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.
Adapting to the recent novel COVID-19 pandemic, the
impact of the COVID-19
on Transformer Monitoring System Market is included in the present
report.
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.
Asia Pacific accounts for the highest
market share
Asia-pacific
region is expected to grow rapidly in the transformer monitoring system market owing to heavy investments into smart grids by developing nations
such as India and China. Electrification of railways in the region is also
expected to drive the transformer monitoring system market in the region. The
growth of Europe region is expected to be driven by the rapid growth in the use
of transformer monitoring for industrial process. The increase in demand of
transformer monitoring systems by the ongoing large-scale construction projects
is further expected to drive the growth of the market in the region.
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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NOTE: Our team of researchers are studying
Covid19 and its impact on various industry verticals and wherever required we
will be considering covid19 footprints for a better analysis of markets and
industries. Cordially get in touch for more details.
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