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The global transformer monitoring system market is forecasted to grow at a significant level, during the forecast period (2016 - 2022), on account of increasing digitalization of utilities, renewable investments and smart grid initiatives.
Transformer monitoring systems could be used to monitor and diagnose the health of transformers and these systems help the end users to detect and identify failures in transformers that is expected to reduce the repairing costs. Increasing energy demand from developing nations and growing incidences of power outages in developed and developing countries is expected to augment the demand for transformer monitoring systems across the globe, during the forecast period. Additionally, the demand for transformer monitoring systems is continuously increasing that helps in keeping industries and power utilities updated on the condition of transformers and helps in identifying and rectifying problems at the earliest. Based on type, the transformer monitoring system could be segmented into hardware solutions and IT solutions. Hardware solutions is expected to be the larger revenue contributor to the global transformer monitoring system market, during the forecast period; however, IT solutions is forecasted to witness faster growth rate, during the same period.
The transformer monitoring system market could be categorized into power transformers, distribution transformers and others, based on application. Others segment includes generator transformers and specialty transformers. The power transformers segment is expected to be the largest segment in the global transformer monitoring system market, in terms of value, owing to government regulations targeting the monitoring and control of transmission networks. These transformers operate on high voltages, which demands their regular monitoring and maintenance.
Asia-Pacific is expected to be the largest transformer monitoring system market, in terms of value, during the forecast period, on account of increasing incorporation of monitoring solutions for utilities into their existing transformers and capacity addition in the developing countries. China and India are expected to emerge as the fastest developing nations in the regional market for transformer monitoring systems, due to increasing need for efficient power supply and huge investments made by these countries in smart grids, which creates huge demand in the global transformer monitoring system market. The presence of local companies providing low-quality transformer monitoring systems in countries such as China and other South Asian countries creates tough competition for global market players, which in turn affects the revenue of established players.
Major players operating in the global transformer monitoring system market are ABB Ltd., Eaton Corporation Plc., General Electric, Schneider Electric, and Siemens AG, among others. Other players in the global transformer monitoring system market include Advanced Power Technologies LLC., BPL Global LLC, Crompton Greaves, Dynamic Ratings, Echelon Corporation, Elster Group, Hyosung Power & Industrial Systems, Hyundai Heavy Industries Co., Ltd, Mitsubishi Electric Corporation, Tebian Electric Apparatus (TBEA) and XD Group.