According to a new market research report published by Credence Research “Transformer Monitoring Systems Market (By Application: Power Transformers and Distribution Transformers; By End-use Verticals: Residential, Industrial and Commercial) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the global market for transformer monitoring systems is estimated to reach US$ 3731.6 million in 2026.
Browse the full report at https://www.credenceresearch.com/report/transformer-monitoring-systems-market
Demand for uninterrupted supply of electricity across a wide range of sector verticals has increased with growing energy demand. To meet ever-increasing energy demand, governments around the world are exploring fresh possibilities, such as non-conventional energy sources and intelligent infrastructure. Transformer surveillance systems are increasingly being implemented at energy stations / plants to guarantee uninterrupted transmission and distribution of electricity. Continuous urban development and almost infinite demand for electricity supply have urged governments around the world to integrate transformer surveillance systems into their current electricity generation and distribution infrastructure.
Transformer surveillance systems help to evaluate the efficiency of transformers and deter future risks that may occur owing to malfunctioning. In 2016, in the U.S. amusement park, a power outage owing to a transformer failure left several drivers on their rides for lengthy hours. Similarly, a fault in the transformer led in power cuts for nearly 200 households in Rotorua Central, New Zealand, in 2017. Such power outage incidents owing to the failure of the transformers can be avoided by incorporating the surveillance devices into the electrical infrastructure. In addition, these schemes prevent precious waste of time and costs connected with the breakdown of transformers by tracking their operational efficiency in real time. The integration of sophisticated electronic control systems and big data analytics has improved the efficiency of contemporary transformer surveillance systems. Due to the merits and reliability of the transformer surveillance systems, their demand is anticipated to rise during the forecast period from 2018 to 2026.
Transformer monitoring systems market is fragmented and characterized by the presence of several international players. The manufacturers are focusing on acquiring contracts for smart power and distribution grid renovation projects. Companies are integrating advanced electronics and control systems in transformer monitoring systems, thereby enhancing its reliability. Transformer monitoring system manufacturers have been trying to compensate high setup cost of their products by enhancing the performance and expanding service offerings. Major players in transformer monitoring systems market include ABB Group, Advanced Power Technologies LLC, Camlin Power Ltd., Eaton Corporation Plc, EMCO ELECTRONICS LLP, GE Power, EDMI Ltd., Honeywell International, Inc., HZ Electric Inc., KJ Dynatech, Inc., Koncar- Electrical Engineering Institute, Inc., Schweitzer Engineering Laboratories, Inc., S&C Electric Company, Inc., Siemens AG and Wilson Transformer Company Pty Ltd.
- Continuously rising demand for uninterrupted electric supply worldwide
- Growing focus on using non-conventional energy sources to fulfill ever-increasing energy needs
- Expansion of existing transmission and distribution infrastructure
- Technological innovations in pre-existing products to improve system performance
- Growing demand from commercial end-use vertical boosting the overall transformer monitoring systems market
- Integration of enhanced control system and big data analytics to make transformer monitoring systems more reliable
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By Application Segment (2016–2026; US$ Mn)
- Power Transformers
- Distribution Transformers
By End-use Verticals Segment (2016–2026; US$ Mn)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America