Instrument Transformers Market Size, Share, Growth Analysis, By Type(Current transformers, Potential transformers (Inductive potential transformer, Capacitive potential transformer), Combined instrument transformers), By Dielectric medium(Liquid dielectric, SF6 dielectric, Speciality transformers), By Voltage(Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission), By Enclosure type(Indoor Instrument Transformers, Outdoor Instrument Transformers), By End user(Power Utilities, Power Transmission Utilities, Power Distribution Utilities, Power Generation), By Application(Transformer & Circuit Breaker, Bushing, Switchgear Assemblies, Relaying), By Region - Industry Forecast 2024-2031

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).

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.