Growing Demand for Smart Grids to Drive Global Transformer Monitoring System Industry
Transformer monitoring systems are hardware/software systems that monitor the activity of transformers in order to ensure steady, fault-free operation. The increasing demand for smart grid networks in emerging areas around the world is likely to be the major driver for the Global Transformer Monitoring System Industry over the forecast period, according to a new report from Market Research Future (MRFR). Transformer monitoring systems are a highly important component of electrical power distribution networks and are likely to exhibit increasing demand over the forecast period. The increasing presence of different subsets of end users requiring different levels of electrical power is likely to be a major driver for the global transformer monitoring systems market over the forecast period.
Transformers are an electrical component used to increase or decrease the voltage of the electric current in the mainline grid. The role of transformers in large-scale electricity distribution systems is enormously important. A significant amount of electrical energy is lost during long-distance transmission of an electric current. However, this wastage can be minimized by maximizing the voltage during long-distance transmission. Thus, transformers are used to “step up” the voltage in a mainline grid system before the electricity is sent across the board to the various branches of the grid system. This ensures minimal power loss during transmission. However, the high voltage maintained during long-distance transmission cannot operate household appliances, as the latter run on a lower level of voltage. Thus, transformers are also used in the reverse operation of reducing the voltage in the current, known as “stepping down”, before the electricity is sent to individual end users.
The two-way application of transformers in electricity grids has made them a highly important part of the energy sector in recent years. This makes protection of the transformers vital for the health of the overall electricity grid. Transformer monitoring systems are used to this end, in order to ensure steady operation of transformers and to eliminate any risk of damage to the device.
Increasing Electrification Projects to Drive Transformer Monitoring System Market
The increasing efforts from governments, especially in developing countries, to achieve 100% electrification have been a major driver for the global transformer monitoring system market, as these initiatives have driven the demand for transformers, thus leading to a growing demand for the various accessories and complementary equipment needed to operate transformers in a safe and sustainable manner.
Countries such as India and China are at the top of the pile when it comes to electrification efforts, with the Narendra Modi-led government in India making it a top priority to achieve 100% electrification and the Chinese government also making major efforts to provide power to every last village in the massive country. These two countries have also emerged as major players in the development and technological innovation of electrical components, leading to strong prospects for the transformer monitoring system market in the region.
Growing Demand for Smart Grids to Drive Global Transformer Monitoring Systems Industry
The growing demand for smart grid technology across the world is likely to be a major driver for the transformer monitoring systems market over the forecast period. Smart grids have proven to be of major benefit in eliminating power wastage along transmission lines and ensuring equitable distribution of electric power to various end users. Transformer monitoring systems are likely to play a huge role in smart grid systems, as stepping the voltage up or down according to the requirements is a major task for smart grid systems. The need to distribute varying levels of voltage to different end-use applications, such as industrial and residential, is likely to be a major driver for the transformer monitoring systems market over the forecast period.
Asia Pacific is likely to dominate the global transformer monitoring systems market over the forecast period, with India and China emerging as the leading players in the global market.
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