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Global Transformer Monitoring System Market will grow at 11.7% CAGR to exceed $ 2.53Bn by 2022

News   •   Jan 18, 2018 06:52 EST

The transformer monitoring system is defined as an assembly of components built together in order to sense and monitor different parameters of a pole mounted transformer or ground transformer that is essential to its functionality. Generally, the transformer monitoring system has the capability of monitoring the transformer’s current, voltage, phase angle, and temperature among others. The overall goal of the transformer monitoring system is to efficiently and accurately read and record valuable information about pole mounted transformer or those which lie on the ground. Transformer monitoring system is a real time device that monitors a transformer. To lower electrical downtime of a power generation unit this device surface approach for a smarter grid system technology.

According to the report, global transformer monitoring system market was valued at USD 1.3 billion in 2016 and is expected to reach USD 2.53 billion in 2022, growing at a CAGR of 11.7% between 2017 and 2022.

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The transformer monitoring system is segmented on the basis of type and applications. On the basis of type, the global transformer monitoring system market is segmented into services and hardware. Hardware market segment held the largest market share due to huge demand across the globe during the forecast period. Services segment is expected to observe the fastest growth during the forecast period. On the basis of application, the transformer monitoring system market is segmented into transmission & distribution transformer, power generation transformer, and others. Others include specialty transformer and generator transformer. Power generator transformer segment is estimated to account for the largest transformer monitoring system market shares among all the applications. The power transformer is qualified to government policy targeting the monitoring and control of transmission network.

Increasing demand for renewable investment and smart grid initiatives are expected to remain major driving factors for the growth in transformer monitoring system market. Cost barriers could be restraining factors for the transformer monitoring system market. The global transformer monitoring system market offers new growth opportunities, due to development of big data analytics and offshore wind farms. The technology of transformer monitoring system has been advanced to a location where it can have a major effect on modern life. The growth of power grid network depends on the growth of transformer monitoring system market in any location.

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Based on regional segmentation, Asia Pacific was the most attractive and largest market for transformer monitoring system in 2016. In the Asia Pacific region countries such as India and China have registered huge demand for energy requirement making it an attractive aspect for the growth of the transformer monitoring system market. As a part of their plans for installing a new transformer, utilities are expected to implement monitoring solutions. In the developed regions such as North America, Western Europe, and Japan the market of transformer monitoring system may expect a slow growth due to the maturity attained in the power demands and power grid network.

Some of the major players involved in the global transformer monitoring system market include ABB Ltd., Eaton Corporation PLC, General Electric, Honeywell International Inc., HZ Electric Inc., KJ Dynatech Inc., S&C Electric Company, Schneider Electric, Schweitzer Engineering Laboratories, Inc., Shanghai Kai People Electric Co., Ltd., Mitsubishi Corporation, Ningbo Ligong Online Monitoring Technology Co., Ltd., Siemens AG and Wilson Transformer Company

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