation in case
of malfunctioning of the transformers, also contributes to the growth of the
market. The abilities of transformer monitoring systems to lower the risk in
case of expensive power outages, to reduce on-site inspection, and to improve
the life of the transformers help in improving preventive maintenance and
faster reaction in times of failures.
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Industry
Overview
The growth of the global transformer
monitoring system market is attributed to factors such as the digitalization of
power utilities and the rapidly increasing demand of smart grid initiatives.
The market is expected to grow further during the forecast period with the
increase in use in offshore wind farms and the growth in big data analytics.
The rise in power cuts is also creating a demand for transformer monitoring
systems. The market is also expected to grow due to increased demand from the
manufacturing sector for continuous power supply and better monitoring of
transformers for ensuring timely and better production in the manufacturing
plants. The growth of the market is restrained by the low awareness among users
of transformers and the high installation costs.
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Industry
Segmentation
The report has been analyzed based on the
types, services, applications and regions. Among applications, the distribution
transformers segment is expected to grow rapidly. Both power and distribution
transformers, form a fundamental part of the electric power transmission and
distribution infrastructure. The number of distribution transformers is more
than that of power transformers in any network. Therefore, increase in the
construction of new power transmission and distribution infrastructures is
expected to result in an increased demand for distribution transformers.
Regional
Outlook
The Asia Pacific region is expected to
dominate the global transformer monitoring solutions market during the forecast
period, owing to rapid pace of power utilities and increasing incorporation of
monitoring solutions into their existing transformers. Developing nations such
as India and China are expected to foster the need for efficient electric power
supply, which is expected to result in
market growth during the forecast period.
Key
Players
The key players of Global Transformer
monitoring system market are ABB automation company (Switzerland,), General
Electric Company (U.S.), Schneider Electric SE (France), Siemens AG (Germany),
Advanced Power AG (Switzerland), BPL Global
LLC (U.S.), Crompton Greaves Ltd. (India), Dynamic Ratings (U.S.), Eaton
Corporation Plc. (Republic of Ireland), Echelon Corporation (U.S.), Elster Group
SE (Germany), Hyosung Corporation (South Korea) and others.
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