The Global Instrument Transformers Market was valued at USD 9220 million in 2023, and it is anticipated to reach USD 12750 million by 2029, recording a CAGR of 6.71% during the foreseen period 2024-2029.
Instrument transformers are electrical devices used to transform or isolate current or voltage levels with high precision. They are used in AC systems to measure electrical parameters such as current, voltage, energy, power factor, and frequency. Energy companies are increasingly relying on the automation process as the process provides better monitoring, increases profitability, and reduces lead times. The global instrument transformer market is expected to experience phenomenal growth during the forecast period due to market expansion through increased industrial growth and aging infrastructure. This is leading to investments in smart grids, increasing electricity generation, and increasing the demand for green energy. The power and distribution industry section is anticipated to have a significant share of the global instrument transformer market during the forecast period. Instrument transformers play a fundamental role in the transport and distribution infrastructure. They are used both for measurements and system protection. The growth of electricity generation from renewables is likely to create significant opportunities for the global market for instrument transformers during the forecast period.
Market Drivers:
The growth of industrialization and urbanization around the world has dramatically increased the demand for electricity. This increased demand for electricity, driven by urbanization and rural electrification, is expected to boost electricity transmission and distribution projects, thereby increasing the global market for meter transformers.
The expansion of the real estate sector coupled with the continued industrialization of developing energy markets has laid the foundation for product penetration. In addition, the rapid expansion of transmission and distribution networks in emerging energy markets will further enhance the business landscape. This can be attributed to the implementation of systems based on artificial intelligence and the Internet of Things in the electricity sector in these regions. The electricity companies are in charge of the maintenance, operation, and installation of the network infrastructure, associated with carrying out energy efficiency projects and consumed electricity. This is driving demand from the electric services segment. The continuing need to upgrade and modernize the existing distribution infrastructure to meet the increasing demand for electricity will lead to strong growth in the instrument transformer market during the outlook period.
Market Restraints:
There are certain restrictions and challenges that will hamper the overall growth of the market. The deficiency of skilled labor, complex integrated systems, and lack of infrastructure are potential constraints hampering the overall market for instrument transformers. Renewable energy projects are off-grid and require a connection to the national grid system for electricity distribution.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2028 |
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CAGR |
6.71% |
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Segments Covered |
By Type, Voltage, Enclosure Type, Application, End User, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Ltd, Siemens AG, General Electric Company, Schneider Electric SE, Arteche Group, PFIFFNER Instrument Transformers Ltd, Crompton Greaves Ltd., Mitsubishi Electric Corporation, Amran Inc, and Others. |
Market Segmentation:
The processor segment has the largest market share, the factors can be attributed to the amplified speed, which enables fast data transmission.
The distribution voltage segment is estimated to experience the highest CAGR for the forecast period.
The external instrument transformers segment has the largest market share.
The factors can be attributed to the growing investments in renewable power generation, electrification of transport systems and expansion of electrical transmission and distribution systems will boost the demand for metering & protection applications.
The Utility segment is expected to experience the highest CAGR for the forecast period.
Instrument Transformers Market Regional Analysis:
The global instrument transformers market is segmented into North America, Europe, and Asia-Pacific. The Asia-Pacific region dominates the global market for instrument transformers. In emerging Asia-Pacific economies, significant power plant capacity additions, economic growth, and the need to improve access to electricity are driving the expansion of the grid and the instrument transformer market. China, Japan, India, Australia, and Indonesia are the main markets in Asia-Pacific. China represents the largest share in the Asia-Pacific region, mainly due to rapid growth in urbanization and industrial development. Europe is the second market for instrument converters. North America is another important market for instrument converters. The number of smart grids in North America and Europe has grown dramatically over the last decade.
The pandemic of new COVID-19 outbreak has had a strong impact on the electricity sector in various regions of the world. Demand for instrument transformers was significantly affected in the second and third quarters of 2020, due to strict blockades implemented by governments, and restrictions on cross-border trade and transport. In addition, the temporary closure of several manufacturing plants, as well as commercial facilities, played a key role in hindering the demand for electricity during the pandemic, which is why the demand for meter transformers is expected to decline in 2020, thus affecting the transformers market. Lockdown regulations have also had a negative impact on the supply chain throughout the power sector, causing a slowdown in manufacturing activities. Furthermore, non-critical investments fell back in 2021 due to the COVID-19 pandemic, as a result of which advances in new technologies are expected to proceed at a slow pace.
Market Recent Developments :
The ABB Ability power transformer recently revealed in Hannover, Germany will be the world's first integrated solution for digitally powered power transformers, fundamentally changing the transformer model.
Instrument Transformers Market Key Players:
Frequently Asked Questions
The Global Instrument Transformers Market is expected to grow with a CAGR of 6.71% between 2024-2029.
The Global Instrument Transformers Market size is expected to reach a revised size of USD 12750 million by 2029.
Siemens AG, General Electric Company, and Schneider Electric are the three Instrument Transformers Market key players.
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