Instrument Transformer Global Market Report 2023:
Rising Energy Consumption, Increasing Renovation of the Existing Grid Networks, and Widespread Utilization in Renewable Power Stations Boosts Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Instrument Transformer Market by Type, Voltage, Enclosure Type, Cooling Method, Application, End User, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global instrument transformer market size reached US$ 8.2 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 11.4 Billion by 2028, exhibiting a CAGR of 5.64% during 2022-2028.
Rising energy consumption, increasing renovation of the existing grid networks, and widespread product utilization in renewable power stations represent some of the key factors driving the market.
Instrument transformer refers to electrical devices that step down transmission and distribution line voltages and currents to safe operating levels. It is connected to various instruments, such as voltmeters, ammeters, and watt and energy meters. Instrument transformers are widely used to isolate instruments from high-voltage circuits and to measure several electrical parameters, including current, voltage, energy, frequency, and power.
It is used with protective circuits to operate circuit breakers and relays to protect power systems. Instrument transformer ensures operators’ safety, standardizes measuring instruments, reduces the requirement for electrical insulation, and minimizes power consumption. It is also a cost-effective device that is easy to replace when damaged, provides convenient handling, and allows the connection of multiple instruments to the power system. As a result, instrument transformer finds extensive applications in the power utilities, railways, metros, and power generation.
Instrument Transformer Market Trends:
The rising energy consumption across the globe is one of the primary factors driving the market growth. The rapid expansion of power transmission and distribution networks to cater to the escalating energy demand from residential spaces, commercial establishments, railways, metros, and other industries is facilitating the adoption of instrument transformers to aid in the efficient monitoring and protection of power systems and ensure reliable operations. In addition to this, the increasing renovation activities of the existing grid network due to the rising complexities of the electrical infrastructure, coupled with emerging peak electricity demand from end users, is acting as another growth-inducing factor.
Furthermore, the widespread product utilization in renewable energy stations to monitor the electricity generation from solar arrays, provide harmonic measurements, and ensure efficient integration with the existing grid is positively influencing the market growth.
Additionally, the recent development of next-generation instrument transformers that uses optical sensor technology to measure current and voltage and offers a dynamic range, excellent accuracy, high-frequency response, and ensure effective control of the distribution system through real-time measurement is providing an impetus to the market growth.
Apart from this, the introduction of lightweight digital instrument transformers that contain fewer wires, require low maintenance, are easy to install and upgrade, and offer enhanced safety is propelling the market growth. Other factors, including the rapid development of smart grid and ultra-high voltage infrastructure, the implementation of various government initiatives to promote renewable energy generations, and rising concerns regarding grid stability and failure, are anticipated to drive the market growth.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the global instrument transformer market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, voltage, enclosure type, cooling method, application, and end user.
Type Insights:
- Current Transformers
- Potential Transformers
- Combined Instrument Transformers
The report has also provided a detailed breakup and analysis of the instrument transformer market based on the type. This includes current, potential, and combined instrument transformers. According to the report, current transformer represented the largest segment.
Voltage Insights:
- Distribution Voltage
- Sub-Transmission Voltage
- High Voltage Transmission
- Extra High Voltage Transmission
- Ultra-High Voltage Transmission
A detailed breakup and analysis of the instrument transformer market based on the voltage has been provided in the report. This includes distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. According to the report, high voltage transmission accounted for the largest market share.
Enclosure Type Insights:
- Indoor
- Outdoor
A detailed breakup and analysis of the instrument transformer market based on the enclosure type has been provided in the report. This includes indoor and outdoor. According to the report, outdoor accounted for the largest market share.
Cooling Method Insights:
- Dry-Type
- Oil Immersion
A detailed breakup and analysis of the instrument transformer market based on the cooling method has been provided in the report. This includes dry-type and oil immersion. According to the report, oil immersion accounted for the largest market share.
Application Insights:
- Transformer and Circuit Breaker Bushing
- Switchgear Assemblies
- Relaying
- Metering and Protection
A detailed breakup and analysis of the instrument transformer market based on the application has been provided in the report. This includes transformer and circuit breaker bushing, switchgear assemblies, relaying, and metering and protection. According to the report, metering and protection accounted for the largest market share.
End User Insights:
- Power Utilities
- Power Generation
- Railway and Metros
- Industries and OEMs
A detailed breakup and analysis of the instrument transformer market based on the end user has been provided in the report. This includes power utilities, power generation, railway and metros, and industries and OEMs. According to the report, power utilities accounted for the largest market share.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key Questions Answered in This Report:
- How has the global instrument transformer market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global instrument transformer market?
- What are the key regional markets?
- Which countries represent the most attractive instrument transformer markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the voltage?
- What is the breakup of the market based on the enclosure type?
- What is the breakup of the market based on the cooling method?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What is the competitive structure of the global instrument transformer market?
- Who are the key players/companies in the global instrument transformer market?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Instrument Transformer Market
6 Market Breakup by Type
7 Market Breakup by Voltage
8 Market Breakup by Enclosure Type
9 Market Breakup by Cooling Method
10 Market Breakup by Application
11 Market Breakup by End User
12 Market Breakup by Region
13 Drivers, Restraints, and Opportunities
14 Value Chain Analysis
15 Porters Five Forces Analysis
16 Price Analysis
17 Competitive Landscape
Selection of Companies Mentioned
- ABB Ltd.
- Amran Inc
- CG Power and Industrial Solutions Limited (Murugappa Group)
- Eaton Corporation plc, EMEK Electrical Industry Inc
- Indian Transformers and Electricals PVt. Ltd
- Instrument Transformer Equipment Corporation (Power Grid Components Inc.), Mehru Electrical & Mechanical Engineers (P) Ltd
- Mitsubishi Electric Corporation
- Pfiffner Instrument Transformers Ltd
- Schneider Electric SE
- Siemens AG
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/fm432w
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