Sarasota, FL, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Transformer Monitoring System Market (By Type: Services and Hardware; For Transmission & Distribution Transformer, Power Generation Transformer, and Other Applications): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global transformer monitoring system market was valued at USD 1.3 billion in 2016 and is expected to reach USD 2.53 billion in 2022, growing at a CAGR of 11.7% between 2017 and 2022.
A transformer is an electrical equipment that helps in varying the voltage of the electric current. When a safe amount of electric current is necessary to be supplied to the end users the stepping up and stepping down voltage of the transformer is important. The transformers utilized to ensure continuous and safe transmission of electricity from power generation plant to the end users have to be monitored constantly in real time. By installing a transformer monitoring system within transformer housing is vital. When faults and abnormality within circuit and grid have to be detected before the complete breakdown of the transformer occurs due to the requirement of transformer monitoring system which is very important.
Browse through 17 Market Tables and 45 Figures spread through 120 Pages and in-depth TOC on "Global Transformer Monitoring System Market: By Type, Application, Size, Share, Segments and Forecast 2016 – 2022”.
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Major driving factors for the growth of the transformer monitoring system market are increasing demand for renewable investment and smart grid initiatives. The global transformer monitoring system market offers new growth opportunities, due development of big data analytics and offshore wind farms. Cost barriers could be restraining factors for the transformer monitoring system market. The growth of power grid network depends on the growth of transformer monitoring system market in any location. The technology of transformer monitoring system has been advanced to a location where it can have a major effect on modern life.
Transformer monitoring system market is bifurcated on the basis of type and applications. On the basis of type, the global transformer monitoring system market is segmented into services, and hardware solution. Hardware solution market segment held the largest market share due to huge demand across the globe during the forecast period. Services segment is expected to observe the fastest growth during the forecast period.
On the basis of application, the transformer monitoring system market is segmented into transmission & distribution transformer, power generation transformer, and other. Others include specialty transformer and generator transformer. Power generator transformer segment is estimated to account for the largest transformer monitoring system market shares among all the applications. Power transformer qualified to government policy targeting the monitoring and control of transmission network. The overall electric power transmission and distribution infrastructure become an integral part of both power and distribution application. Remote monitoring is also a key focus area in most countries, which is driving the market.
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Asia Pacific was the most attractive and largest region which dominates the global transformer monitoring system market. In the Asia Pacific region countries such as India and China have registered huge demand in energy requirement making it attractive for the growth of the transformer monitoring system market. In India electrification of railway lines is moving very fast speed with plans made to convert the entire railway network to run on electricity. For the growth of the transformer monitoring system market, the urbanization of remote areas joined with growth in population is the another factor
Transformer monitoring system is used in Europe for various applications in industries such as transmission & distribution transformer, power generation transformer, and others. Western Europe may expect a slow growth remaining to the maturity attained in the power demands and power grid network. The new applications being considered on regular basis and new technologies being developed are rapidly changing in U.K. However, the decline in manufacturing activities in the region owing to high labor costs could dampen the demand for crystal oscillators in the region over the forecast period.
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Latin America is a developing market for transformer monitoring system. The Middle East & Africa crystal oscillators market is at a nascent stage except for some countries such as Israel, UAE, and Iran among others. As a result of government initiatives, regulation and policies, Middle East transformer monitoring system market is expected to grow rapidly in the upcoming years.
Some of the major players involved in the global transformer monitoring system market include ABB Ltd., Eaton Corporation PLC, General Electric., Honeywell International Inc., HZ Electric Inc., KJ Dynatech Inc., S&C Electric Company, Schneider Electric, Schweitzer Engineering Laboratories, Inc., Shanghai Kai People Electric Co., Ltd., Mitsubishi Corporation, Ningbo Ligong Online Monitoring Technology Co., Ltd., Siemens AG and Wilson Transformer Company.
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This report segments the global Transformer Monitoring System Market as follows:
Transformer Monitoring System Market: Type Analysis
- Services
- Hardware
Transformer Monitoring System Market: Application Analysis
- Transmission & Distribution Transformer
- Power Generation Transformer
- Others
Transformer Monitoring System Market: Regional Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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