The global instrument transformer market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2030. Instrument transformers are used to isolate or modify the level of voltage or current, in order to safely isolate the secondary control circuitry. The growth of the market can be attributed to the increasing demand for 24-hour power supply in developing regions, coupled with the advancement in technology. According to the statistics by International Environment Agency (IEA), the total global electricity consumption registered 22,848 TWh in 2019, up by 1.7% as compared to 2018.
Instrument transformers are capable of handling high voltage and current, under any weather conditions. The advantages of installing instrument transformer for sharing and isolating the primary transformer is estimated to boost the market growth significantly. Along with this, the increasing investment for the installation of smart grids and refurbishment of power infrastructure are also estimated to boost the market growth. As per another report by the IEA, USD 275 billion were invested in the smart electricity grids in 2019.
The market is segmented by application into transformer and circuit breaking, relaying, voltage metering and protection, and others, out of which, the voltage metering and protection segment is anticipated to hold the largest share in the global instrument transformer market over the forecast period on account of its ability to withstand high voltage, and current fluctuations, providing protection to the primary transformer. The installation of instrument transformer shields the primary transformer of any disturbances in the flow of current, which is the primary factor anticipated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global instrument transformer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of changing structure of power sector in the developed countries, such as, U.S., along with growing adoption of smart grids in the region. Moreover, increasing investment in the power sector is estimated to boost the market growth.
The market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the back of increasing demand for electricity, backed by rapid development in the countries, such as, India, China, Japan, and others. In other statistics by the IEA, in the year 2019, electricity consumption in China registered 6523 TWh. Further, India and Japan registered 1311 TWh and 928 TWh respectively.
The global instrument transformer market is further classified on the basis of region as follows:
Our in-depth analysis of the global instrument transformer market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The various advantages of instrument transformers along with advancement in technology, are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2030.
Growing competition from unorganized transformer manufacturers is estimated to hamper the market growth.
The market in the North America region to provide more business opportunities over the forecast period, owing to the growing investment in the power sector.
The major players in the market are Arteche Lantegi Elkartea SA, Siemens AG, ABB Ltd., CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The utility segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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