Global transformer monitoring solutions market dominated by ABB Ltd., Alstom SA, GE Co., Schneider Electric SA, and Siemens AG in 2013
Global Transformer Monitoring Solutions Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 09:55:03
The Global Transformer Monitoring Solutions market is forecast to grow at a CAGR of 45.40 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for electricity across the globe. The Global Transformer Monitoring Solutions market has also been witnessing the development of smart transformer monitoring systems. However, the high price of transformer monitoring systems could pose a challenge to the growth of this market.
Key vendors dominating this space are ABB Ltd., Alstom SA, GE Co., Schneider Electric SA, and Siemens AG.
Other vendors mentioned in the report are Advanced Power Technologies LLC, BPL Global Ltd., Cooper Power Systems Inc., Dynamic Ratings Inc., Eaton Corp., Echelon Corp., Elster Group SE, XD Group, Tebian Electric Apparatus Stock Co., Hyundai heavy industries Co. Ltd., Hyosung Power & Industrial Systems Performance Group, Crompton Greaves Ltd., and Mitsubishi Electric Corp.
The following companies represent the key players in Global Transformer Monitoring Solutions Market: ABB Ltd., Alstom SA, GE Co., Schneider Electric SA, and Siemens AG.
In order to sustain and compete in the overall market, vendors are increasingly developing new and advanced monitoring systems with enhanced functionalities. Such smart monitoring systems include a DGA, a built-in simulator, and expert system software, which enable the monitoring process to be carried out more effectively and efficiently. Therefore, the development of next-generation transformer monitoring systems is expected to drive the growth of the market during the forecast period.
The main driver is the increasing demand for electricity across the globe. The increasing need for a continuous power supply has led to the setting up of a large number of power stations or substations that require the installation of step-up and step-down power transformers, which need continuous monitoring to detect and identify any system failure.
Further, the high price of transformer monitoring systems is one of the major challenges in the market. The installation of transformer monitoring systems requires a huge investment, which makes end-users reluctant to adopt monitoring systems.
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