UK, London: Technavio has published a new Global Transformer Monitoring Solutions Market Analysis and Forecast 2015-2019.
According to the report, the need for replacement and upgrading of aging transformers has resulted in the unprecedented growth of the global transformer monitoring solutions market, which is expected to post a CAGR of 46.09 per cent from 2015-2019, reports Blackbird.
Power utilities are installing monitoring systems in new transformers, which has increased the average working life of transformers and provided a good condition-based maintenance program.
The report also draws attention towards electricity theft, which is one of the major problems that power utilities face as theft can cost utilities one to three per cent of their total revenue. To avoid electricity theft, utilities are implementing secondary transformer monitoring solutions.
The key vendors covered in the report include ABB, GE and Siemens.