The "North America Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Service, Application, and Country" report has been added to ResearchAndMarkets.com's offering.
The transformer monitoring system market in North America is expected to grow from US$ 374.5 million in 2019 to US$ 530.4 million by 2027; it is estimated to grow at a CAGR of 4.6% from 2020 to 2027.
Transformer monitoring systems help assess transformer performance and prevent potential hazards that may arise because of a malfunction. In 2016, a power outage due to transformer failure at an amusement park in the US stalled several riders on their rides for long hours.
Favorable measures to replace conventional power-supply systems with energy-efficient technologies to reduce transmission losses are likely to support the growth of transformer monitoring system market in the coming years. Continuous technological innovations minimize installation time and complexity, maintain electrical flow, increase efficiency, and further complement industry dynamics, which in turn triggers the growth of the transformer monitoring system market in North America.
In terms of component, IT solutions segment led the transformer monitoring system market in 2019. Developing modern technologies such as commonly accessible and affordable telecommunications networks and easy-to-use IT systems offer businesses in utilities, transmission, and generation the opportunity to set up monitoring and protection systems for transformers. Software solutions are designed to monitor and assess the performance, health, and status of transformers.
The software provides transformer operators with actionable information required to manage the grid effectively and efficiently in the day-to-day decision-making process. Additionally, a combination of Intelligent Electronic Devices (IEDs), smart sensors, fully secure communication, open protocols, and user-friendly intelligent head-end software enables maintenance operators to view trends and the actual software for informed decision-making. Thus, all the above-mentioned factors are significantly boosting the growth of the transformer monitoring system market in North America.
ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Schneider Electric SE, Siemens AG, Schweitzer Engineering Laboratories, Inc., Kirloskar Electric Company, Wilson Transformer Company, Mitsubishi Electric Corporation, Dynamic Ratings are among a few players operating in the North America transformer monitoring system market.
Key Topics Covered:
1.1 Scope of The Study
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Transformer Monitoring System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Transformer Monitoring System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Initiatives Toward Smart Grids
5.1.2 Increasing Smart City Projects
5.2 Market Restraints
5.2.1 High Initial Cost
5.3 Market Opportunities
5.3.1 Offshore Wind Farms
5.4 Future Trends
5.4.1 Emergence of IoT & Big Data Analytics
5.5 Impact Analysis of Drivers and Restraints
6. Transformer Monitoring System Market- North America Analysis
6.1 North America: Transformer Monitoring System Market
6.1.1 North America: Transformer Monitoring System Market - Revenue and Forecast to 2027 (US$ Million)
7. Transformer Monitoring System Market Analysis - By Component
7.2 North America: Transformer Monitoring System Market, by Component
7.4 IT Solutions
8. Transformer Monitoring System Market Analysis - By Service
8.2 North America: Transformer Monitoring System Market, by Service
8.3 Bushing Monitoring
8.4 Oil/Gas Monitoring
9. Transformer Monitoring System Market Analysis - By Application
9.2 North America: Transformer Monitoring System Market, by Application
9.3 Distribution Transformers
9.4 Power Transformers
10. Transformer Monitoring System Market - North America Analysis
11. Impact of COVID-19 Pandemic on Transformer Monitoring System Market
11.1 North America: Impact assessment of COVID-19 Pandemic
12. Industry Landscape
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
Eaton Corporation plc
Honeywell International Inc.
Schneider Electric SE
Schweitzer Engineering Laboratories, Inc.
Kirloskar Electric Company
Wilson Transformer Company
Mitsubishi Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/wuoyf
View source version on businesswire.com: https://www.businesswire.com/news/home/20201204005438/en/
Laura Wood, Senior Press Manager
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