Increased Demand for Electricity From Emerging Countries to Drive the Global Transformer Monitoring Solutions Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
The global transformer monitoring solutions market is expected grow at a CAGR of 36% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the globaltransformer monitoring solutions marketfor 2016-2020. The market is further categorized into the following two application segments: distribution transformers and power transformers, with the distribution transformers segment accounting for a larger share of the market.
“Globally, affordable and reliable electricity supply is central to economic growth in both developed and developing countries. Transformers are expensive and play a pivotal role in transmission and distribution of electricity as a result of which their operation requires continuous monitoring. Transformer monitoring solutions enable power utilities to gauge a transformer’s condition and perform preventive maintenance to prevent outages. Thus, transformer monitoring solutions prevent loss of devices as well as service,” says Anju Ajaykumar, a lead unit operations research expert from Technavio.
Technavio’s research study segments the global transformer monitoring solutions market into the following regions:
APAC: economic development coupled with a vast manufacturing sector to boost growth
The transformer monitoring solutions market in APAC is projected to exceed USD 3 billion by 2020, growing at a CAGR of over 41% during the forecast period. Economic development coupled with a vast manufacturing sector in APAC countries has led to a continuous demand for electricity supply in order to keep up production schedules. Also, these countries have rapidly growing populations, with a large section of the rural population migrating to urban areas. China, for instance, has already surpassed the US as the world’s largest electricity consumer, and its demand is projected to grow by more than 140% from 2010 to 2040.
The rise in demand for electricity has resulted in setting up of many transformers to enhance power distribution. These large networks of transformers require constant monitoring to prevent power breakdowns in transmission and the resulting outages. Therefore, these countries will need to employ effective and efficient monitoring systems for these transformers.
Demand from end-users in the industrial, commercial, and residential sectors is increasing continuously and will spur power utilities to expand their networks. Installation of distribution transformers is a major task in this expansion process, as this process includes not only expansion of distribution transformer networks but also the renovation of old distribution transformers. This will drive the growth of the overall distribution transformer market during the forecast period.
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Americas: aging power infrastructure to boost demand
The transformer monitoring solutions market in the Americas is predicted to reach USD 1.4 billion in 2020, growing at a CAGR of over 30% during the forecast period. In the US and Canada, the aging power infrastructure will contribute to the growth of the transformer monitoring solutions market. In most utilities, secondary distribution transformers constitute a majority of the assets. Therefore, asset management programs take care of the maintenance and support of these aging transformers through real-time data that transformer monitoring solutions offer. This and other critical information is vital for utilities to take preventive action before any damage is caused to the transformer. This will enable utilities to not only meet the demand for electricity from end-users but also increase their overall revenue.
In the rest of the Americas, particularly the developing Latin American countries such as Brazil and Argentina, demand for electricity is driven by rapid economic growth. As these countries offer low labor and operational costs besides close proximity to key markets, major manufacturing companies are shifting their manufacturing operations to these countries. This has resulted in the need to expand electricity grids and to set up more substations to ensure efficiency in transmission. “As power transformers are an integral part of transmission networks and substations, the demand for them will subsequently rise, thereby driving the demand for power transformer monitoring solutions in the region,” says Anju.
EMEA: increasing investment in power infrastructure to boost growth
The transformer monitoring solutions market in EMEA is expected to reach USD 1.24 billion by 2020, growing at a CAGR of 32%. In Europe, increasing investment in power infrastructure is expected to drive the growth of the market, as the aging power generation and distribution networks are unable to meet the present demand for electricity. Power utilities in European countries are projected to spend 1 trillion euros by 2020 for maintenance and upgrading activities related to these networks.
In EMEA, countries such as the UK, Germany, and some others in the Middle East have extensive transmission and distribution (T&D) networks. Therefore, there is a huge demand for distribution transformers in these countries, which is expected to increase, following efforts by utilities to expand and renovate these networks. These activities will boost the demand for distribution transformer monitoring solutions in the region.
Some of the top vendors in the global transformer monitoring solutions highlighted in the report are:
Browse Related Reports:
- Instrument Transformers Market in Americas 2015-2019
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- Global Battery Monitoring Solutions Market 2016-2020
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