“Global Instrument Transformer Market to reach a market value of 10.1 Billion by 2031 growing at a CAGR of 5.8%”
The Global Instrument Transformer Market size is expected to reach $10.1 billion by 2031, rising at a market growth of 5.8% CAGR during the forecast period.
North America has a well-established and advanced power infrastructure, including extensive networks of transmission and distribution systems. This infrastructure requires many transformers for accurate measurement and control. North America utilizes high and ultra-high voltage systems for efficient long-distance power transmission. Consequently, the North American region would acquire nearly 30% of the total market share by 2031.
Advanced monitoring and control systems are necessary for modernized infrastructures to optimize the management of electricity flow. In addition, the advent of digital transformers, which offer enhanced accuracy, reduced size, and better integration with digital grid management systems, is driving their adoption in modernized grids. Thus, grid modernization and expansion are driving the growth of the market.
Additionally, Countries worldwide are dedicated to international agreements such as the Paris Agreement, designed to reduce greenhouse gas emissions and enhance energy efficiency. This has led to the implementation of stringent energy efficiency standards and regulations Therefore, increasing energy efficiency initiatives is driving the growth of the market.
However, these transformers, especially those used in high-voltage applications, require substantial capital investment. In addition, high initial costs are often accompanied by ongoing maintenance and operational expenses. Therefore, high initial investment costs are hindering the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on end use, the market is segmented into power utilities, power generation, railway & metros, industries & OEM. In 2023, the power generation segment procured 19% revenue share in the market. These transformers precisely measure voltage and current, essential for monitoring and controlling power generation systems.
Based on enclosure, the market is categorized into indoor and outdoor. The indoor segment witnessed 37% revenue share in the market in 2023. The versatility of indoor-outdoor instrument transformers enables them to be employed in indoor and outdoor environments.
On the basis of dielectric medium, the market is segmented into liquid, SF6, and solid. In 2023, the solid segment attained 23% revenue share in the market. Solid-insulated transformers use non-flammable materials like epoxy resin or polymer-based insulation and offer higher safety standards than liquid-insulated transformers.
On the basis of application, the market is divided into transformer & circuit breaker busing, switchgear assemblies, relaying, metering & protection, and primary metering units. In 2023, the primary metering units segment procured 13% revenue share in the market. Primary metering units measure high currents directly from the power lines. These transformers are essential in this application to step down these high currents to levels that can be accurately measured by metering equipment, ensuring precise readings.
By voltage, the market is divided into distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. In 2023, the distribution voltage segment held 23% revenue share in the market. The electrification of new urban developments and rural areas necessitates the installation of these transformers in distribution systems.
Based on type, the market is divided into current, potential, and combined. The combined segment procured 25% revenue share in the market in 2023. Combined transformers offer a compact design integrating current and voltage measurement functions into a single unit.
Free Valuable Insights: Global Instrument Transformer Market size to reach USD 10.1 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 39% revenue share in the market. The Asia Pacific is experiencing significant urbanization and industrialization, leading to an expansion of power infrastructure.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 6.5 Billion |
| Market size forecast in 2031 | USD 10.1 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.8% from 2024 to 2031 |
| Number of Pages | 375 |
| Number of Tables | 450 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Machine Type, Solution, Process Type, Application, Region |
| Country scope |
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| Companies Included | ABB Group, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Hitachi, Ltd. (Hitachi Energy Ltd.), Bharat Heavy Electricals Ltd., Siemens AG, Pfiffner Group, NISSIN ELECTRIC Co.,Ltd. (Sumitomo Electric Industries, Ltd.) and RITZ Instrument Transformers GmbH |
By Enclosure
By Dielectric Medium
By End Use
By Application
By Voltage
By Type
By Geography
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