Transformer Monitoring System Market Bolstering To Reach USD 2.53 Billion by 2022
Some of the key companies comprised in the global transformer monitoring system market are Eaton Corporation PLC, ABB Ltd., Honeywell International Inc., General Electric., KJ Dynatech Inc., HZ Electric Inc., Schneider Electric, S&C Electric Company, Shanghai Kai People Electric Co., Ltd., Schweitzer Engineering Laboratories, Inc., Ningbo Ligong Online Monitoring Technology Co., Ltd., Mitsubishi Corporation, and Siemens AG and Wilson Transformer Company. These companies are set to boost the global transformer monitoring system market in the years to come.
Analysts at Zion Market Research claim that the global transformer monitoring system market was capitalized at USD 1.3 Billion in 2016 and is likely to cross USD 2.53 Billion in 2022, developing at a CAGR of 11.7% from 2017 to 2022.
Rising Smart Grid Initiatives And Increasing Requirement For Renewable Investment Towering The Global Transformer Monitoring System Market
“Major boosting factors for the development of the transformer monitoring system market are rising smart grid initiatives and increasing requirement for renewable investment,” claim analysts at Zion Market Research. The global transformer monitoring system market provides new growth avenues, wooing to development of offshore wind farms and big data analytics. Cost challenges might be limiting factors for the development transformer monitoring system market. The development of power grid network in any location relies on the development of transformer monitoring system market. The tech of transformer monitoring system has been enhanced to a location where it can have a foremost impact on modern life, thereby augmenting the development of transformer monitoring system market. For example, in 2018, GE declared a new inclusion to its comprehensive transformer monitoring & diagnostics solutions’ portfolio.
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Higher Requirements In Energy From China And India To Suffice The Development Of Transformer Monitoring System Market In Asia Pacific
Transformer monitoring system market is divided based on applications and type. Based on type, the global transformer monitoring system market is divided into hardware solution and services. Hardware solution segment of transformer monitoring system market held the biggest share owing to huge requirement during the forecast period all over the world. Services sector is likely to see the quickest growth in transformer monitoring system market during the forecast period.
Asia Pacific was the largest and most attractive area in transformer monitoring system market that dominates the global industry. In the Asia Pacific area, nations such as China and India have clocked higher requirements in energy making it an eye-catching view for the development the transformer monitoring system market. In the developed areas such as Western Europe, North America, and Japan, the transformer monitoring system market might anticipate a slow development due to the maturity attained in the power grid network and power demands. As a fraction of their plans for setting up a new transformer, utilities are likely to use monitoring solution, boosting the transformer monitoring system market.
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