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.
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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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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
