The
Global Transformer Monitoring market is expected to grow at a CAGR of 45
percent from 2016 to 2024. Growing demand for electricity across the world is
expected to be the major driving factor for the market growth. Transformer
monitoring is carried out to diagnose and monitor the efficiency of the device.
Monitoring and controlling these devices helps the end users to identify and
detect failures in these devices thus saving additional costs including
repairing and replacement cost. Emerging economies are expected to witness high
demand for owing to increasing consumption of electricity. The increasing incidences of electricity and
power outages are expected to propel the market demand for transformer
monitoring systems over the forecast period. Increasing Manufacturing
industries require constant power supply to their facilities in order to carry
out their production processes effectively. Therefore, power breakdown is
considered to be a major challenge to these industries that may lead to high
overhead and additional cost.
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Transformers
are used to increase or decrease the alternating voltages in electric power
applications transferring power from one circuit to another thus these devices
play a major role in large facilities that require high power and voltage. They
provide appropriate voltages to other devices thus avoiding power outages.
Subsequently, the need for transformer monitoring structure is constantly
increasing as they help and provide power utilities and industries to
constantly update on the transformer's behavior and condition to help in
identifying and rectifying any problem at the earliest. Many utilities in the
U.S. are expected to adopt advanced transformer technologies over the forecast
period to increase distribution efficiency and reliability coupled with
operating cost and customer service. Increasing intelligent transformers is
also anticipated to play a major role in assisting other smart grid
applications including monitoring, power quality, improved outage detection,
theft reduction, and closed-loop volt/VAR control.
The
need for upgrading and replacement of aging transformers is one of the major
drivers for the market. These factors are expected to steer the transformer
monitoring market demand. Transformers play an important role in transporting
power to distribution devices for commercial establishments, industrial
facilities, and homes. Unexpected damage or failure in aging transformers is
anticipated to witness serious repercussions resulting in loss of power ranging
between few minutes to long hours. Augmented monitoring of distribution
transformers is anticipated to be one of the key trends upcoming in the market.
Many power utility companies have started spending on secondary transformer
monitors, that are used to monitor vault, pad-mounted and pole-mounted,
distribution transformers. Absence of awareness in transformer monitoring
solutions is expected to be one of the key challenges in the global market. The
end-users including industries and power utilities may not be having the
knowledge regarding the benefits and use of these monitoring solutions.
The
Global Transformer Monitoring Solutions market has also been witnessing the
development of smart transformer monitoring systems. However, the high price of
transformer monitoring systems could pose a challenge to the growth of this
market. On the basis of application, the global market has been segmented into
distribution and power transformers. Distribution segment are expected to have
the largest market share owing to higher number of distribution systems
compared to power systems. Service or a distribution transformer provides the
voltage transformation in electric power distribution system, by stepping down
the voltage as per the customer requirements from the amount of voltage that
has been used in distribution lines. Asia Pacific transformer monitoring market
is expected to hold the largest market share in the global and is estimated to
account for about 44% of the total revenue generated by the global transformer
monitoring market over the forecast period. Increasing population in emerging
economies including China and India is expected to steer the demand for
efficient electricity supply, thereby increasing the need for enhanced
monitoring systems.
Growing
manufacturing facilities and industries in countries including China, U.S,
Brussels, South Korea, Japan Germany and India as technology continues to
advance exponentially, thereby increasing the demand for enhanced products and
devices is consequently expected to steer the transformer monitoring market
Many power utilities are developing their production by incorporating efficient
monitoring solutions into their prevailing transformers Key vendors in the
transformer monitoring market are Alstom SA, ABB Ltd., Schneider Electric,
Siemens AG and GE Co. Other industry participants include Eaton Corp., Advanced
Power Technologies LLC, Cooper Power Systems Inc., BPL Global Ltd., Dynamic
Ratings Inc., Elster Group SE, Echelon Corp., XD Group, Hyundai heavy
industries Co. Ltd, Tebian Electric Apparatus Stock Co, Mitsubishi Electric
Corp and Crompton Greaves Ltd. In 2013, GE power systems acquired U.S. based
SYPTOTEC that manufactures and supplies services to manage and monitor oil filled
power transformers to increase reliability and reduce outages. This acquisition
has been initiated to enhance and integrate GE substation automation and also
to expand its portfolio globally.
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