Market Updates Transformer Monitoring Market Scope, Demands 2022 | Page 2

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. Get a Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/transformer-monitoring-market/request-sample 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