PUNE, India, November 4, 2016 /PRNewswire/ --
The 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 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.
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Browse 73 market data Tables and 58 Figures spread through 198 Pages and in-depth TOC on "Transformer Monitoring System Market"
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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 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.
Oil/Gas monitoring is the largest segment for services in the global Transformer Monitoring System Market
Oil/Gas monitoring, also known as Dissolved Gas Analysis (DGA), is the most common monitoring services for transformers, and has the largest share in the Transformer Monitoring System Market. Other key services in the market include bushing monitoring and partial discharge monitoring, which are expected to have high-growth opportunities during the forecast period. Partial discharge analysis offers predictive maintenance instead of reactive maintenance before the actual fault occurs, leading to lesser downtime.
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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.
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). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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