The global market for failure prevention transformers in 2018 was about US$ 1.4B. At 46%, the APAC region, driven by China, India and Indonesia, accounts for the largest share of the market with the Americas accounting for 35%.

Transformers play a critical role in power generation, distribution and in industrial applications. Although transformers are known to be some of the most reliable pieces of equipment, failures will occur. Early in the transformer life, many of these failures are usually due to the quality of manufacturing or the use of inexpensive materials, or due to the lack of a good design, often caused by unclear or inadequate specifications. Later in life, the transformer will usually fail because of a lack of maintenance and eventually, due to its age and normal wear and tear (aging of insulation).