Instrument Transformer Market

Global Instrument Transformer Market Size, Share & Trends Analysis Report By Enclosure, By Dielectric Medium, By End Use, By Application, By Voltage, By Type (Current, Potential, and Combined), By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-24590 Publication Date: September-2024 Number of Pages: 374
2023
6.5 Billion
2031
10.1 Billion
CAGR
5.8%
Historical Data
2020 to 2022

“Global Instrument Transformer Market to reach a market value of 10.1 Billion by 2031 growing at a CAGR of 5.8%”

Analysis of Market Size & Trends

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.

Instrument Transformer Market Size - Global Opportunities and Trends Analysis Report 2020-2031

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.

Instrument Transformer Market Share 2023

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.

Driving and Restraining Factors
Instrument Transformer Market
  • Grid modernization and expansion
  • Increasing energy efficiency initiatives
  • Rising demand for electricity worldwide
  • High initial investment costs
  • Complex regulatory standards and compliance requirements
  • Integration of renewable energy sources
  • Increasing electrification of transportation
  • Increasing competition from alternative technologies
  • Environmental and disposal concerns

End Use Outlook

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.

Enclosure Outlook

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.

Dielectric Medium Outlook

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.

Instrument Transformer Market Share and Industry Analysis Report 2023

Application Outlook

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.

Voltage Outlook

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.

Type Outlook

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

Regional Outlook

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.

Instrument Transformer Market Report Coverage
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 374
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
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (Japan, China, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
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
Need a report that reflects how COVID-19 has impacted this market and its growth? Download Free Sample Now

List of Key Companies Profiled

  • 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.)
  • RITZ Instrument Transformers GmbH

Instrument Transformer Market Report Segmentation

By Enclosure

  • Outdoor
  • Indoor

By Dielectric Medium

  • Liquid
  • SF6
  • Solid

By End Use

  • Power Utilities
  • Power Generation
  • Railway & Metros
  • Industries & OEM

By Application

  • Transformer & Circuit Breaker Bushing
  • Switchgear Assemblies
  • Relaying, Metering & Protection
  • Primary Metering Units

By Voltage

  • High Voltage Transmission
  • Distribution Voltage
  • Sub-transmission Voltage
  • Extra High Voltage Transmission
  • Ultra-High Voltage Transmission

By Type

  • Current
  • Potential
  • Combined

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Frequently Asked Questions About This Report

The Market size is projected to reach USD10.1 billion by 2031.

Grid modernization and expansion are driving the Market in coming years, however, High initial investment costs restraints the growth of the Market.

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

The expected CAGR of this Market is 5.8% from 2024 to 2031.

The Outdoor segment generated the highest revenue in the Market by Enclosure in 2023; thereby, achieving a market value of $6.2 billion by 2031.

The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4.1 billion by 2031.

HAVE A QUESTION?

HAVE A QUESTION?

Call: +1(646) 600-5072

SPECIAL PRICING & DISCOUNTS


  • Buy Sections of This Report
  • Buy Country Level Reports
  • Request for Historical Data
  • Discounts Available for Start-Ups & Universities

Unique Offerings Unique Offerings


  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Support with 10% customization free after sale

Trusted by over
5000+ clients

Our team of dedicated experts can provide you with attractive expansion opportunities for your business.

Client Logo