Report : Asia Pacific Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Hardware, IT Solutions), Service (Bushing Monitoring, Oil/Gas Monitoring, Others), Application (Distribution Transformers, Power Transformers, Others), and Country
IT Solutions Segment to Dominate Asia Pacific Transformer Monitoring System Marketduring 2019–2027
According to The Insight Partners market research study on “AsiaPacificTransformer Monitoring System Market
to 2027 – Regional Analysis and Forecast by Component, Service,Application”the market is expected to reach US$ 746.4millionby 2027 from US$444.8million in 2017. The market is estimated to grow at a CAGR of 6.8% from 2020 to 2027. The report provides trends prevailing in AsiaPacifictransformer monitoring system marketalong with the drivers and restraints pertaining to the market growth.Growing implementation of smart transformers coupled with the rising digitalization of power utilities across the region is the major factor driving the growth of the transformer monitoring system market. However, high initial cost incurred in the installation of transformers might hinder the growth of AsiaPacifictransformer monitoring system market.
The market for transformer monitoring systemis segmented into component, service, application, and country. Based on component, the market is segmented into hardware and IT solutions. In 2019, the IT solutionssegment held the largest share of AsiaPacifictransformer monitoring system market and is expected to continue the same during the forecast period. Based on service, the transformer monitoring system marketis segmented into bushing monitoring, oil&gas monitoring, and others. Bushing monitoringis expected to be the fastest growing segment during the forecast period.Based onapplication, the market is bifurcated into distribution transformers, power transformers, and others. The power transformerssegment contributed a substantial share in the transformer monitoring system market in 2019 across AsiaPacific.
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, and Dynamic Ratingare among the leading companies in the Asia Pacific transformer monitoring system market.The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Mitsubishi Electric Corporation declared that it has been selected to supply Electric Power Generation Enterprise (EPGE) in Myanmar with 46 gas-insulated switchgears (GIS), 7 transformers, and other equipment via subsidiary Mitsubishi Electric Asia (Thailand) Co., Ltd.
The Report Segments the AsiaPacificTransformer Monitoring System Marketas Follows:
Transformer Monitoring System Market– ByComponent
Transformer Monitoring System Market– By Service
Transformer Monitoring System Market– By Application
Transformer Monitoring System Market– By Country