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Global transformer monitoring system market to reach USD 2.53 billion by 2022
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A new market study titled "Market for Transformer Monitoring Systems by Type: Services and Hardware; Transmission and Distribution Transformers, Generation Transformers and Other Applications: A Global Industrial Perspective, Synthesis 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 key players in the report include ABB, Eaton PLC, General Electric, Honeywell International, HZ Electric, KJ Dynatech, S & C Electric, Schneider Electric, Schweizer Engineering Laboratories Shanghai Kai-Min Electric Co., Ltd., Mitsubishi Corporation, Ningbo Li Gong Online Monitoring Technology Co., Ltd., Siemens, Wilson Transformer Company.
Article from:
http://www.transformers-magazine.com/

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