Global transformer monitoring system market to grow at 12.7% by 2026
Big Market Research has published a new market study on the global transformer monitoring system market for the forecast period 2019-2026.
According to the report, the global transformer monitoring system market is valued at $3.8 billion in 2018 and is expected to grow at a growth rate of more than 12.77% over the forecast period 2019-2026.
The evolution of big-data analytics and internet of things have spurred the demand for digitalization of utilities and smart grids, which drives the demand for transformer monitoring systems. Also, the installation of a huge number of transformers to meet the ever-increasing need for power distribution and transmission in a cost-effective manner is also driving the growth of the market.
However, the high cost associated with transformer monitoring systems is expected to impede the market growth during the forecast period.
Asia-Pacific is the leading region in terms of market share owing to capacity addition and modernization plans of the utilities. The same region is expected to show the highest growth rate over the forecast period due to increasing investment in smart grids in countries such as India, China and Japan.
Some of the major market players included in this report are ABB, Eaton Corporation, General Electric, Schneider Electric, Siemens, Honeywell International, Kirloskar Electric Company Limited, and Mitsubishi Corporation.
Source: Big Market Research
