Global transformer monitoring systems market to reach $4 B
Global transformer monitoring systems market, estimated at $2.1 B in 2020 is projected to grow to $4 B by 2027, growing at a CAGR of 11.5% over the period 2020-2027.
Hardware Solutions, one of the segments analysed in the report, is projected to record 10.3 % CAGR and reach $2.4 B by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the IT Solutions segment is readjusted to a revised 13.1 % CAGR for the next 7-year period.
The U.S. Market is Estimated at $554.2 M, while China is forecast to reach $939.5 M by the year 2027 trailing a CAGR of 14.9% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8 % and 9.9 % respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9 % CAGR.
The report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Key players in this market include, among others: ABB Ltd., Eaton Corporation PLC, General Electric Company, Honeywell International, Inc., HZ Electric Supply Co., Kirloskar Electric Co., Ltd., KJ Dynatech Inc., Mitsubishi Corporation, Ningbo Ligong Online Monitoring Technology Co., Ltd., S&C Electric Company, Schneider Electric SA, Schweitzer Engineering Laboratories, Siemens AG, Wilson Transformer Company.
The regions covered in this report are: North Mmerica, Latin America, Europe, Asia-Pacific and Australia.
Source: Globe Newswire