April 09, 2024 09:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, April 09, 2024 (GLOBE NEWSWIRE) -- The demand for transformer monitoring systems is expected to be US$ 3,259.70 million in 2024. The market is expected to rise at a CAGR of 8.90%, attaining US$ 7,646.39 million by 2034. tap changer manufactures
When a transformer fails, it gets out of operation for seven days or more. The implications should also be considered to ascertain the probability of unforeseen failure and the potentiality of failure occurring.
The growth of the transformer monitoring system market is compelled by booming energy consumption in developing countries owing to the ascending population. Besides, the ongoing installation of high-power transmission units and the electricity transmission system upgradation amplifies the adoption of transformer monitoring systems.
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The high installation cost of transformer monitoring systems is a significant impediment to the transformer monitoring system industry. The technological progression that uses sensors, monitors, and data storage further ramps up the cost. The soaring maintenance cost of these systems, inhibit the transformer monitoring system market growth.
“The transformer monitoring system market is confident of a noteworthy growth due to the augmenting demand for power infrastructure. The synthesis of advanced monitoring technologies thrusts TMS market expansion, provisioning intensified efficiency and maintenance potential,” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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North America acquires a significant transformer monitoring system market share owing to its advanced power infrastructure, extensive transformer employment in power distribution networks, and an intense concentration on grid efficiency. Another robustly flourishing region in the global transformer monitoring system market is Asia Pacific. Asia Pacific experiences swift growth in the power sector, amplified by the booming population, urbanization, and industrialization in developing economies. The government's schemes and plans to enhance power grid reliability and minimize energy losses accelerate the adoption of transformer monitoring systems in the Asia Pacific.
The market is remarkably saturated because of the small transformer monitoring system vendors who operate globally. A lot of transformer monitoring system manufacturers are emphasizing announcing novel software with innovative features like the Internet of Things and remote monitoring systems. To ramp up transformer monitoring system producers’ revenue growth and strengthen their market shares, they are entering into partnership and acquisition activities.
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Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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