Rockville, April 07, 2023 (GLOBE NEWSWIRE) -- The instrument transformers market is projected to reach a value of USD 3.18 billion in 2022 and is expected to expand at a CAGR of 6% during that time. Instrument transformer sales are projected to reach $5.69 billion in 2032.
Instrument transformer demand has increased as a result of measures taken to ensure grid stability in light of the world's rising urbanisation. By expanding infrastructure fund allocation, the installation of efficient power T&D monitoring and control systems is likely to expedite the company dynamics.
The demand for peak loads has also increased because to changing lifestyles, rising living standards, and continued economic expansion, which has accelerated the launch of new products.
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| Instrument Transformers Market Scope | |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2022-2032 |
| Growth momentum & CAGR | Accelerate at a CAGR of 6% |
| Market growth 2023-2033 | US$ 5.69 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | GE, ABB, Eaton,, Hitachi Energy Ltd., Siemens Energy, NISSIN ELECTRIC Co., Ltd., ARTECHE, Instrument Transformer Equipment Corporation, Inc., Instrument Transformers Limited, CG Power & Industrial Solutions Ltd., Mitsubishi Electric Corporation, Schneider Electric, Amran, Inc., Mehru, Ritz Instruments Transformers |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
The instrument transformers market is driven by several factors, including:
- With the growing population and industrialization, the demand for electricity is increasing. Instrument transformers play a crucial role in the transmission and distribution of electrical power, making them essential components of the power system.
- The power sector is expanding rapidly in developing countries, and there is a need for reliable and efficient power transmission and distribution systems. This is driving the demand for instrument transformers in these regions.
- Governments around the world are investing in upgrading their power infrastructure, which is boosting the demand for instrument transformers. For example, in the US, the Department of Energy has launched several initiatives to modernize the country's power grid, which is driving the demand for instrument transformers.
- The renewable energy sector is growing rapidly, and instrument transformers are necessary for the integration of renewable energy sources into the power grid. This is driving the demand for instrument transformers in this sector.
- Advancements in technology, such as digitalization and IoT, are transforming the power sector, and instrument transformers are being developed with advanced features such as remote monitoring, diagnostics, and predictive maintenance. This is driving the demand for instrument transformers with these advanced features.
Key Market Trends:
Some of the key market trends in the instrument transformers market include:
- Digital instrument transformers are gaining popularity due to their advanced features such as remote monitoring, diagnostics, and predictive maintenance. These features can help to improve the reliability and efficiency of the power grid.
- The renewable energy sector is growing rapidly, and instrument transformers are necessary for the integration of renewable energy sources into the power grid. This is driving the demand for instrument transformers with features such as wide-range accuracy and high-frequency response.
- Smart grids are becoming increasingly popular as they offer several benefits such as improved reliability, efficiency, and security. Instrument transformers with advanced features such as real-time monitoring and diagnostics are crucial components of smart grids.
- Moreover, there is a growing trend towards eco-friendly products, and this is driving the demand for instrument transformers with environmentally-friendly designs and materials
- The integration of IoT and AI is transforming the power sector, and instrument transformers are being developed with advanced features such as data analytics and machine learning to optimize power system operations.
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Restraints:
There are several restraints that are impacting the growth of the instrument transformers market, including:
- Instrument transformers are expensive, which can be a barrier to adoption, particularly in developing countries.
- With the advancement of technologies such as solid-state transformers, there is growing competition for instrument transformers.
- Economic slowdowns can lead to reduced investment in infrastructure projects, which can impact the demand for instrument transformers.
- The COVID-19 pandemic has disrupted supply chains and impacted the manufacturing and delivery of instrument transformers, which has impacted the market. Additionally, the economic slowdown caused by the pandemic has reduced investment in infrastructure projects, which has further impacted the market.
Competitive Landscape:
Instrument Transformers market is highly competitive with several major players operating in the market. Key companies in the market are focusing on developing advanced instrument transformers with features such as high accuracy, low losses, and real-time monitoring and diagnostics. Additionally, companies are also investing in research and development to develop new products and technologies to stay ahead of the competition.
- GE company and Elvia, had entered into a contract in September 2021 for the delivery of a new station. This has an online digital monitoring, SF6 free gas-insulated switchgear, and a process bus with digital instrument transformers.
Key segments
- By Product:
- Current
- Potential
- By Winding:
- Two Winding
- Auto Transformer
- By Cooling:
- Dry Type
- Oil Immersed
- By Insulation:
- Gas
- Oil
- Solid
- Air
- Others
- By Rating:
- ≤ 33 kV
- > 33 kV to ≤ 66 kV
- > 66 kV
- By Mounting:
- Pad
- Pole
- Others
- By Application:
- Residential
- Commercial & Industrial
- Utility
- By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Key Questions Covered in the Instrument Transformers Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Instrument Transformers sales grow until 2032?
- Which are the factors hampering the Instrument Transformers demand?
- Which region will spearhead the growth in the global industry by 2032?
- Which are the factors driving sales in the Instrument Transformers Market during the forecast period?
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