Transformers are used to increase or decrease the alternating voltages in electric power applications transferring
power from one circuit to another thus these devices play a major role in large facilities that require high power and
voltage. They provide appropriate voltages to other devices thus avoiding power outages. Subsequently, the need for
transformer monitoring structure is constantly increasing as they help and provide power utilities and industries to
constantly update on the transformer's behavior and condition to help in identifying and rectifying any problem at the
earliest. Many utilities in the U.S. are expected to adopt advanced transformer technologies over the forecast period
to increase distribution efficiency and reliability coupled with operating cost and customer service. Increasing
intelligent transformers is also anticipated to play a major role in assisting other smart grid applications including
monitoring, power quality, improved outage detection, theft reduction, and closed-loop volt/VAR control.
The need for upgrading and replacement of aging transformers is one of the major drivers for the market. These factors
are expected to steer the transformer monitoring market demand. Transformers play an important role in transporting
power to distribution devices for commercial establishments, industrial facilities, and homes. Unexpected damage or
failure in aging transformers is anticipated to witness serious repercussions resulting in loss of power ranging between
few minutes to long hours. Augmented monitoring of distribution transformers is anticipated to be one of the key
trends upcoming in the market. Many power utility companies have started spending on secondary transformer
monitors, that are used to monitor vault, pad-mounted and pole-mounted, distribution transformers. Absence of
awareness in transformer monitoring solutions is expected to be one of the key challenges in the global market. The
end-users including industries and power utilities may not be having the knowledge regarding the benefits and use of
these monitoring solutions.
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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. On the basis of application, the global market has been segmented into distribution and power
transformers. Distribution segment are expected to have the largest market share owing to higher number of
distribution systems compared to power systems. Service or a distribution transformer provides the voltage
transformation in electric power distribution system, by stepping down the voltage as per the customer requirements
from the amount of voltage that has been used in distribution lines. Asia Pacific transformer monitoring market is
expected to hold the largest market share in the global and is estimated to account for about 44% of the total revenue
generated by the global transformer monitoring market over the forecast period. Increasing population in emerging
econ