Global transformer monitoring system market to reach USD 2.53 billion by 2022
A new market research study is available, titled “Transformer Monitoring System Market (By Type: Services and Hardware; For Transmission & Distribution Transformer, Power Generation Transformer, and Other Applications): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.
According to the report, the global transformer monitoring system market is expected to reach $2.53 billion in 2022, growing at a CAGR of 11.7% between 2017 and 2022.
Major driving factors for the growth of the transformer monitoring system market are the increasing demand for renewable investment and smart grid initiatives.
The restraining factors for the market could be cost barriers.
By application, power generator transformer segment is estimated to account for the largest market share among the applications.
Asia Pacific is the most attractive and largest market region dominating the global industry in transformer monitoring system market. In the developed regions such as North America, Western Europe, and Japan the transformer monitoring system market may expect a slow growth due to the maturity attained in power demands and power grid networks.
Some of the major players profiled in the report include ABB Ltd., Eaton Corporation PLC, General Electric., Honeywell International Inc., HZ Electric Inc., KJ Dynatech Inc., S&C Electric Company, Schneider Electric, Schweitzer Engineering Laboratories, Inc., Shanghai Kai People Electric Co., Ltd., Mitsubishi Corporation, Ningbo Ligong Online Monitoring Technology Co., Ltd., Siemens AG and Wilson Transformer Company.
Source: Zion Market Research