MRRS adds "Transformer Monitoring System Market by Type , Application , Service , and Region - Global Forecast to 2021" latest studies, published in November 2016. It is a professional and in-depth study.
summary
“The transformer monitoring system market is projected to grow at a CAGR of 12.77% from 2016 to 2021”
The transformer monitoring system market is projected to reach USD 2.68 billion by 2021, growing at a CAGR of 12.77% from 2016 to 2021. The usage of transformer monitoring systems is based on different working conditions, such as power ratings, loading conditions, and areas of applications. Digitalization of utilities, renewable investments, and smart grid initiatives are expected to drive the transformer monitoring system market. Cost barriers is a restraint for established transformer monitoring system manufacturers.
“The power transformer segment is expected to grow at the fastest CAGR from 2016 to 2021”
Power transformer is the largest segment, based on application, of the transformer monitoring system market. This share is attributed to government regulations targeting the monitoring and control of transmission networks. Remote monitoring is also a key focus area in most countries, which is driving the market.
“Asia-Pacific: The largest market for transformer monitoring system”
In this report, the transformer monitoring system market has been analyzed 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 a part of their plans for installing new transformers. Moreover, countries such as India and China have invested highly in smart grids, in turn boosting the demand for transformer monitoring solutions.
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