Zion Market Research has published a new report titled “Transformer Monitoring System Market (By Type: Services and Hardware; For Transmission & Distribution Transformer, Power Generation Transformer, and Other Applications): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. 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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A transformer is an electrical equipment that helps in varying the voltage of the electric current. When a safe amount of electric current is necessary to be supplied to the end users the stepping up and stepping down voltage of the transformer is important. The transformers utilized to ensure continuous and safe transmission of electricity from power generation plant to the end users have to be monitored constantly in real time. By installing a transformer monitoring system within transformer housing is vital. When faults and abnormality within circuit and grid have to be detected before the complete breakdown of the transformer occurs due to the requirement of transformer monitoring system which is very important.
Major driving factors for the growth of the transformer monitoring system market are increasing demand for renewable investment and smart grid initiatives. The global transformer monitoring system market offers new growth opportunities, due development of big data analytics and offshore wind farms. Cost barriers could be restraining factors for the transformer monitoring system market. The growth of power grid network depends on the growth of transformer monitoring system market in any location. The technology of transformer monitoring system has been advanced to a location where it can have a major effect on modern life.
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Transformer monitoring system market is bifurcated on the basis of type and applications. On the basis of type, the global transformer monitoring system market is segmented into services, and hardware solution. Hardware solution 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 other. 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. Power transformer qualified to government policy targeting the monitoring and control of transmission network. The overall electric power transmission and distribution infrastructure become an integral part of both power and distribution application. Remote monitoring is also a key focus area in most countries, which is driving the market.
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The Asia Pacific was the most attractive and largest market region dominates the global industry in transformer monitoring system market. In the Asia Pacific region countries such as India and China have registered higher demands in energy requirement making it an attractive view for the growth of the transformer monitoring system market. 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. As a part of their plans for installing a new transformer, utilities are expected to implement monitoring solution.
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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