What is the global market size of Instrument Transformers Market?

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).

Global Instrument Transformers Market Size, Share, Growth Analysis, By Type(Current transformers, Potential transformers (Inductive potential transformer), By Dielectric medium(Liquid dielectric, SF6 dielectric), By Voltage(Distribution Voltage, Sub-Transmission Voltage), By Enclosure type(Indoor Instrument Transformers, Outdoor Instrument Transformers), By End user(Power Utilities, Power Transmission Utilities), By Application(Transformer & Circuit Breaker, Bushing) - Industry Forecast 2024-2031

Report ID: SQSG45K2008 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 180 | Figures: 79

Global Instrument Transformers Market Dynamics

Instrument Transformers Market Drivers

The utility instrument transformers market will benefit from increased emphasis on the integration of extensive frequency distribution links, as well as growing concerns about energy efficiency. The increasing demand for ultra-high voltage networks will drive up demand for utility transformers. Growing investments in electrification programs by private and governmental organizations in developing countries will accelerate industry growth. Concerns about grid safety and reliability have significantly increased product demand.

Instrument Transformers Market Restraint

The main market restraint is the scarcity of low-cost instrument transformers for small-scale industries. The unorganized sector's production of instrument transformers will threaten existing companies' market share. The slow modernization of existing electrical infrastructure will have a negative impact on instrument transformer demand.

Global Instrument Transformers Market Report Snapshots

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Instrument Transformers Market size was valued at USD 6.99 billion in 2019 and is poised to grow from USD 7.4 billion in 2023 to USD 12.37 billion by 2031, growing at a CAGR of 5.72% in the forecast period (2024-2031).

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. 'ABB Ltd.', 'Siemens AG', 'General Electric Company', 'Schneider Electric SE', 'Mitsubishi Electric Corporation', 'Trench Group', 'CG Power and Industrial Solutions Limited', 'Amran Instrument Transformers', 'Crompton Greaves Ltd.', 'Arteche Group', 'BHEL', 'Nissin Electric Co., Ltd.', 'Instrument Transformers, Inc.', 'KONCAR - Electrical Industry Inc.', 'Mehru Electrical & Mechanical Engineers Pvt. Ltd.', 'Ritz Instrument Transformers GmbH', 'Pfiffner Instrument Transformers Ltd.', 'Emek Electrical Industry and Trade Inc.', 'Pfiffner Messwandler AG', 'ITL Group'

The utility instrument transformers market will benefit from increased emphasis on the integration of extensive frequency distribution links, as well as growing concerns about energy efficiency. The increasing demand for ultra-high voltage networks will drive up demand for utility transformers. Growing investments in electrification programs by private and governmental organizations in developing countries will accelerate industry growth. Concerns about grid safety and reliability have significantly increased product demand.

The generation, transmission, and distribution of electrical energy are all part of the power utility industry. As power utility devices are susceptible to damage from fluctuations in power quality, instrument transformers are used in such systems primarily for measurement, equipment protection, and providing energy to protective relays. Instrument transformers are used for revenue metering in measurement applications. They provide precise and dependable current and voltage measurements for secondary equipment like meters, protection relays, bay computers, and other devices.

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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Global Instrument Transformers Market Dynamics

Global Instrument Transformers Market Report Snapshots

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