Instrument Transformers Industry Growth Analysis With Investment Opportunities For 2023-2028

The global instrument transformers industry is projected to grow from an estimated USD 7.1 billion in 2023 to USD  10.6 billion by 2030, demonstrating a CAGR of 5.8% during the forecasted period.

The global industry is poised for substantial growth during this period, primarily due to the development of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy-based capacity, increased investments in industrial production, and government initiatives for grid modernization are likely to drive the demand for instrument transformers.

Key Market Players
Key players in the global instrument transformers industry include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Mitsubishi Electric (Japan).

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Current transformers segment, by type, to occupy the majority of instrument transformers market share. 

Current transformers occupy 48.7% of the market share for the year 2023. Current transformers are widely used in a variety of industries, including electricity utilities and commercial facilities. Their adaptability makes them ideal for measuring and monitoring electrical currents in a variety of environments. Current transformers are critical components of power systems for monitoring and controlling the grid. They precisely monitor current flow, giving critical information for analyzing the health and operation of the electrical grid. This skill is critical for keeping the grid stable and avoiding interruptions. Current transformers improve power quality by monitoring and adjusting current levels. Maintaining the quality of electrical power is critical for the efficient and dependable functioning of electrical systems. These are the potential reasons that are propelling the growth of current transformers in the market.

Outdoor segment, by enclosure type, to be the largest market.

Outdoor transformers are built to survive severe temperatures, humidity, and exposure to the weather. Because of their robustness, they can be deployed outside without reducing performance. These transformers are easier to construct than indoor transformers since they don't require specific interior infrastructure. This simplicity of installation helps to faster deployment and less downtime throughout the installation process. The external enclosure style allows for greater flexibility in grid layout and extension. These transformers are strategically deployed around the system to improve scalability and responsiveness to changing power distribution needs.

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Asia Pacific to emerge as the largest instrument transformers market.

Ongoing enhancements in instrument transformer technologies improve their performance, reliability, and efficiency, drawing acceptance in the Asia Pacific market for updated power infrastructure. The growing use of renewable energy sources demands the use of modern instrument transformers to handle the various and intermittent nature of renewable power generation. China is the largest market for Asia-Pacific transformers, followed by India and Japan, due to increased power consumption and the construction and connection of renewable energy sources to the country's grid.

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Instrument Transformers Market: An Exclusive Study on Upcoming Trends and Growth Opportunities

The global Instrument Transformers Market is expected to reach USD 10.6 billion by 2030 from USD 7.1 billion in 2023 at a CAGR of 5.8% during the 2023–2030 period according to a new report by MarketsandMarkets™.  The Instrument Transformers Market is poised for substantial growth during this period, primarily due to the development of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy-based capacity, increased investments in industrial production, and government initiatives for grid modernization are likely to drive the demand for instrument transformers.

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Current transformers segment, by type, to occupy the majority of instrument transformers market share.

Current transformers occupy 48.7% of the market share for the year 2023. Current transformers are widely used in a variety of industries, including electricity utilities and commercial facilities. Their adaptability makes them ideal for measuring and monitoring electrical currents in a variety of environments. Current transformers are critical components of power systems for monitoring and controlling the grid. They precisely monitor current flow, giving critical information for analyzing the health and operation of the electrical grid. This skill is critical for keeping the grid stable and avoiding interruptions. Current transformers improve power quality by monitoring and adjusting current levels. Maintaining the quality of electrical power is critical for the efficient and dependable functioning of electrical systems. These are the potential reasons that are propelling the growth of current transformers in the market.

Outdoor segment, by enclosure type, to be the largest market.

Outdoor transformers are built to survive severe temperatures, humidity, and exposure to the weather. Because of their robustness, they can be deployed outside without reducing performance. These transformers are easier to construct than indoor transformers since they don't require specific interior infrastructure. This simplicity of installation helps to faster deployment and less downtime throughout the installation process. The external enclosure style allows for greater flexibility in grid layout and extension. These transformers are strategically deployed around the system to improve scalability and responsiveness to changing power distribution needs.

Asia Pacific to emerge as the largest instrument transformers market.

Ongoing enhancements in instrument transformer technologies improve their performance, reliability, and efficiency, drawing acceptance in the Asia Pacific market for updated power infrastructure. The growing use of renewable energy sources demands the use of modern instrument transformers to handle the various and intermittent nature of renewable power generation. China is the largest market for Asia-Pacific transformers, followed by India and Japan, due to increased power consumption and the construction and connection of renewable energy sources to the country's grid.

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Key Players

Key players in the global instrument transformers market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Mitsubishi Electric (Japan).

Instrument Transformers Projected to Gain Significant Market Growth in Near Future

According to the new market research report "Instrument Transformers Market by Type (Current, Potential, and Combined Instrument Transformers), Enclosure Type (Indoor and Outdoor), Dielectric Medium (Solid, Liquid, and SF6 Gas), Voltage, Application, End-User, and Region - Global Forecast to 2022 ", the instrument transformers market is expected to grow from an estimated USD 7.32 Billion in 2017 to USD 9.06 Billion by 2022, registering a CAGR of 4.35% during the forecast period. This growth is primarily due to the increasing emphasis on alternative energy production, refurbishment of aging infrastructure, and huge investments in smart grids and energy systems across the world.

The power utilities segment is expected to hold the largest share of the instrument transformers market, by end-user, during the forecast period

The power utilities segment led the instrument transformers market in 2016, and is projected to dominate the market during the forecast period. The total investment in the transmission and distribution infrastructure over 2014 to 2035 is expected to be USD 6.8 trillion, according to the International Energy Agency. Approximately, 56% of the total energy investment accounts for transmission and distribution. Refurbishment and replacement of existing assets contribute 40% and the grid integration of renewables accounts for 4%. Instrument transformers are a major part of the transmission and distribution infrastructure, used for measurement as well as protection of the system. Approximately 10% of the total substation cost is dedicated to procurement and installation of instrument transformers. With the increasing investments in the power infrastructure, the market for instrument transformers tends to grow.

Browse and in-depth TOC on “Instrument Transformers Market"

99 - Tables

48 - Figures

171 - Pages

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Capacitive potential transformers to be the fastest growing segment in the instrument transformers market

With regard to the type segment, capacitive potential transformers are expected to constitute the fastest growing market from 2017 to 2022. Capacitive potential transformers are used to measure voltages above 66 kV. In these types of transformers, capacitors are used as voltage dividers. These capacitors are connected in series where the voltage drop takes place. Unlike inductive voltage transformers, capacitive voltage transformers usually have a ferro resonance damping circuit built into the instrument transformers itself. Apart from voltage measurement, these capacitive voltage transformers are also used as high pass filters. These days transmission lines are used for communication purposes as well. The information at high frequencies (in MHz) are conveyed through transmission lines from one grid to another and is known as Power Line Carrier Communication (PLCC). Capacitive voltage transformers, when used as high pass filters, helps in PLCC.

Asia Pacific: The leading market for instrument transformers

In this report, the instrument transformers market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to account for the largest market share of 36% in the global instrument transformers market in 2017. Countries such as China, Japan, and India are investing in grid expansion projects to increase their distribution grid reliability. China accounted for the largest share of the instrument transformers market in Asia Pacific in 2016. It has the highest installed power generation and distribution capacities, resulting in an increased demand for transformers. The country, which is an export-oriented economy, has witnessed an exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Meanwhile, the next strongest economy, India, is also adding up its renewable energy capacity annually. For instance, the country is the third-largest electricity producer in the world and is likely to generate approximately 30 GW of power from renewable energy sources in 2017. This would require grid connected as well as local distribution networks. These factors are expected to drive the growth of the instrument transformers market in Asia Pacific.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the instrument transformers market. These players include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and GE (US). The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares.

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