The global transformer monitoring solutions market is expected to grow at a CAGR of 36% during the period 2016-2020.
One trend that will boost market growth is the introduction of automated high voltage transformer monitoring solutions. High voltage power transformers are used by the power industry worldwide to control and deliver electricity. But most of these transformers are over 50 years old, which means that they are nearing the end of their functional lifetimes.
The simultaneous changes in the power industry such as deregulation measures have led to rising competition that has resulted in benefits for consumers in the form of lower prices, leaving less money for capital investment and maintenance activities. This has affected the working of these already antiquated transformers and led to blackouts becoming more common. Therefore, there is a growing need to extend the life of the transformers and improve their reliability.
According to the report, a key growth driver is the increased demand for electricity in emerging markets. APAC is an emerging region undergoing significant changes. Countries such as China, Thailand, the Philippines, Vietnam, India, Japan, and Australia are witnessing extensive growth of their economies along with industrial development and commercialization. Therefore, demand for power in these countries is also increasing. According to the Asian Development Bank's new report, around 48 nations in the region will cumulatively raise electricity demand by almost 67% between 2010 and 2035.
Further, the report states that one challenge that could hamper market growth is the high price of transformer monitoring systems.
- Schneider Electric
- Advanced Power
- BPL Global
- Crompton Greaves
- Dynamic Ratings
- Elster Group
- Hyosung Power & Industrial Systems
- Hyundai Heavy Industries
- Mitsubishi Electric
- Tebian Electric Apparatus
- XD Group.
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
For more information visit http://www.researchandmarkets.com/research/t88qmn/global
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-transformer-monitoring-solutions-market---increased-demand-for-electricity-driving-growth-in-apac---research-and-markets-300284558.html
SOURCE Research and Markets