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The demand for electricity has been rising over the years and is expected to continue to grow. The transformers which are used to regulate the flow of electricity form an essential part of the system. The uninterrupted power supply-demand is catered with the help of transformers; therefore, the monitoring systems have become more critical.
The operational safety, data storage and more reliability offered by the transformer monitoring systems have seen an increase in the number of their installations around the world. Transformer monitoring systems help the end-users to detect and identify the failures in transformers which further reduce the servicing cost.
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Replacing the existing grids, expansion of the distribution network with the aim of rural electrification has also fuelled the growth of the global transformer monitoring system market. Application of the transformers in the distribution and power generation networks are the main sectors for the deployment of the monitoring systems.
On the basis of its type, the global transformer monitoring system market is segmented into hardware and software solutions. The growing distribution network for electricity has seen the hardware segment dominate the global transformer monitoring system market. Based on service, the global transformer monitoring system market can be segmented into oil/gas monitoring, bushing monitoring, temperature monitoring, and partial discharge monitoring.
As the bushing monitoring keeps a check on the condition of the transformer, abnormalities in insulation and deterioration of bushing which all form an important part of the transformer, the bushing monitoring system hold a more significant market share as compared to the other counterparts.
Based on its application, the global transformer monitoring system market can be segmented into power transformers and distribution transformers. The increasing number of grids and higher utilization of renewable sources for power generation has seen the transformer monitoring systems being highly utilized for the power segment. Also, the stringent government regulations for monitoring and control of transmission network have increased the demand or transformer monitoring systems.
The major market driver for the global transformer monitoring system market is the ever-increasing demand for uninterrupted supply of energy. The other factors driving the growth of the global transformer monitoring system market are the expansion of existing transmission and distribution infrastructure, growing focus on renewable sources of energy, and advantages offered by monitoring systems such as data storage, more reliability, and safety in operation.
The key market restraint for the global transformer monitoring system market is the high cost of installation for the transformer monitoring systems. The technological advancements which use sensors, monitors, and data storage further increase the value. These systems also pose high cost of maintenance which hinders the growth of the global transformer monitoring system market.
Some of the major companies that are present in global transformer monitoring system market are Schneider Electric, Siemens, GE, ABB, Honeywell, KONCAR Group, Eaton, Bitlismen, Qualitrol, hioTron, Mitsubishi Electric Automation, Inc., Lumasense, Dynamic Ratings, and Creative MicroSystems.
· Oil/Gas Monitoring
· Bushing Monitoring
· Temperature Monitoring
· Partial Discharge Monitoring
· Distribution Transformers
· Power Transformers
· North America (The USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
As the demand for the continues energy is rising in the developed and the developing countries, the adoption of renewable sources of energy has increased which has opened doors for the global transformer monitoring system market. The global transformer monitoring system market has spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region has the largest share in the market owing to the rising energy demand from the region.
Increasing population with growing urbanization has led to a demand for more energy. In the North America region, the USA holds the largest market due to the technical innovations to ensure safety which has seen the pre-existing use monitoring systems to enhance the performance. The increased dependency on renewable energy has called out for more number of grids being installed in the European region opening the doors for the transformer monitoring system market. Latin America and the Middle East region also holds a great opportunity for the transformer monitoring system market due to the rising demand for energy.
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