PUBLISHER: Allied Market Research | PRODUCT CODE: 1414803
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414803
According to a new report published by Allied Market Research, titled, "Instrument Transformers Market," The instrument transformers market was valued at $9.6 billion in 2022, and is estimated to reach $17.2 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.
Instrument transformers are electricity-based devices used to isolate or transform voltage and current levels. Major application of instrument transformers is to operate instruments along with safely & securely carrying out metering from high voltage or current circuits.
The instrument transformer industry is experiencing significant growth owing to several key factors and recent trends in the energy and power sectors. One of the primary drivers is increase in demand for electricity globally, necessitating the expansion and modernization of power grids. Recent advancements in smart grid technology have further fuelled instrument transformers market. The integration of digital solutions, such as IoT-enabled devices and sensors, led to the development of smart transformers that offer real-time monitoring, remote diagnostics, and predictive maintenance capabilities. These innovations enhance grid reliability, reduced downtime, and optimized energy management, thereby driving the instrument transformers market growth.
High voltage transmission segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the instrument transformers market forecast period. Owing to increase in demand for electricity from emerging economies, such as countries in South East Asia and increased focus on power generation and distribution propel demand for HV instrument transformers. Furthermore, rise in investments in transmission & distribution infrastructure is expected to provide instrument transformers market opportunities during the forecast period. Moreover, integration of digital technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) into power systems will open avenues for smart instrument transformers to offer real-time data analysis, predictive maintenance, and remote monitoring capabilities further drives instrument transformers market.
Moreover, rise in renewable energy installations, including solar and wind power, bolster the need for instrument transformers. The shift towards clean energy and increase in emphasis on sustainable practices contribute to the expansion of the instrument transformer market size. Investments in infrastructure upgrades, particularly in developing economies, are propelling the demand for instrument transformers. Furthermore, emergence of electric vehicles (EVs) and deployment of charging stations require robust power distribution systems, thus, driving the need for reliable instrument transformers to manage the load and ensure safe and efficient charging operations drives instrument transformers market.
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. This growth is driven by technological advancements and the indispensable role played by conventional instrument transformers in electrical infrastructure globally. Henceforth, above mentioned all factors drive the demand for conventional instrument transformer market.
In conclusion, the instrument transformer market growth can be attributed to the rise in demand for electricity, advancements in smart grid technologies, proliferation of renewable energy sources, and the global push for energy efficiency and grid modernization. These instrument transformer market trends are expected to continue to drive the drives instrument transformers market expansion as the energy landscape evolves towards more sustainable and interconnected systems.
The instrument transformers market is segmented on the basis of product type, voltage, application, end-user, and region. By product type, it is bifurcated into conventional instrument transformer and non-conventional instrument transformer. On the basis of voltage type, it is segmented into low voltage (<1kV), medium voltage (1-52kV), high voltage transmission (60/110 kV), extra high voltage transmission (220/380kV), and ultra high voltage transmission (>380kV). On the basis of application, it is divided into transformer and circuit breaker bushing, switchgear assemblies, relaying, metering, and others. By end-user, it is segmented into power utilities, power generation, railways & metros, industries & OEMs, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
In addition, this report analyses the consumption trends of instrument transformers across different applications such as transformer and circuit breaker bushing, switchgear assemblies, relaying, and metering & protection. Furthermore, it also analyses the consumption trends of instrument transformers across different end users such as power utilities, power generation, railways and metros, and industries & OEMs. Moreover, the report analyses the market trends across North America, Europe, Asia-Pacific, and LAMEA. In addition, it also highlights market dynamics that impact the growth of the global instrument transformers market, such as key drivers, restraints, growth opportunities, and the role of different key players in the market. Further, the report presents the quantitative data in terms of value.
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.S., ELEQ B.V., Enpay, Narayan Powertech Pvt Ltd., Pragati Electricals Pvt Ltd., Dayihu, Epoxy House, and Bharat Heavy Electrical Limited are some of the major players discussed in the report.
The report provides a detailed instrument transformer 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 transformer 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 transformer market scope in this report.
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