According to the new market research report „Transformer Monitoring System Market by Type (Hardware Solutions and IT Solutions), Application (Distribution Transformers, and Power Transformers), Service (Oil/Gas Monitoring, and Bushing Monitoring), and Region – Global Forecast to 2021“, published by MarketsandMarkets™, The transformer monitoring system market is expected to grow from an estimated USD 1.47 Billion in 2016 to USD 2.68 Billion by 2021, registering a CAGR of 12.77% from 2016 to 2021. The global market is witnessing significant growth due to digitalization of utilities, renewable investments, and smart grid initiatives. Digitalization of utilities is the major factor driving the demand for transformer monitoring solutions.
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The power transformer segment is expected to hold the largest share of the transformer monitoring system market, by application, during the forecast period
The power transformers segment is the largest in the applications of the transformer monitoring system market. This share is attributed to grow because of government regulations targeting the monitoring and control of the transmission networks. Remote monitoring is also a key focus area in most countries, which is driving the market.
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144 – Pages
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Application:
- Distribution Transformers
- Power Transformers
- Others (Generator Transformer and Specialty Transformer)
Asia-Pacific: The leading market for transformer monitoring system
In this report, the transformer monitoring system market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to be the largest market for transformer monitoring solutions; the region has the most number of developing economies with high capacity addition planned during the forecast period. Utilities are expected to adopt monitoring solutions as part of their plans for installing new transformers. Moreover, countries such as India and China have invested heavily in smart grids, in turn boosting the demand for transformer monitoring solutions.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the transformer monitoring system market. These players include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).
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