USD 6.99 billion
Report ID: SQSG45K2008 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 180 | Figures: 79
Instrument Transformers Market size was valued at USD 6.99 billion in 2021 and is poised to grow from USD 7.4 billion in 2022 to USD 12.37 billion by 2030, growing at a CAGR of 5.72% in the forecast period (2023-2030).
Instrument transformers are electrical devices that are used to precisely alter or isolate current or voltage levels. They are used to measure electrical parameters such as current, voltage, energy, power factor, and frequency in AC (alternate current) systems. The instrument transformer's primary function is to reduce the current and voltage of the alternating current system. The measuring instruments typically have low measuring quantities ranging from 5A to 110A; however, by combining instrument transformers with general electrical measuring devices, large electrical quantities can be measured. In all climatic conditions, an instrument transformer must be able to withstand high levels of stress. The instrument transformers market is being driven by factors such as the increase in alternative energy programs, the refurbishment of aging power infrastructure, and massive investments in smart grids and energy systems. The rising demand for electricity, combined with growing concerns about grid stability, will boost the global market. The growing interest in rural electrification in tandem with the renovation of the existing grid network has prompted authorities to include an effective protection and monitoring mechanism.
US Instrument Transformers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 6.99 billion
Indoor Instrument Transformers
Indoor Instrument Transformers
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Instrument Transformers Market is segmented based on type, dielectric medium, voltage, enclosure type, application, end user, and region. Based on type, Instrument Transformers Market is segmented as Current transformers, Potential transformers (Inductive potential transformer, capacitive potential transformer), combined instrument transformers. Based on dielectric medium, the Instrument Transformers Market is divided into liquid dielectric, SF6 dielectric, speciality transformers. Based on voltage, Instrument Transformers Market is segmented as distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, ultra-high voltage transmission. Based on enclosure type, Instrument Transformers Market is segmented as indoor, outdoor. Based on application, Instrument Transformers Market is segmented as transformer & circuit breaker, bushing, switchgear assemblies, relaying, metering & protection. based on end user Instrument Transformers Market is segmented as power utilities, power transmission utilities, power distribution utilities, power generation, railways and metros, industries and OEMs. Based on region, Instrument Transformers Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Instrument Transformers Market Analysis by Type:
The market is divided into four segments based on voltage: distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. The distribution voltage segment is expected to grow at the fastest rate during the forecast period. Instrument transformers are used for a variety of purposes, including electrical protection against overload currents and insulation failure, as well as emergency switching for residential and commercial infrastructures. This is increasing demand in the distribution voltage segment.
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Based on region, global instrument transformers market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. In 2020, Asia Pacific dominated the global instrument transformers market. Power demand in Asia Pacific is expected to double over the next two decades. By 2028, the region is expected to account for more than half of all new power project investments worldwide. This suggests that demand for instrument transformers has a high potential. In 2020, demand for the following voltage ranges was high in India's instrument transformers industry: above 80.5kV to 145kV or less, above 145kV to 195.5kV or less, and above 195.5kV to 300kV or less. The upcoming railway and metro projects, as well as the steady growth in India's renewable energy sector, present a significant opportunity for high voltage (HV) range instrument transformers.
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Instrument Transformers Market Drivers
Instrument Transformers Market Restraint
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The global instrument transformers market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Top Players in the Global Instrument Transformers Market
Instrument Transformers Market Recent Developments
General Electric Company has signed a contract with Elvia, one of Norway's major distribution system operators (DSO), to build a new substation in Heggedal, near Oslo, in September 2021. In addition, the new substation will be the first digital substation project. It will have SF6 free gas-insulated switchgear, a process bus with digital instrument transformers, and an online digital monitoring system.
Bharat Heavy Electricals Limited (BHEL) announced in September 2021 that it played a significant role in successfully implementing the + 800kV, 6000 MW ultra-high voltage direct current (UHVDC) link between India's Western (Chhattisgarh) and Southern (Tamil Nadu) grids. BHEL also stated that it contributed to the project by supplying instrument transformers, converter transformers, filter bank capacitors, and shunt reactors from its Bhopal plant, as well as thyristor valves from its Bengaluru electronic division.
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According to our global instrument transformers market analysis, factors such as booming industrial and commercial sectors in developing regions such as Asia Pacific, Latin America, and the Middle East and Africa, increased investments in the development of new technologies, growing interest in the installation of smart grids and transformers, and technological advancements are driving market growth. Other factors that are likely to influence the growth of the global instrument transformers market include the evolving regulatory landscape and rising demand for sustainable power transmission.
|Market size value in 2021||USD 6.99 billion|
|Market size value in 2030||USD 7.4 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Instrument Transformers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Instrument Transformers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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