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. Transformer Monitoring System Market is expected to grow over the CAGR of around 12% during the period 2016 to 2022
The key players of Transformer monitoring system market are
- ABB automation company Ltd. (Switzerland,),
- General Electric Company (U.S.),
- Schneider Electric S.E. (France),
- Siemens AG (Germany),
- Advanced Power AG (Switzerland),
- BPL Global LLC (U.S.),
- Crompton Greaves Ltd. (India),
- Dynamic Ratings Pvt. Ltd. (U.S.),
- Eaton Corporation Plc. (Republic of Ireland),
- Echelon Corporation (U.S.),
- Elster Group SE (Germany),
- Hyosung Corporation (South Korea)
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Market Research Analysis
Among all applications, the power transformer segment in the transformer monitoring system market is expected to grow, owing to the strict government regulations for control of transmission networks and monitoring. Among all services, oil and gas monitoring is the most widely used monitoring services for transformers. The rising applications of transformer monitoring system in the oil and gas industry is driving the demand for transformer monitoring systems.
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.
Scope of the Report
This study provides an overview of the Global Transformer monitoring system market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Transformer monitoring system market by its type, service, application and region.
- Hardware Solutions
- Software Solutions
- Oil/Gas Monitoring
- Bushing Monitoring
- Distribution Transformers
- Power Transformers
- North America
- Asia Pacific
- Rest of the World
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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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