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 transformer monitoring systems market is estimated to reach US$ 3731.6 Mn in 2026.
Demand for uninterrupted electricity supply across diverse industry verticals has been increasing with rising energy demand. In order to suffice ever rising energy demand, governments worldwide are exploring new avenues such as non-conventional energy sources and smart infrastructures. Transformer monitoring systems are increasingly deployed at power stations/plants to ensure uninterrupted transmission and distribution of electricity. Continuous expansion of cities and almost endless demand for electricity supply encouraged the governments worldwide to incorporate transformer monitoring systems into their existing electricity generation and distribution infrastructure.
Transformer monitoring systems aid in evaluating the performance of transformers and prevent potential hazards that may arise due to malfunctioning. In 2016, in an amusement park in the U.S., a power outage due to transformer failure left several riders wedged on their rides for long hours. Similarly, in 2017, a fault in transformer resulted in a power cut for almost 200 families in Rotorua Central, New Zealand. Such power outage incidents due to transformer failure can be prevented by integrating transformer monitoring systems into electric infrastructures. Furthermore, these systems avert valuable wastage of time and cost associated with transformer breakdowns by monitoring its operational performance in real-time. Integration of advanced electronic control system and big data analytics have enhanced the performance of modern transformer monitoring systems. Owing to merits and reliability offered by the transformer monitoring systems, their demand is expected to witness an upsurge 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.
The complete report is available at http://www.credenceresearch.com/report/transformer-monitoring-systems-market
- 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