ID: MRFR/E&P/3960-HCR | February 2021 | Region: Global | 100 pages
Instrument transformer market is expected to grow at a CAGR of 2.1% during the forecast period.
Global instrument transformer market appears to be highly fragmented and competitive, owing to the presence of numerous large and medium players in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position. Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, instrument transformer manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of instrument transformer for every application.
The prominent players in the global instrument transformer market include are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), JSHP Transformers (China), Synergy Transformers (India), Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), and SPX Transformer Solutions, Inc. (U.S.A).
On the basis of regions, global instrument transformer market is segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). Asia Pacific region dominates the global instrument transformer market. The continuous need to update and upgrade existing distribution infrastructure to serve the growing demand for electricity, will lead to high growth of the instrument transformer market over the forecast period. In the emerging economies of Asia Pacific, extensive power plant capacity additions, economic growth, and the need to improve access to electricity, are driving grid expansion and the instrument transformer market. China, Japan, India, Australia and Indonesia are the major markets in Asia Pacific. China accounts for the largest market share in the Asia Pacific region, mainly due to rapid growth in urbanization and industrial development.
Europe is the second largest market for the instrument transformer. It is expected to witness phenomenal growth during the forecast period, owing to the expansion of the market through rise in the industrial growth, aging infrastructure. This leads to investment in smart grids, rising production of electricity and growing demand for green energy. North America is another major market for instrument transformer. It is expected to contribute significantly during the forecast period. U.S is one of the leading countries in overall transformer shipments around the world. As the economy of U.S. is witnessing humongous growth due to phenomenal industrialization and urbanization, the country is expected to hold the largest share in the global instrument transformer market.
For the purpose of study, global instrument transformer market has been segmented based on rating, Enclosure Type, End-user and region. Based on rating, instrument transformer market has been divided as distribution voltage, sub-transmission voltage, high voltage transmission and extra high voltage transmission. Distribution voltage is expected to be the fastest growing rating segment of the market.
Based on Enclosure Type, instrument transformer market has been segmented into indoor transformers and outdoor transformers. Outdoor transformers dominates the enclosure type segment of the market. Rise in demand for long-distance power transmission in developing nations drives the demand of the Outdoor transformers. Indoor transformers are expected to contribute significantly during the forecast. Based on end-user, instrument transformer market has been segmented into power utilities, industries & OEMS, and others.
The report for Global Instrument Transformer Market of Market Research Future comprises extensive primary research findings along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight into the market and industry performance. The report gives a clear picture of current market scenario, which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Instrument transformers are electrical devices used to transform or isolate current or voltage levels with high accuracy. They are used in AC systems for measurement of electrical parameters such as current, voltage, energy, power factor, and frequency.
|Market Size||2027: Significant Value|
|CAGR||2.1% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Rating, Enclosure Type and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), JSHP Transformers (China), Synergy Transformers (India), Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), and SPX Transformer Solutions, Inc. (U.S.A)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Presence of numerous large and medium players|
Frequently Asked Questions (FAQ) :
In the assessment period, the instrument transformer market can surge at 2.1% CAGR.
The instrument transformer market can make substantial business in years to come.
Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Hyundai Heavy Industries Co., Ltd. (South Korea) are some key players of the instrument transformer market.
Power utilities, OEMs, and industries are end-users of the instrument transformers.
Distribution voltage instrument transformers is expected to gain considerable traction. Other types are high voltage transmission, sub-transmission voltage, and extra high voltage transmission.