Transformer Monitoring System Market May Set New Growth Story

The Transformer Monitoring System Market is projected to grow from an estimated USD 1.47 Billion in 2016 to USD 2.68 Billion by 2021, at a CAGR of 12.77% from 2016 to 2021. Asia-Pacific is estimated to be the largest market for transformer monitoring system, followed by North America. This trend is expected to continue till 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.  The evolution of internet of things and big data analytics has spurred the demand for digitalization of utilities and smart grids investments, which are likely to drive the demand for transformer monitoring systems.

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. The power transformer segment accounted for the largest market share, which is attributed to government regulations targeting the monitoring and control of the transmission networks. These transformers operate on high voltages, and therefore, it becomes extremely vital to monitor them regularly as against time-based monitoring and maintenance.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=197443553

Asia-Pacific is expected to be the largest market for transformer monitoring system

In this report, the transformer monitoring system market has been analysed 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.

Some of the leading players in the Transformer Monitoring System Market include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).