LONDON--(BUSINESS WIRE)--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 percent from 2015-2019, says Technavio.
About the Report
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.
“A monitoring system provides key transformer data such as cooling fan and pump status and temperature information. The replacement of aging transformers with more advanced systems is expected to contribute significantly to the growth of this market through the projected period,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio 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 percent of their total revenue. To avoid electricity theft, utilities are implementing secondary transformer monitoring solutions.
“The monitoring solutions will provide utilities with real-time data, which will help them take the required action in case any electricity theft attempt is carried out,” says Ghaus.
Market Scope and Calculation of Market Size
The new Technavio report covers the present scenario and growth prospects of the Global Transformer Monitoring Solutions Market from 2015-2019. The report considers revenue generated from the sales of transformer power monitoring systems.
Key Information Covered in the Report:
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Key Vendors:
- ABB Ltd.
- GE Co.
- Siemens AG
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Market Growth Drivers:
- Upgrading of Aging Transformers
- For a full detailed list, view our report.
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Market Challenges:
- Lack of Awareness about Transformer Monitoring Solutions
- For a full detailed list, view our report.
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Market Trends:
- Growing Electricity Theft
- For a full detailed list, view our report.
Technavio currently has more than 3000 market research reports on a huge range of topics, including 50+ reports on the transformer market:
- Industrial Transformer Market in the APAC Region 2015-2019
- Transformer Monitoring Market in the US 2012-2016
If you are interested in more information, please contact our media team at media@technavio.com.
