Instrument Transformer Market Trends

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.

Challenges

• 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.