Instrument Transformer Market Size & Share, by Type (Current Transformer, Voltage Transformer); Application (Transformer, Circuit Breaking, Relaying, Voltage Metering, Protection); End-user (Industrial, Utility) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3608
  • Published Date: Mar 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Instrument Transformer Market size is poised to surpass USD 7 billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of instrument transformer was over USD 3 billion. The growth of the market can be attributed to the increasing usage of electricity across the world and the increasing adoption of digitalization. Rapid urbanization and increasing living standards of people across the world are estimated to upsurge the market growth in the coming years. As of 2022, more than 55% of the world’s population was living in cities which is more than 4 billion population, and was estimated to increase twice the current population by the end of 2050. The increasing number of installations of infrastructural monitoring and control systems to enhance the efficiency of the power systems is also estimated to accelerate the market growth during the forecast period.

Rising investments by government and private sectors to improve the electrification initiatives across industries are estimated to boost the market growth in the coming years. The growing need for grid safety as high-voltage electricity is released from these grids which is not reliable and safe for normal household utilization is anticipated to drive the market growth. Also, the escalating requirement for high current or high voltage networks on the industrial scale and large manufacturing units that run on electricity is estimated to fuel the market growth.  The value of high-voltage cables in the year 2021 was estimated to reach over USD 15 billion as per the estimations globally.  

Instrument Transformer Market
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Instrument Transformer Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Utilization of Electricity in the Healthcare Sector with the Rising Use of Medical Devices – The presence of medical devices in hospitals and clinics increases the use of electricity across the world. The rising use of medical equipment, ventilators, steam producers, cooling, space heating, lighting, hot water supply, and air ventilation in the healthcare sectors is estimated to boost the market growth in the coming years. According to the estimations, healthcare facilities have risen by more than 20% since 2003 and were estimated to raise energy consumption by over 20% in the year 2019.

  • Growing Number of IT sectors with High Consumption of Electricity for Systems – The IT sector was estimated to be worth more than USD 1.5 trillion in the year 2021 in India and the value across the world was estimated to increase from more than USD 8 trillion in 2022 to USD 8.8 trillion by the end of 2023.

  • Increasing Disposable Income of People and Growing Adoption of Digitalization – The disposable income of people across the United States reached more than USD 21800 billion in the year 2021 as per the estimations.

  • Escalating Growth in the Industrial Sector that uses High-Capacity Power for Equipment – The electricity consumption of the U.S. in the year 2021 was estimated to be over 1400 terawatt-hours as per the reports.


  • Growing Competition from Unorganized Manufacturers
  • Technological Problems with Transmission Lines
  • Impact of Occurrence of COVID-19 Crisis on Instrument Transformers – The rise of the pandemic is estimated to hamper the growth of the transformers market owing to the shortage of manpower, disturbance in manufacturing operations, cease of transport of raw materials, and supply chain.

Instrument Transformer Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 3 Billion

Forecast Year Market Size (2035)

~ USD 7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Instrument Transformer Segmentation

Type (Current Transformer, Voltage Transformer)

The global instrument transformer market is segmented and analyzed for demand and supply by type into current transformer and voltage transformer.  Out of these types, the current transformer segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing utilization of metering and protection in industries, power grids, control rooms, power plants, and switch gears. The increasing reduction of high voltage power for indoor uses and for safety determination in a current transmission line is estimated to fuel the market growth as per the market analysis. The rising demand for electricity with the rising population across the world is anticipated to drive market growth. And increasing consumption of electricity with the growing adoption of electronic devices, smartphones, televisions, and air conditioners owing to disposable income and rising living standards is estimated to have a positive impact on the overall market growth. Electricity consumption increased by ~5% in the year 2021 with an over 4.5% decline in the year 2020 as per the estimations across the world.

End-user (Industrial, Utility)

The global instrument transformer market is also segmented and analyzed for demand and supply by end-user into industrial, utility, and others. Amongst these three segments, the utility segment is expected to garner a significant share. The increasing number of households and rising residential and commercial buildings is estimated to drive the segment growth in the coming years. The segment growth is also attributed to the rising number of hospitals, educational institutions, and organizations across the world. The number of hospitals in the United States as per the estimations in 2022 was estimated to be more than 6000. The electricity used in these cases needs to be low voltage current that requires the utility transformer to step down the high voltage which rises the demand for utility transformers in residential areas.  Also, the growing onsite power generation technologies along with the smart control networking is estimated to have a positive impact on market growth.

Our in-depth analysis of the global market includes the following segments:

           By Type

  • Current Transformer
  • Voltage Transformer


           By Application

  • Transformer and Circuit Breaking
  • Relaying
  • Voltage Metering and Protection
  • Others


           By End User

  • Industrial
  • Utility
  • Others

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Instrument Transformer Industry - Regional Synopsis

APAC Market Statistics

The Asia Pacific instrument transformer market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the 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. Also, the growing number of railway and metro projects is estimated to drive market growth. Further, the rising growth in the renewable energy sectors with high voltage potential is anticipated to drive the market growth in the coming years.

North American Market Forecast

The market in the North American region is estimated to witness modest growth over the forecast period on the back of changing structure of the power sector in developed countries, such as the U.S., along with the growing adoption of smart grids in the region. Moreover, increasing investment in the power sector is estimated to boost market growth. Rising investments in power plants and electricity generators and storage power stations are also estimated to have a positive impact on market growth.

Europe Market Forecast

Increasing electrification and rising electrical grids in the European region is expected to fuel market growth. The increasing automation and electrical infrastructure modernization are also anticipated to propel the growth of the regional market during the forecast period.

Research Nester
Instrument Transformer Market Size
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Companies Dominating the Instrument Transformer Landscape

    • PFIFFNER Instrument Transformers Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Arteche Lantegi Elkartea SA
    • Siemens AG
    • ABB Ltd.
    • CG Power and Industrial Solutions Limited
    • Mitsubishi Electric Corporation
    • Instrument Transformer Equipment Corporation, Inc.
    • Nissin Electric Co., Ltd.
    • Bharat Heavy Electricals Limited
    • Raychem RPG Pvt. Ltd.


In The News

  • PFIFFNER Instrument Transformers Ltd. and KLOVERTEL Private Limited together successfully achieved the supply, installation, testing, commissioning, and operation of a 500 kV DC Voltage Divider under COVID-19 situations.

  •  Hitachi Energy Ltd. or ABB Ltd. received an order worth USD 23 million to power electric freight locomotives for Indian railways.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 3608
  • Published Date: Mar 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The various advantages of instrument transformers along with advancements in technology and the rising adoption of smart grids are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023-2035.

Growing competition from unorganized transformer manufacturers and technological problems with transmission lines are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are PFIFFNER Instrument Transformers Ltd., Arteche Lantegi Elkartea SA, Siemens AG, ABB Ltd., CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, Instrument Transformer Equipment Corporation, Inc., Nissin Electric Co., Ltd., Bharat Heavy Electricals Limited, Raychem RPG Pvt. Ltd., 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 garner the largest market size by the end of 2035 and display significant growth opportunities.
Instrument Transformer Market Report Scope

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