The Instrument Transformers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Instrument Transformers Global Market Report 2024, The instrument transformers market size has grown strongly in recent years. It will grow from $8.65 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to electrical grid expansion, grid reliability, renewable energy integration, digitization, industrial and commercial infrastructure.
The instrument transformers market size is expected to see strong growth in the next few years. It will grow to $12.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to electric vehicle charging infrastructure, environmental sustainability, energy efficiency, diagnostics and condition monitoring, rapid urbanization. Major trends in the forecast period include digital instrument transformers, compact and lightweight design, wideband and high-frequency transformers, renewable energy integration, iot and connectivity
.
The increasing electricity demand is expected to fuel the growth of the instrument transformers market in the coming years. Electricity is a form of energy that can be transmitted through wires and is used for heating, lighting, and machine power. As a result of increased household incomes, electrification of transportation and heat, surging demand for digitally connected devices and air conditioning, the electricity demand is expected to propel even further. Instrument transformers are specialized transformers that are used to test current and voltage while keeping measurement and control equipment isolated from the primary circuit. For instance, according to the World Energy Outlook, global electricity demand is expected to increase at 2.1% per year until 2040, double the rate of primary energy growth. The share of electricity in the overall final energy demand is expected to rise by 24% in 2040 as a result of this. Therefore, the increasing electricity demand propels the growth of the instrument transformers market.
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The instrument transformers market covered in this report is segmented –
1) By Type: Current Transformers, Potential Transformers, Combined Instrument Transformers
2) By Enclosure Type: Indoor, Outdoor
3) By Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission
4) By Application: Relaying, Switchgear Assemblies, Metering And Protection, Other Applications
5) By End-User: Power Utilities, Power Generation, Industries and OEMs, Other End-Users
Major companies operating in the instrument transformers market are focusing on innovating products, such as transformers, to provide reliable services to customers. Transformers are used as instruments for floating offshore wind power. For instance, in June 2021, Hitachi Energy Ltd, a Switzerland-based Energy industry company launched transformers. Transformers are designed to overcome the challenging offshore environment and withstand the physically demanding conditions of floating wind turbines and substations. This transformers include collector step-up transformers, earthing transformers, and shunt reactors for floating substations.
The instrument transformers market report table of contents includes:
1. Executive Summary
- Instrument Transformers Market Characteristics
- Instrument Transformers Market Trends And Strategies
- Instrument Transformers Market – Macro Economic Scenario
- Global Instrument Transformers Market Size and Growth
.
31. Global Instrument Transformers Market Competitive Benchmarking - Global Instrument Transformers Market Competitive Dashboard
- Key Mergers And Acquisitions In The Instrument Transformers Market
- Instrument Transformers Market Future Outlook and Potential Analysis
- Appendix
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