The transformer monitoring system market in Europe is expected to grow from US$ 585. 7 million in 2019 to US$ 881. 1 million by 2027; it is estimated to grow at a CAGR of 5. 3% from 2020 to 2027. The region has moved toward the adoption of energy sources having lower carbon footprint due to the effect of CO2 emissions on the environment in terms of climate change.
New York, July 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Transformer Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Service, Application, and Country" - https://www.reportlinker.com/p05934814/?utm_source=GNW
Europe has imported ~53-55% of energy for consumption in the past few years. In 2016, renewable sources accounted for 86% of the new energy capacity added in the European countries. Improvements in energy-efficiency by promoting the use of hydroelectricity and wind power are likely to drive market growth during the forecast period. Moreover, the rising preference for these energy forms and intermittency of the same is leading European utilities to spend ~EUR 1 billion on grid balancing. Energy companies across the Electricity Value Network (EVN), shows a swift response to short-term trade opportunities, strategically planning to overcome long-term supply and demand trends, and maximizing the capacity for peak demand periods. Such factors are anticipated to drive the demand for transformer monitoring systems during the forecast period.
In terms of service, the bushing monitoring segment led the transformer monitoring system market in 2019.The bushing monitoring system is used as a stand-alone system, or in a combination with a trusted monitoring system for transformer condition. This follows the principle that it is always better to integrate multiple measurement results into an overall picture, rather than base analysis on individual sensor measurements. Additionally, the bushing monitoring system checks transformer status and detects deterioration in bushings, finds isolation abnormalities, and provides issues alerts.
The overall Europe 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 Europe 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 Europe transformer monitoring system market are ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Schneider Electric SE, Siemens AG, Schweitzer Engineering Laboratories, Inc., Mitsubishi Electric Corporation, and Dynamic Ratings are among a few players operating in the Europe transformer monitoring system market.
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