About the Transformer Monitoring Solutions Market
Transformer monitoring solutions play a significant role in monitoring and diagnosing transformer's health. Monitoring solutions help power utilities and end-users in the timely detection and identification of problems in transformers. This helps in reducing repairing costs. Transformer monitoring solutions integrate sensors, data management, and analysis with software applications. A monitoring solution collects data from the sensors and converts them into useable data. These monitoring solutions are mainly used by the power utility sector.
Technavio’s analysts forecast the global transformer monitoring solutions market to grow at a CAGR of 36% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global transformer monitoring solutions market for 2016-2020.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Transformer Monitoring Solutions Market 2016-2020
Technavio recognizes the following companies as the key players in the global transformer monitoring solutions market: ABB, GE, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: Advanced Power, BPL Global, Crompton Greaves, Dynamic Ratings, Eaton, Echelon, Elster Group, Hyosung Power & Industrial Systems, Hyundai Heavy Industries, Mitsubishi Electric, Tebian Electric Apparatus, and XD Group.
Commenting on the report, an analyst from Technavio’s team said: “One trend that will boost market growth is the introduction of automated high voltage transformer monitoring solutions. High voltage power transformers are used by the power industry worldwide to control and deliver electricity. But most of these transformers are over 50 years old, which means that they are nearing the end of their functional lifetimes. The simultaneous changes in the power industry such as deregulation measures have led to rising competition that has resulted in benefits for consumers in the form of lower prices, leaving less money for capital investment and maintenance activities. This has affected the working of these already antiquated transformers and led to blackouts becoming more common. Therefore, there is a growing need to extend the life of the transformers and improve their reliability.”
According to the report, a key growth driver is the increased demand for electricity in emerging markets. APAC is an emerging region undergoing significant changes. Countries such as China, Thailand, the Philippines, Vietnam, India, Japan, and Australia are witnessing extensive growth of their economies along with industrial development and commercialization. Therefore, demand for power in these countries is also increasing. According to the Asian Development Bank's new report, around 48 nations in the region will cumulatively raise electricity demand by almost 67% between 2010 and 2035.
Further, the report states that one challenge that could hamper market growth is the high price of transformer monitoring systems.
ABB, GE, Schneider Electric, Siemens, Advanced Power, BPL Global, Crompton Greaves, Dynamic Ratings, Eaton, Echelon, Elster Group, Hyosung Power & Industrial Systems, Hyundai Heavy Industries, Mitsubishi Electric, Tebian Electric Apparatus, XD Group.
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