Higher traction in transformer monitoring systems to steer the global market revenue growth by more than 2.6x during 2017-2027
Global Transformer Monitoring System Market: Forecast Analysis
The global market for transformer monitoring system market is anticipated to register significant growth during the forecast period, 2017-2027. Research says that the global transformer monitoring system market is projected to grow at a stellar CAGR of 10.4% during the period of assessment to reach a value of more than US$ 3 Bn by the end of the assessment year from a valuation of US$ 1346.3 Mn in 2017.
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Global Transformer Monitoring System Market: Segmental Snapshot
The global transformer monitoring system market is segmented by product, by installation type, by application, by end use and by region.
By product type, the market is segmented by hardware and software. Hardware is further categorized by direct winding transformer monitors and intelligent transformer monitors. Of these, the digital winding transformer monitors segment is leading in terms of high market value and is expected to grow at a high value CAGR of 10.4% throughout the period of assessment. The software segment is expected to register a CAGR of 10.3% during 2017-2027 and is estimated at US$ 277.6 Mn in 2017
By installation type, retrofit segment is expected to reflect high market valuation by the end of the period of assessment. However, the new installation segment is poised to grow at a comparatively faster pace to register a CAGR of 11.0% throughout the period of assessment
By application, the bushing monitoring segment is dominating the market and is expected to provide huge opportunities to players in the coming years. It is projected to rise at a CAGR of 12.1%
By end use, power transformers segment shows high market attractiveness during the period of forecast. The distribution transformers segment, on the contrary, is expected to grow at a higher pace in the years to follow to register a CAGR of 10.7%
By region, Asia Pacific excluding Japan (APEJ) is expected to show high potential for the growth of transformer monitoring systems. The transformer monitoring system market in APEJ is expected to lead the global market in terms of value and is estimated to showcase a high valuation of about US$ 1.2 Bn by 2027 end
Global Transformer Monitoring System Market: Factors Impacting Revenue Growth
Ageing power infrastructure, increasing need for monitoring large and complex power networks, rising demand for retrofit installations, increasing renewable energy penetration to accelerate demand for transformer monitoring systems, rising focus on grid reliability, emerging green power transformers, rising electricity consumption, expanding wind and solar energy sectors, rising investment in power systems network, investment in smart grid infrastructure by utilities and reforms to strengthen electricity infrastructure have propelled the growth of the global transformer monitoring system market. However, factors such as high installation costs of transformer monitoring systems, unpredictable regulations and policies and capital supply constraints have challenged the growth of the global market for transformer monitoring systems.
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Global Transformer Monitoring System Market: Competition Analysis
The research report on global transformer monitoring system market includes a detailed market assessment that includes competition tracking along with key developments undertaken by the competitor, SWOT analysis, company overview, strategies undertaken, mergers and acquisitions, product portfolios etc. Major Companies such as ABB Group, Siemens AG, General Electric, Mitsubishi Electric Power Products, Inc., Eaton Corporation, Hitachi Ltd., Qualitrol Company LLC, Koncar-Electrical Engineering Institute Inc., Maschinenfabrik Reinhausen GmbH (MR), CETT Co., Ltd., Groupe Cahors, Camlin Power, MTE Meter Test Equipment AG and Advanced Power Technologies LLC have been assessed during the course of the research.
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