Transformer monitoring system market to be worth $2.68B by 2021
MarketsandMarkets has published a new market research report titled “Transformer Monitoring System Market by Type (Hardware Solutions and IT Solutions), Application (Distribution Transformers, and Power Transformers), Service (Oil/Gas Monitoring, and Bushing Monitoring), and Region – Global Forecast to 2021”
The reports projects that the transformer monitoring system market will grow from an estimated $1.47 billion in 2016 to $2.68 billion by 2021, at a CAGR of 12.77%, reports PR Newswire.
According to the report, digitalization of utilities is the major factor driving the demand for transformer monitoring solutions.
By application, the power transformer segment is expected to hold the largest share of the transformer monitoring system market during the forecast period. This share is expected to grow due to government regulations targeting the monitoring and control of the transmission networks.
Dissolved Gas Analysis (DGA) is the most common monitoring service for transformers and has the largest share in the transformer monitoring system market.
By region, Asia-Pacific is expected to be the largest market for transformer monitoring solutions.
The major market players mentioned in the report include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).
Source: PR Newswire