According to a recent market study by Credence Research, the global transformer monitoring systems market was valued $1.5 billion in 2017 and is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2026.
The growth of the global transformer monitoring systems market is largely driven several upcoming smart grid infrastructure projects and rising popularity of non-conventional energy resources across the globe, the report says.
The existing electricity infrastructure is witnessing a paradigm shift from conventional to smart electrification systems and the demand for transformer monitoring systems is expected to grow consistently with expansion of electrical infrastructure.
Integration of cloud computing and big data analytics has also helped precise evaluation of transformer health condition through system automation and real-time remote monitoring. All this will boost the demand for transformer monitoring systems among utilities in the following years.
In 2017, power transformer monitoring systems led the overall transformer monitoring systems market in terms of market value.
Asia Pacific dominated the overall transformer monitoring market in 2017, mainly backed by demand from several developing countries including China and India.
Some of the major transformer monitoring system manufacturers profiled in the report include ABB Group, Advanced Power Technologies LLC, Camlin Power Ltd., EMCO ELECTRONICS LLP, Eaton Corporation Plc, EDMI Ltd., GE Power, HZ Electric Inc., Honeywell International, Inc., KJ Dynatech, Inc., Koncar- Electrical Engineering Institute, Inc., Schweitzer Engineering Laboratories, Inc., Siemens AG, S&C Electric Company, Inc. and Wilson Transformer Company Pty Ltd.
Source: Credence Research