Transformer monitoring solutions: Key market research findings
- Modernization and deployment of smart grids drives the market
- The distribution transformers segment is the dominant shareholder in the market
- Key vendors—ABB, GE, Schneider, and Siemens
Technavio’s market research analysts predict the global transformer monitoring solutions market to reach a market value of almost $6 billion between 2016 and 2020. The market is driven primarily by the modernization of existing transformers and the deployment of smart grids. Governments of various countries are taking initiatives to modernize their transformers in an attempt to reduce losses incurred by electricity boards. Countries are also deploying smart grid systems to deliver an economical, sustainable, and secure electricity supply through the integration of actions of all users, whether they are consumers, generators or those capable of both in an efficient manner. In 2015, the APAC region dominated the global transformer monitoring solutions market by accounting for almost 45% of the overall market share. The market is flourishing in this region due an increased demand for electricity the vast manufacturing sector and economic development in the region. The setting up of new transformers across the region to meet the surge in demand for electricity is projected to propel growth in the transformer monitoring solutions market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of transformer monitoring solutions segments by application.
“The introduction of automated high voltage transformer monitoring solutions is the latest trend in the market. There is a growing need to extend the life of the transformers and improve their reliability triggered by changes in the power industry such as deregulation measures. Manufacturers are attempting to extend the lifetime of a transformer by monitoring the oil quality as the oil plays a crucial role in extending the life of the transformer,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
In 2015, the global transformer monitoring solutions market was dominated by the distribution transformers segment, which accounted for almost 56% of the market share. Distribution transformer monitoring solutions find applications in the monitoring of pole-mounted, pad-mounted, and vault distribution transformers, to perform functions such as detection of power theft, notification of power outages, asset management, and data collection for volt/VAR control. They can also be used in measuring gases and other changes that take place during the lifecycle of the transformer. Factors such as an increased demand for reliable distribution of electricity in developing countries and the need to replace the aging distribution transformers in developed countries are likely to contribute to the growth of the global distribution transformer monitoring solutions market by 2020.
The key vendors in the market include ABB, GE, Schneider, and Siemens. Well-established international vendors currently dominate the global market for transformer monitoring solutions as it is a relatively new technology. The level of competition among these vendors is based on price, quality, and innovative technology. In the future, this market is likely to present enough scope for regional vendors to expand their foothold in the market.
A more detailed analysis is available in the Technavio report, Global Transformer Monitoring Solutions Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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