LOS ANGELES, March 26, 2019 (GLOBE NEWSWIRE) -- The global instrument transformer market size is anticipated to be around USD 7,830.6 million by 2026, this market is anticipated to grow with 7.9% CAGR during the forecast time period. The rising demand for electricity and favorable government regulations are the factors expected to drive the growth of the global instrument transformer market.
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The rise in consumption of electricity along with the increasing concerns related to the grid stability will boost the global market. Increasing fund flow toward rural electrification in line with the renovation of the existing grid network has further obliged the establishments to integrate an effective safety and monitoring solution. Therefore, the increasing grid complications across the electric infrastructure in combination with the emerging electricity demand from end users are expected to augment the growth of the instrument transformer market. The rise in adoption of smart monitoring units combined with the rapidly developing smart grid networks will boost the demand for instrument transformer across the globe. The prominent players have constantly been assigning the funds for the expansion of energy efficient and cost-effective instrument transformer. Furthermore, the rising equipment correctness to tolerate the repeated current and voltage instability across electricity networks will stimulate the adoption of instrument transformer across the globe. Increase in development of transportation sector linked with the growth of road and rail networks to offer efficient energy solutions that will foster the demand for pole mounted instrument transformer in the coming years.
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The global instrument transformer market is segmented into product, winding, installation, cooling, insulation, phase, rating, mounting, application, and region. On the basis of product, the global instrument transformer market is segmented into current and potential. The current sub-segment is further divided into wound and closed. The potential sub-segment is further divided into electromagnetic and capacitor. On the basis of winding, the global instrument transformer market is segmented into two-winding and auto-transformer. On the basis of installation, the global instrument transformer market is segmented into outdoor and indoor. On the basis of cooling, the global instrument transformer market is segmented into dry-type and oil immersed. The dry type is further segmented into self-air and air blast. Further, the oil immersed sub-segment is segmented into self-cooled, water-cooled, forced oil, and others. On the basis of insulation, the global instrument transformer market is segmented into gas, solid, oil, air, and others. On the basis of phase, the global instrument transformer market is segmented into 3 phase and single phase. On the basis of rating, the global instrument transformer market is segmented into <= 250 kV, 251 to 500 kV, and > 500 kV. On the basis of mounting, the global instrument transformer market is segmented into pole, pad, PCB, and others. On the basis of application, the global instrument transformer market is segmented into residential & commercial, utility, and industrial. The residential & commercial sub-segment is further segmented into healthcare, societies, education, and others. Also, the industrial sub-segment is segmented into power, cement, railways, oil & gas, and others. On the basis of the region, the global instrument transformer market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Asia Pacific region is expected to hold a major share of the global instrument transformer market followed by North America and Europe region. The instrument transformer market in developing countries such as China is expected to generate maximum installation of instrument transformer. The instrument transformer market is broadly driven by the demand for the renovation of the conventional power grid infrastructure that is combined with the supportive regulatory concerns in order to strengthen the power grid sustainability. Also, the ongoing adoption of smart monitoring along with the rising infrastructural development is expected to propel the demand for instrument transformer market.
The prominent players operating in the global instrument transformer market are General Electric, Toshiba, Bharat Heavy Electricals Limited, Celme, Eaton Corporation, TRENCH Corp., Siemens, Schneider Electric, Amran, ABB Ltd, Raychem RPG, Instrument Transformer Equipment Corporation, and Mitsubishi Electric, etc. The constant industrial development with the adoption of smart transformer products that offer energy efficient instrument transfer is expected to drive the market across the Europe region. Limited energy efficiency procedures have encouraged the instrument transformer manufacturers to shift their focus towards manufacturing effective and low-cost transformer technologies. These factors are predicted to offer growth opportunities for the key players in the global instrument transformer market.
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