Insights on the Transformer Monitoring System Global Market to 2027 - by Component, Service & Application - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Service; Application" report has been added to ResearchAndMarkets.com's offering.

The transformer monitoring system market was valued at US$ 1,842.54 million in 2019 and is projected to reach US$ 2,806.19 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.

A transformer monitoring system is an assembly of components built together to analyze and monitor several parameters such as voltage, current, and temperature, and possibly the phase angle of a ground transformer, which is vital to its functionality. The systems has inbuilt battery backup that helps prevent system failure if there is power cut. The demand for the transformer monitoring systems has increased with the increasing number of power grid networks and rapid installation of the power transformers. These systems are commonly used in chemical plants, mining industry, etc.

Additionally, the transformer monitoring systems can be used in transmission and distribution facilities. The global transformer monitoring system market experiences remarkable growth due to growing number of power grid networks and rapid installation of power transformers in the world. Mounting focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing old power transformers are a few other factors propelling the market growth.

The global transformer monitoring system market is segmented on the basis of component, service, and application. The system market, by component, is segmented into hardware and IT solutions. Based on service, the market is segmented into bushing monitoring, oil/gas monitoring, and others. By application, the transformer monitoring system market is segmented as distribution transformers, power transformers, and others.

Impact of COVID-19 Pandemic on Transformer Monitoring System Market

In Europe, Italy is the hardest-hit country by the COVID-19 outbreak. It is suffering an economic hit due to a lack of revenue from various industries. Other member states in the European Union (EU) have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact growth of the transformer monitoring systems market in Europe. Further, the governments in various EU countries are restricting the increments in the cost of various communication services. For instance, the Spanish government banned price increases on electronic telecom networks, as subscribers were unable to switch to another provider, and discontinued all non-progressive fixed and mobile numbering operations.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global transformer monitoring system market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global transformer monitoring system market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growing Initiatives Toward Smart Grids
• Rising Digitalization of Power Utilities

Restraints

• Cost Barriers

Opportunities

• Offshore Wind Farms

Future Trends

• Emergence of Big Data Analytics

Companies Mentioned

• ABB Ltd.
• Eaton Corporation
• Honeywell International, Inc.
• Kirloskar Electric Company
• KJ Dynatech Inc.
• Mitsubishi Corporation
• Schneider Electric SE
• Schweitzer Engineering Laboratories, Inc.
• Siemens AG
• Wilson Transformer Company
• Dynamic Ratings

For more information about this report visit https://www.researchandmarkets.com/r/1tr6y5