Transformer Monitoring System Market Scenario:
Market Research Future (MRFR), in its latest report on the global transformer monitoring system market 2022, reveals that the expansion of the transformer monitoring system market can be at about 12.82% CAGR across the forecast period 2022 to 2030. MRFR data shows that the transformer monitoring system market can value at USD 7.91 Bn by 2030. , with a CAGR of 12.82% from 2022 to 2030.
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Increase in investments in the field of renewable energy is identified as the chief factor to boost the expansion of the global transformer monitoring system market. The increase in the demand for electricity and about USD 138.2 billion investment in clean energy technologies can promote the expansion of the transformer monitoring system market. Governments across the globe are focused in developing effective renewable power generation technologies, which can boost the growth of the transformer monitoring system across the globe.
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Echelon Corporation (US), Siemens AG (Germany), General Electric Company (US), ABB Automation Company Ltd. (Switzerland), Schneider Electric SE (France), BPL Global LLC (US), Advanced Power AG (Switzerland), Dynamic Rating Pvt. Ltd (US), Crompton Greaves Ltd (India), and Elster Group SE (Germany) are some reputed companies that are operating in the worldwide market of transformer monitoring system, as listed by MRFR.
The segment study of the global transformer monitoring system market size is based on types, service, and application.
The type based segments of the global transformer monitoring system market are software solutions and hardware solutions. The hardware solutions segment can lead the market, whereas software solutions segment is expected to generate high revenue across the same period.
The service based segments of the global transformer monitoring system market are bushing monitoring, oil/gas monitoring, and others. The bushing monitoring segment can surge at a higher growth rate across the forecast period.
The application based segments of the global transformer monitoring system market are power transformers, distribution transformers, and others. The power transformers segment can generate high traction, which can boost the expansion of the market across the study period.
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In North America, the easy of availability of effective components of transformer monitoring system can boost the expansion of the regional transformer monitoring system in the years to come. The pressing demand for affordable clean energy solution and services is likely to boost the expansion of North America transformer monitoring system market in the years to come. The availability of components which has solid temperature, voltage, current, and possibly the phase angle of a ground transformer solutions that offer high functionality is expected to promote the expansion of the regional market through the evaluation period. In Europe, the presence of effective solution to meet system failure in case of power cut and growing adoption of transformer monitoring system is likely to boost the expansion of the transformer monitoring system market across the evaluation period. The rise in battery backup solution can also boost the expansion of EU transformer monitoring system market. In the APAC region, the increase in deployment of transformer monitoring systems as a result of rise in the number of power grid networks installations can support the expansion of the market in the years to come. The rapid installation of the power transformer across developing regions of APAC can spur the expansion of the transformer monitoring system market through the review period. The rise in transformer monitoring systems in chemical plant industries, switching power supplies, mining, and radio circuits can boost the expansion of the regional market across the evaluation period.
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