DUBLIN, Nov 28, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Transformer Monitoring System Market - Global Forecast to 2021" report to their offering.
The global transformer monitoring system market is projected to grow at a CAGR of 12.77% from 2016 to 2021, to reach a market size of USD 2.68 Billion by 2021. This growth is attributed to the digitalization of utilities, renewable investments, and smart grid initiatives. The report segments the transformer monitoring system market based on type into hardware solutions and IT solutions. The hardware solutions segment is expected to dominate the transformer monitoring system market during the forecast period. On the hand, the IT solutions segment is expected to witness the fastest growth during the same period. Based on application, the transformer monitoring system market has been categorized into distribution transformers, power transformers, and others. Others include generator transformer and specialty transformer. The power transformer segment accounted for the largest market share in 2015, which is attributed to government regulations targeting the monitoring and control of the transmission networks. These transformers operate on high voltages, and therefore, it becomes extremely vital to monitor them regularly as against time-based monitoring and maintenance. In this report, the transformer monitoring system market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to dominate the global transformer monitoring system market during the forecast period, owing to capacity addition and enhancement plans of the utilities in the developing countries. Moreover, countries such as India and China have invested highly in smart grids, in turn boosting the demand for transformer monitoring solutions. Digitalization of utilities, renewable investments, and smart grid initiatives are expected to drive the growth of the transformer monitoring system market. Local companies providing low-quality transformer monitoring system in countries such as China and other south Asian countries provide stiff competition to global market players. Manufacturing of low-quality transformer monitoring systems by local manufacturers affects the revenue of established players.