CHICAGO, Feb. 8, 2024 /PRNewswire/ -- Instrument Transformers Market is expected to reach USD 10.6 billion by 2030 from USD 7.1 billion in 2023 at a CAGR of 5.8% during the 2023-2030 period according to a new report by MarketsandMarkets. The Instrument Transformers Market is poised for substantial growth during this period, primarily due to the development of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy-based capacity, increased investments in industrial production, and government initiatives for grid modernization are likely to drive the demand for instrument transformers.
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Instrument Transformers Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $7.1 billion |
Estimated Value by 2030 | $10.6 billion |
Growth Rate | Poised to Grow at a CAGR of 5.8% |
Largest Market | Asia Pacific |
Market Size Available for | 2019-2030 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, By Installation, By Voltage, By Enclosure, By End-User, and By Application |
Geographies Covered | Asia Pacific, North America, Europe, Middle East and Africa, and South America |
Key Market Opportunities | Digitalization and smart sensors |
Key Market Drivers | Modernization of power distribution infrastructure |
Current transformers segment, by type, to occupy the majority of Instrument Transformers Market share.
Current transformers occupy 48.7% of the market share for the year 2023. Current transformers are widely used in a variety of industries, including electricity utilities and commercial facilities. Their adaptability makes them ideal for measuring and monitoring electrical currents in a variety of environments. Current transformers are critical components of power systems for monitoring and controlling the grid. They precisely monitor current flow, giving critical information for analyzing the health and operation of the electrical grid. This skill is critical for keeping the grid stable and avoiding interruptions. Current transformers improve power quality by monitoring and adjusting current levels. Maintaining the quality of electrical power is critical for the efficient and dependable functioning of electrical systems. These are the potential reasons that are propelling the growth of current transformers in the market.
Outdoor segment, by enclosure type, to be the largest market.
Outdoor transformers are built to survive severe temperatures, humidity, and exposure to the weather. Because of their robustness, they can be deployed outside without reducing performance. These transformers are easier to construct than indoor transformers since they don't require specific interior infrastructure. This simplicity of installation helps to faster deployment and less downtime throughout the installation process. The external enclosure style allows for greater flexibility in grid layout and extension. These transformers are strategically deployed around the system to improve scalability and responsiveness to changing power distribution needs.
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Asia Pacific to emerge as the largest Instrument Transformers Industry.
Ongoing enhancements in instrument transformer technologies improve their performance, reliability, and efficiency, drawing acceptance in the Asia Pacific market for updated power infrastructure. The growing use of renewable energy sources demands the use of modern instrument transformers to handle the various and intermittent nature of renewable power generation. China is the largest market for Asia-Pacific transformers, followed by India and Japan, due to increased power consumption and the construction and connection of renewable energy sources to the country's grid.
Key Players
Key players in the global Instrument Transformers Companies include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Mitsubishi Electric (Japan).
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