Transformer monitoring system market to reach $5.3 B by 2030
The global market for transformer monitoring systems is expected to reach $5.3 B by 2030, at a CAGR of 8.5 %.
Image for illustration purposes
According to a research report by Market Research Future, the global market for transformer monitoring systems is expected to reach $5.3 B by 2030, at a CAGR of 8.5 %.
The accelerated expansion of electrical utilities is the primary driver of the demand for these monitoring systems. The role of power utilities in the supply of uninterrupted electricity to every consumer and region in the world is of the utmost importance.
The most important factor to maximise energy savings through operational efficiency is digital transformation. With the aid of smart metres and modern metering infrastructure, the majority of utilities around the world are transitioning to digitization.
The market size for transformer monitoring systems is driven by the vast amount of built smart grids.
The major purpose of smart grids is to balance voltage variations, sustain peak demand load, replenish energy, and avoid overloading capacity.
Source: Globe Newswire
#market#monitoring systems#power supply#transformers#utilities