The instrument transformer market is experiencing significant growth, owing to several key factors that shape the modern power industry. One of the primary drivers is increase in demand for electricity globally, fueled by industrialization, urbanization, and technological advancements. The instrument transformers industry plays a crucial role in power transmission and distribution systems by stepping down high voltages for measurement and protection purposes.
WILMINGTON, Del., Dec. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Instrument Transformers Market by Product Type (Conventional Instrument Transformer and Non-Conventional Instrument Transformer), Voltage (Low Voltage (Less Than 1kV), Medium Voltage (1-52kV), High Voltage Transmission (60/110 kV), Extra High Voltage Transmission (220/380 kV), and Ultra High Voltage Transmission (Greater Than 380 kV)), Application (Transformer and Circuit Breaker Bushing, Switchgear Assemblies, Relaying, Metering, and Others), and End User (Power Utilities, Power Generation, Railways & Metros, Industries & OEMs, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report the instrument transformers market was valued for $9.6 billion in 2022 and is estimated to reach $17.2 billion by 2032, exhibiting a CAGR of 6.1% from 2023 to 2032.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/10856
Prime determinants of growth
Ongoing transition toward cleaner energy sources such as wind and solar power is expected to continue to drive the need for sophisticated instrument transformers, capable of handling variable and distributed energy inputs. Moreover, integration of digital technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) into power systems will open avenues for the instrument transformers market to offer real-time data analysis, predictive maintenance, and remote monitoring capabilities. This evolution towards smarter and more efficient transformers aligns with the broader trend of digital transformation within the energy sector, creating the instrument transformers market opportunities for companies to develop cutting-edge solutions.
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$9.6 billion |
Market Size in 2032 |
$17.2 billion |
CAGR |
6.1 % |
No. of Pages in Report |
643 |
Segments covered |
Product Type, Voltage, Application, End-User, and Region |
Drivers |
|
Opportunities |
|
Restraints |
|
The conventional instrument transformer segment to maintain its leadership status during the forecast period
By product type, the conventional instrument transformer segment held the highest market share in 2022, accounting for more than three-fourths of the global instrument transformers market revenue, and is estimated to maintain its leadership status during the forecast period. Rise in energy demand from various industries such as HVAC systems, substations, railways, and power utilities drives the demand for conventional instrument transformer. The global instrument transformers market is expected to grow due to increase in demand for electricity, grid modernization, renewable energy integration, and the need for accurate monitoring and protection of power systems.
However, the non-conventional instrument transformer segment is projected to attain a CAGR of 6.4% from 2023 to 2032, gaining traction in modern power systems due to its ability to meet the demand for digitalization, smart grid technologies, and the need for more accurate and adaptable measurement and protection solutions. The adoption of current sensors significantly propels the instrument transformer market. In addition, it is equipped with advanced communication interfaces (such as Ethernet, IEC 61850, or other digital protocols), which enable seamless integration into digital substations and smart grid systems. These advancements have further propelled global instrument transformers market growth.
Procure Complete Report (643 Pages PDF with Insights, Charts, Tables, and Figures) @
http://www.alliedmarketresearch.com/checkout-final/instrument-transformers-market
The high voltage transmission segment to maintain its leadership status during the forecast period
By voltage, the high voltage transmission segment held the highest market share in 2022, accounting for less than one-third of the global instrument transformers market revenue, and is estimated to maintain its leadership status during the forecast period. Increase in demand for electricity from emerging economies, such as countries in South East Asia and increased focus on power generation and distribution propel the demand for HV instrument transformers.
However, the medium voltage segment is projected to attain a CAGR of 6.5% from 2023 to 2032, owing to surge in investments and government-initiated programs to provide continuous electricity supply to rural areas, especially across developing economies is anticipated to drive the global instrument transformer market.
The transformer and circuit breaker bushing segment to maintain its leadership status during the forecast period
By application, the transformer and circuit breaker bushing segment held the highest market share in 2022, accounting for less than one-third of the global instrument transformers market revenue, and is estimated to maintain its leadership status during the forecast period. Growing trend of government investment in electrical bushings due to a number of factors, such as aging electrical grid, increase in demand for renewable energy, and need for more reliable power systems drive the global instrument transformer market.
However, the metering segment is projected to attain a CAGR of 6.2% from 2023 to 2032. The current transformers are widely used for metering and protection applications. These transformers are used to measure electric power in powerhouses, industries, grid stations, control rooms in industries for metering & analyzing the flow of current in the circuit, and for protection purposes. In recent years, current transformers gained popularity, owing to its characteristics to incorporate large primary current into a compact unit further drive the global instrument transformer market.
For Purchase Inquiry: https://www.alliedmarketresearch.com/instrument-transformers-market/purchase-options
The power utilities segment to maintain its leadership status during the forecast period
By end user, the power utilities segment held the highest market share in 2022, accounting for less than three-fifths of the global instrument transformers market revenue, and is estimated to maintain its leadership status during the forecast period. R410A is a more environmentally friendly refrigerant than older types, such as R-22. It has a lower ozone depletion potential (ODP) and global warming potential (GWP).
However, the power generation segment is projected to manifest a CAGR of 6.0% from 2023 to 2032, rise in population across the globe, followed by rapid urbanization in emerging regions, and rise in number of consumers has resulted in a steady rise in the electricity demand.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global instrument transformers market revenue, and is likely to dominate the market during the forecast period. Asia-Pacific is expected to be the largest as well as the fastest growing region in the market during the forecast period, owing to increase in use of renewable energy and energy-efficient products. Furthermore, North America is expected to witness the CAGR of 6.0% from 2023 to 2032.
Leading Market Players: -
- ABB Ltd.
- General Electric
- Schneider Electric
- Siemens
- CG Power and Industrial Solutions Ltd
- Mitsubishi Electric Corporation
- Instrument Transformer Equipment Corporation, Inc.
- Arteche
- Nissin Electric
- Hitachi Ltd
- Ritz Instrument Transformers
- Pfiffner Group
- ALCE Elektrik San. Tic. A.Ş.
- ELEQ B.V.
- Enpay
- Narayan Powertech Pvt Ltd.
- Pragati Electricals Pvt Ltd.
- Dayihu
- Epoxy House
- Bharat Heavy Electrical Limited
The report provides a detailed instrument transformers market analysis of these key players. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their instrument transformers market share and maintain dominant shares in different regions. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under instrument transformers market scope in this report. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Trending Reports in Transformers Industry:
Transformers Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
HVDC Transmission Market: Global Analysis and Industry Forecast, 2023-2032
Renewable Energy Transformer: Global Analysis and Industry Forecast, 2023-2032
Lighting Transformer Market: Global Opportunity and Industry Forecast, 2021-2031
VPI Transformer Market: Global Analysis and Industry Forecast, 2021-2030
Converter Transformer Market: Global Opportunity and Industry Forecast, 2021–2030
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO85495&Transmission_Id=202312051020PR_NEWS_USPR_____IO85495&DateId=20231205)
Share this article