The transformer monitoring system market in expected to grow from US$ 444.8 million in 2019 to US$ 746.4 million by 2027; it is estimated to grow at a CAGR of 6.8% from 2020 to 2027.Electricity consumption in Asian countries has grown at a significant pace due to several factors such as rising population, ongoing urbanization, substantial increase in industrial activities, and surging government investment to modernize electricity transmission. Asia has registered a significant number of installation units for projects tendered by government authorities in 2016. Further, Asia Pacific excluding Japan (APEJ) is expected to show high potential for transformer monitoring systems during the forecast period due to increased government support and improved renewable energy sources in countries, such as China and India.
In terms of application, the power transformers segment led the transformer monitoring system market in 2019.The monitoring system for power transformers consists of a local transformer controller unit and a server monitoring the transformer. The communication network is built using fiber optic (multimode) connections between switches and media converters, while the connections to the local patch are made using cooper links. There might be multiple transformer controllers in the configuration (more units in one transformer substation location). During the design phase of the monitoring system, the implementation of a dissolved gas sensor with multiple gas measuring capacities was one of the most important requirements. Measurement of numerous dissolved gases in transformer oil is essential for better monitoring, understanding of transformer condition, and better prediction of possible failures during operation. The increasing number of grids and the increased use of renewable sources for generating electricity have seen the transformer monitoring systems being highly utilized for the power segment. Additionally, demand for transformer monitoring has been increased by the strict government regulations for monitoring and controlling the transmission network.
Overall size of the Asia Pacific transformer monitoring system market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific transformer monitoring system market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific transformer monitoring system market are ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Schneider Electric SE, Siemens AG, Schweitzer Engineering Laboratories, Inc., Kirloskar Electric Company, KJ Dynatech Inc, Wilson Transformer Company, Mitsubishi Electric Corporation, Dynamic Ratings are among a few players operating in the Asia-Pacific transformer monitoring system market.