What’s Driving Growth in the Instrument Transformers Market?
Global Instrument Transformers Market projected to grow at a CAGR of 6.1% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, August 30, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the instrument transformers market size 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 transformer is a type of transformer used to transform voltage or current levels to standardized, measurable values suitable for instrumentation and protection in electrical power systems. These devices are also used to measure different electrical parameters, including voltage, frequency, current, and power factor in AC systems.
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Asia-Pacific accounted for a major instrument transformers market size in 2022, owing to increased power consumption, government initiatives to increase power generation capacity using renewable energy sources, and replacement of aging power plants are expected to drive the instrument transformers market in the region.
In 2023, Asia-Pacific accounts for the largest instrument transformers market share, followed by Europe and North America.
North America plays a pivotal role in propelling the instrument transformer market due to its robust industrial infrastructure and advancing technological landscape. Increasing power demand, reducing transmission and distribution losses, and upgradation of grid network with developing renewable power sources are expected to drive growth of the instrument transformers market during the forecast period.
The major companies profiled in this report include 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.Ş., ELEQ B.V., Enpay, Narayan Powertech Pvt Ltd., Pragati Electricals Pvt Ltd., Dayihu, Epoxy House, and Bharat Heavy Electrical Limited.
Rise in need for electricity, coupled with rise in concerns pertaining to grid stability boost the global instrument transformer industry. Growth in interest toward rural electrification in line with renovation of existing grid network are expected to favor toward authorities to incorporate an efficient protection and monitoring mechanism.
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Rise in competition from the unorganized sector of the instrument transformer market is expected to hamper instrument transformers market growth during the forecast period.
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.
Rise in demand for smart grids is expected to be another key feature for development of the global instrument transformer market in the coming years. Moreover, the increasing government investment in building and maintaining a robust energy infrastructure is expected to increase demand for instrument transformers from the power generation sector in coming years.
Surge in data center construction fuels the instrument transformer market, as these facilities require reliable and accurate monitoring of high voltage electricity.
Rise in investments in transmission & distribution infrastructure is expected to provide instrument transformers market opportunities during the forecast period.
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Integration of digital technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) into power systems will open avenues for smart instrument transformers market trends to offer real-time data analysis, predictive maintenance, and remote monitoring capabilities.
On the basis of product type, the conventional instrument transformer segment accounts for more than three-fourths of the market share, in terms of revenue, in 2022.
On the basis of voltage, the high voltage transmission segment accounts for less than one-third of the market share, in terms of revenue, in 2022.
On the basis of application, the transformer and circuit breaker bushing segment accounts for less than one-third of the market share, in terms of revenue, in 2022.
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On the basis of end user, power utilities segment accounts for less than three-fifths of the market share, in terms of revenue, in 2022.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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