North America Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Service, Application, and Country

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.

The overall North America transformer monitoring system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America transformer monitoring system market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America transformer monitoring system market are 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.

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