Transformers are electrical equipment that help in fluctuating the voltage of the electric current. This is important when a specific amount of electric current is required to be supplied to the end users. The growth of the global transformer monitoring system market is driven by the increasing number of power grid networks in any region. The growth of the market is also driven by rapid installation of power transformers led by the increased demand of energy generation from both renewable and non-renewable sources of energy. The installation of a huge number of distributor transformers for fulfilling the ever-increasing need for power transmission and distribution in a cost-effective manner, is also driving the growth of the global transformer monitoring system market. This growth can, however, be restrained by factors such as the high investment cost for installation of transformer monitoring systems and the high maintenance cost so as to ensure smooth functioning and real time monitoring of such systems.
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The report for Transformer monitoring system market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market.
Asia pacific is expected to be the largest market for transformer monitoring system due to the planned investments for the increased power capacity utilization required in the region. The developing nations such as India and China have invested heavily in smart grids, which is boosting the demand for transformer monitoring solutions. Rapid urbanization has resulted in rise in demand for power and individuals, which ultimately results in increasing demand in the transformer monitoring market.
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The key players of Transformer monitoring system market are ABB automation company Ltd. (Switzerland,), General Electric Company (U.S.), Schneider Electric S.E. (France), Siemens AG (Germany), Advanced Power AG (Switzerland), BPL Global LLC (U.S.), Crompton Greaves Ltd. (India), Dynamic Ratings Pvt. Ltd. (U.S.), Eaton Corporation Plc. (Republic of Ireland), Echelon Corporation (U.S.), Elster Group SE (Germany), Hyosung Corporation (South Korea) and others.