Transformer Monitoring Market 2022 - Growing Demand For Electricity Worldwide Is Expected To Be The Major Driving Factor

1. Transformer Monitoring Market 2022 - Growing Demand For Electricity Worldwide Is Expected To Be The Major Driving Factor “The increasing incidences of electricity and power outages are expected to propel the market demand for transformer monitoring systems over the forecast period. Increasing Manufacturing industries require constant power supply to their facilities in order to carry out their production processes effectively. Therefore, power breakdown is considered to be a major challenge to these industries that may lead to high overhead and additional cost.” The Global Transformer Monitoring market is expected to grow at a CAGR of 45 percent from 2016 to 2024. Growing demand for electricity across the world is expected to be the major driving factor for the market growth. Transformer monitoring is carried out to diagnose and monitor the efficiency of the device. Monitoring and controlling these devices helps the end users to identify and detect failures in these devices thus saving additional costs including repairing and replacement cost. Emerging economies are expected to witness high demand for owing to increasing consumption of electricity. The increasing incidences of electricity and power outages are expected to propel the market demand for transformer monitoring systems over the forecast period. Increasing Manufacturing industries require constant power supply to their facilities in order to carry out their production processes effectively. Therefore, power breakdown is considered to be a major challenge to these industries that may lead to high overhead and additional cost. Browse Full Research Report @ https://www.millioninsights.com/industry-reports/transformer-monitoring-market

2. Transformers are used to increase or decrease the alternating voltages in electric power applications transferring power from one circuit to another thus these devices play a major role in large facilities that require high power and voltage. They provide appropriate voltages to other devices thus avoiding power outages. Subsequently, the need for transformer monitoring structure is constantly increasing as they help and provide power utilities and industries to constantly update on the transformer's behavior and condition to help in identifying and rectifying any problem at the earliest. Many utilities in the U.S. are expected to adopt advanced transformer technologies over the forecast period to increase distribution efficiency and reliability coupled with operating cost and customer service. Increasing intelligent transformers is also anticipated to play a major role in assisting other smart grid applications including monitoring, power quality, improved outage detection, theft reduction, and closed-loop volt/VAR control. The need for upgrading and replacement of aging transformers is one of the major drivers for the market. These factors are expected to steer the transformer monitoring market demand. Transformers play an important role in transporting power to distribution devices for commercial establishments, industrial facilities, and homes. Unexpected damage or failure in aging transformers is anticipated to witness serious repercussions resulting in loss of power ranging between few minutes to long hours. Augmented monitoring of distribution transformers is anticipated to be one of the key trends upcoming in the market. Many power utility companies have started spending on secondary transformer monitors, that are used to monitor vault, pad-mounted and pole-mounted, distribution transformers. Absence of awareness in transformer monitoring solutions is expected to be one of the key challenges in the global market. The end-users including industries and power utilities may not be having the knowledge regarding the benefits and use of these monitoring solutions. Request Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/transformer-monitoring-market/request-sample The Global Transformer Monitoring Solutions market has also been witnessing the development of smart transformer monitoring systems. However, the high price of transformer monitoring systems could pose a challenge to the growth of this market. On the basis of application, the global market has been segmented into distribution and power transformers. Distribution segment are expected to have the largest market share owing to higher number of distribution systems compared to power systems. Service or a distribution transformer provides the voltage transformation in electric power distribution system, by stepping down the voltage as per the customer requirements from the amount of voltage that has been used in distribution lines. Asia Pacific transformer monitoring market is expected to hold the largest market share in the global and is estimated to account for about 44% of the total revenue generated by the global transformer monitoring market over the forecast period. Increasing population in emerging economies including China and India is expected to steer the demand for efficient electricity supply, thereby increasing the need for enhanced monitoring systems. Growing manufacturing facilities and industries in countries including China, U.S, Brussels, South Korea, Japan Germany and India as technology continues to advance exponentially, thereby increasing the demand for enhanced products and devices is consequently expected to steer the transformer monitoring market Many power utilities are developing their production by incorporating efficient monitoring solutions into their prevailing transformers Key vendors in the transformer monitoring market are Alstom SA, ABB Ltd., Schneider Electric, Siemens AG and GE Co. Other industry participants include Eaton Corp., Advanced Power Technologies LLC, Cooper Power Systems Inc.,

3. BPL Global Ltd., Dynamic Ratings Inc., Elster Group SE, Echelon Corp., XD Group, Hyundai heavy industries Co. Ltd, Tebian Electric Apparatus Stock Co, Mitsubishi Electric Corp and Crompton Greaves Ltd. In 2013, GE power systems acquired U.S. based SYPTOTEC that manufactures and supplies services to manage and monitor oil filled power transformers to increase reliability and reduce outages. This acquisition has been initiated to enhance and integrate GE substation automation and also to expand its portfolio globally. See More Reports of This Category by Million Insights @ https://www.millioninsights.com/industry/industrial-automation Market Segment: This report focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering • General Electric • EDMI • Siemens • Reinhausen Group • Qualitrol Corp • Elster Solutions • GridSense Inc. • ABB • Itron • Schweitzer Engineering Laboratories, Inc. • Powertech System Integrators (PTSI) By types, the market can be split into • Distribution Transformer Monitor (DTM) • Intelligent Transformer Monitors • Others

4. By Application, the market can be split into • Power Grid • Power Supply Equipment • Other By Regions, this report covers (we can add the regions/countries as you want) • North America • China • Europe • Southeast Asia • Japan • India Browse Full Research Report @ https://www.millioninsights.com/industry-reports/transformer-monitoring-market

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