The transformer monitoring system market is projected to grow from an estimated USD 1.47 Billion in 2016 to USD 2.68 Billion by 2021, at a CAGR of 12.77% from 2016 to 2021. Asia-Pacific is estimated to be the largest market for transformer monitoring system, followed by North America. This trend is expected to continue till 2021. The global market is witnessing significant growth due to digitalization of utilities, renewable investments, and smart grid initiatives. Digitalization of utilities is the major factor driving the demand for transformer monitoring solutions.
The transformer monitoring systems market has been categorized into distribution transformers, power transformers, and others. Others include generator transformer and specialty transformer. The power transformer segment accounted for the largest market share in 2015, which is attributed to government regulations targeting the monitoring and control of the transmission networks. These transformers operate on high voltages, and therefore, it becomes extremely vital to monitor them regularly as against time-based monitoring and maintenance.
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Asia-Pacific is expected to be the largest market for transformer monitoring system
In this report, the transformer monitoring system market has been analysed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to be the largest market for transformer monitoring solutions; the region has the most number of developing economies with high capacity addition planned during the forecast period. Utilities are expected to adopt monitoring solutions as part of their plans for installing new transformers. Moreover, countries such as India and China have invested heavily in smart grids, in turn boosting the demand for transformer monitoring solutions.
The transformer monitoring system market is dominated by global players. Some of the key players operating in the market are ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).