Instrument Transformer Market Research Report- Forecast 2030

Instrument Transformer Market Information Report by Rating (Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission and Extra High Voltage Transmission), By Enclosure Type (Indoor Transformers and Outdoor Transformers) and End-user (Power Utilities, Industries & OEMS, and Others), by Regions - Global Forecast To 2030

ID: MRFR/E&P/3960-HCR | November 2022 | Region: Global | 100 Pages         

Instrument Transformer Market

Instrument Transformer Market is expected to be valued at USD 12.5 Billion, with a CAGR of 2.10% Forecast by 2030

Segmentation

By Rating Distribution Voltage Sub-Transmission Voltage High Voltage Transmission Extra High Voltage Transmission
By Enclosure Type Indoor Transformers Outdoor Transformers
By End-use Power Utilities Industries & OEMS Others

Key Players

  • ABB Group (Switzerland)
  • Siemens Ltd. (Germany)
  • General Electric Company (USA)
  • Crompton Greaves Ltd. (India)
  • Toshiba Corporation (Japan)
  • Hyundai Heavy Industries (South Korea)
  • Mitsubishi Electric Corporation (Japan)
  • Hyosung Corporation (South Korea)
  • Bharat Heavy Electricals (India)

Drivers

  • Presence of numerous large and medium players
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Instrument transformer market is expected to grow at a CAGR of 2.1% during the forecast period 2022-2030.


Instrument Transformer Market Scenario:


Instrument transformers are electrical appliances used to alter or isolate current or voltage levels with very high accuracy. A current transformer can have two measuring cores of different accuracy classes on its secondary side or be designed with an identical accuracy class measuring and protection cores. They are used in alternate current systems for measuring electrical parameters such as current, voltage, energy, power factor, and frequency. The primary function of the instrument transformer is to lower the current and voltage of AC systems. Measuring instruments generally have low measuring quantities, about 5A to 110A; however, using instrument transformers, measurement of large electrical quantities becomes possible by coupling instrument transformers with general electrical measuring devices. An instrument transformer can withstand high levels of stress in all climatic conditions.


The global demand for instrument transformers market is primarily driven by the rise in alternative energy programs, refurbishment of aging power infrastructure, and huge investments in smart grids and energy systems. The rise in the need for electricity and increasing concerns about grid stability boosts the global market. Growth in interest toward rural electrification is in line with the renovation of the existing grid network, owing to a favor toward authorities to incorporate an efficient protection and monitoring mechanism. Thus, an increase in grid complexities across the electric infrastructure in conjunction with emerging peak electricity demand from end-users propels the global instrument transformers market growth.


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.


Instrument Transformer Market Key Players:


The prominent players in the global instrument transformer industry 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).


Recent Developments



  • In 2018, the autotransformers industrial transformers accounted for over 40% of the overall market share. Moreover, competitive cost structure, improved efficiency, and system compactness will further stimulate product adoption compared to the existing alternatives. Renovation & refurbishment of conventional Transmission and Distribution networks and increasing space impediments have positively impacted the indoor instrument transformer industry growth. The real estate sector is in line with ongoing industrialization across developing energy markets, which lays favorable grounds for product penetration. In addition, followed by the rapid expansion of transmission and distribution networks across emerging energy markets will further augment the business landscape.


Instrument Transformer Market Regional Analysis


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 industry. 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.


Instrument Transformer Market Segmentation


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 industry 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.


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 electricalparameters such as current, voltage, energy, power factor, and frequency.


Market Segmentation


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.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   2.1% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  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


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Frequently Asked Questions (FAQ) :

In the assessment period, the instrument transformer market can surge at 2.1% CAGR.

Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Hyundai Heavy Industries Co., Ltd. (South Korea) are some key players of the instrument transformer market.

The instrument transformer market can make substantial business in years to come.

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.