Instrument Transformers Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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Instrument Transformers Market Size 2024 And Growth Rate

The instrument transformers market size has grown steadily over the past couple of years and is projected to further grow from $8.65 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate CAGR of 5.3%. This growth in the historic period can be attributed to several factors such as electrical grid expansion, grid reliability, renewable energy integration, digitization, and developments in industrial and commercial infrastructure.

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Instrument Transformers Market Growth Forecast

Looking ahead, the instrument transformers market size is forecast to witness strong growth. It is projected to rise to $12.11 billion in 2028 with a compound annual growth rate CAGR of 7.4%. This optimistic forecast can be attributed to factors such as development in electric vehicle charging infrastructure, emphasis on environmental sustainability, advancements in energy efficiency, the need for diagnostics and condition monitoring, and rapid urbanization. Additionally, emerging trends like digital instrument transformers, compact and lightweight design, wideband, and high-frequency transformers, integration of renewable energy, and IoT connectivity will positively impact the market.

What Factors are expected to Fuel the Growth of the Instrument Transformers Market?

One of the main drivers of this buoyant market is the increasing electricity demand. Electricity is a form of energy that can be transmitted through wires and is prime for heating, lighting, and machine power. With rising household incomes, sweeping electrification of transportation and heat, burgeoning demand for digitally connected devices and air conditioning, the electricity demand is set to increase even more.

Instrument transformers, used for testing current and voltage while maintaining isolation of measurement and control equipment from the primary circuit, will witness increased demand. For instance, as per the World Energy Outlook, global electricity demand is projected to rise by 2.1% per year until 2040, which is double the rate of primary energy growth. This surge in the consumption of electricity will result in a 24% increase in its share of final energy demand by 2040, thereby driving the growth of the instrument transformers market.

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Who are the Major Players in the Instrument Transformers Market?

Key industry players who are driving the growth of the instrument transformers market include ABB Ltd., Arteche Group, Bharat Heavy Electricals Limited., CG Power and Industrial Solutions Ltd., General Electric company., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, Amran Inc., Eaton Corporation plc., EMEK Group, Nissin Electric Co. Ltd., PFIFFNER Instrument Transformers Pvt. Ltd., PME Power Solutions Ltd., Rakesh Transformer Industries Pvt. Ltd., Synergy Transformers Pvt. Ltd., RITZ Instrument Transformers GmbH, KONCAR Group, Instrument Transformers Limited, KOTSONS Pvt. Ltd., BVM Technologies Pvt. Ltd., AEM Components India Pvt. Ltd., Crompton Greaves Ltd., J&D Electronics Co. Ltd., Kappa Electricals Pvt Ltd., Kries-Energietechnik GmbH, MBS AG, Ruhstrat GmbH, SGB-SMIT Group, TBEA Co. Ltd.

What are the Emerging Trends in the Instrument Transformers Market?

Companies in the market are increasingly focusing on innovation, specifically in product design. Transformers, being a critical instrument for floating offshore wind power, are at the center of these innovations. For instance, in June 2021, Hitachi Energy Ltd, a Switzerland-based energy company, launched transformers designed to conquer the challenging offshore environment and withstand physically demanding conditions of floating wind turbines and substations. These transformers include collector step-up transformers, earthing transformers, and shunt reactors for floating substations.

How is the Instrument Transformers Market Segmented?

The instrument transformers market is segmented based on factors such as:

1 Type: Current Transformers, Potential Transformers, Combined Instrument Transformers
2 Enclosure Type: Indoor, Outdoor
3 Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission
4 Application: Relaying, Switchgear Assemblies, Metering And Protection, Other Applications
5 End-User: Power Utilities, Power Generation, Industries and OEMs, Other End-Users

What are the Regional Insights for the Instrument Transformers Market?

Asia-Pacific was the largest region in the instrument transformers market in 2023. Following closely was Europe, constituting the second-largest market. The regions considered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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