Frequently Asked Questions:
The global transformer monitoring system market was valued at USD 2.5 Billion in 2022.
The transformer monitoring system market is expected to grow at a CAGR of 9.5% between 2023 and 2030, reaching USD 4.7 Billion in 2030.
IT solutions is the leading segment by type, holding over 75% share in value in 2022.
Oil/gas monitoring segment governs the global demand for transformer monitoring system, holding a massive share of over 30% in 2022.
The burshing monitoring equipment segment is expected to post the highest CAGR during the forecast period.
Asia Pacific is fueling the growth of the transformer monitoring system industry, with an over one-third share in 2022.
The top players include Schneider Electric, Siemens, GE, ABB, and Honeywell.
The major market drivers are increasing demand for reliable and uninterrupted power supply, integration of smart grid technologies, and growing adoption of renewable energy sources.
The major market restraints are high initial installation costs and integration complexities with existing legacy infrastructure.
Integration of artificial intelligence (AI) and machine learning (ML) technologies, expansion of the renewable energy sector, and increasing demand for smart grid solutions.