A transformer is an electrical equipment that helps in varying the voltage of the electric current. This stepping up and stepping down of the voltage is especially important when a safe amount of electric current is required to be supplied to the end users. In order to ensure continuous and safe transmission of electricity from the power generation plant to the end users, the transformers utilized for this purpose have to be monitored continuously in real time. This is achieved by installing a transformer monitoring system within a transformer housing. Requirement of a transformer monitoring system is especially important when faults and anomalies within the grid or circuit have to be detected before the complete breakdown of the transformer occurs. These transformer monitoring systems are especially prevalent in areas where the supply of electric power is erratic and power outages are common, thereby signifying a healthy demand for the system in the third world countries.
Transformer Monitoring System Market:Dynamics
The growth of transformer monitoring system market depends on the growth of power grid network in any location. Growing energy demands have led to an increase in generation of electrical energy both from renewable and non-renewable sources. This has led to more installation of power transformers, thereby leading to a healthy growth of the transformer monitoring systems market. Ever increasing population and rise in living standards around the world have prompted the power transmission and distribution companies to extend the network grid in order to fulfil the needs of the consumers and reach every potential customers leading to further increase in installations of distributor transformers.
Transformer monitoring systems are cost intensive investments that require knowledgeable and qualified personnel to fully understand and operate the system which can come across as a restraint to the growth of the market. Another restraint that can hamper the growth of the transformer monitoring system is the periodical maintenance it require to ensure smooth functioning and accurate detection of problems. In order to ensure proper functioning of the equipment, it has to precisely match the specifications of the transformer it monitors, which can also come across as a low impact restraint to the growth of transformer monitoring system.
Transformer Monitoring System Market:Segmentation
On the basis of application,transformer monitoring system market can be segmented as:
On the basis of monitoring service, transformer monitoring system market can be segmented as:
Transformer Monitoring System Market:Regional Outlook
The Global Transformer Monitoring System Market can be divided into seven geographical regions such as Asia Pacific excluding Japan, North America, Latin America, Western Europe, Eastern Europe, Japan and Middle East & Africa. The market of transformer monitoring system in the developed regions such as North America, Western Europe and Japan may expect a slow growth owing to the maturity attained in the power demands and power grid network. China and India in the Asia Pacific region have registered higher demands in energy requirement making it an attractive prospect for the growth of the market. In addition to higher power demands, the urbanization of remote areas coupled with growth in population is another factor which can be attributed to the growth of the transformer monitoring system market. Electrification of railway lines in India is moving at a very fast pace with plans made to convert the entire railway network to run on electricity within three years, is also an attractive prospect to the growth of the market owing to more number of transformers to be laid down.
Transformer Monitoring System Market:Participants
Examples of some of the market participants identified in the Transformer Monitoring System Market are;
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