USD 7.24 billion
Instrument Transformers Market Size, Share, Growth Analysis, By Type (Current, Potential), By Dielectric Medium (Liquid, Sf6 Gas), By Enclosure (Indoor, Outdoor), By Voltage (Distribution Voltage, Sub-Transmission Voltage), By Application, By End-Users, By Region - Industry Forecast 2025-2032
Report ID:
SQSG45K2008 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
180
|Figures:
79
Instrument Transformers Market Insights
Instrument Transformers Market size was valued at USD 7.4 Billion in 2023 and is poised to grow from USD 7.82 Billion in 2024 to USD 13.08 Billion by 2032, growing at a CAGR of 5.72% during the forecast period (2025-2032).
Instrument transformers are electrical devices that are used to precisely alter or isolate current or voltage levels. They are used to measure electrical parameters such as current, voltage, energy, power factor, and frequency in AC (alternate current) systems. The instrument transformer's primary function is to reduce the current and voltage of the alternating current system. The measuring instruments typically have low measuring quantities ranging from 5A to 110A; however, by combining instrument transformers with general electrical measuring devices, large electrical quantities can be measured. In all climatic conditions, an instrument transformer must be able to withstand high levels of stress. The instrument transformers market is being driven by factors such as the increase in alternative energy programs, the refurbishment of aging power infrastructure, and massive investments in smart grids and energy systems. The rising demand for electricity, combined with growing concerns about grid stability, will boost the global market. The growing interest in rural electrification in tandem with the renovation of the existing grid network has prompted authorities to include an effective protection and monitoring mechanism.
US Instrument Transformers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Indoor Instrument Transformers
Fastest Growth
Indoor Instrument Transformers
Growth Rate
6.4% CAGR
Global Instrument Transformers Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Instrument Transformers Market Segmental Analysis
Global Instrument Transformers Market is segmented by type, dielectric medium, enclosure, voltage, application, end-users and region. Based on type, the market is segmented into current, potential and combined. Based on dielectric medium, the market is segmented into liquid, SF6 gas and solid. Based on enclosure, the market is segmented into indoor and outdoor. Based on voltage, the market is segmented into distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission and ultra-high voltage transmission. Based on application, the market is segmented into transformer & circuit breaker bushing, switchgear assemblies, relaying, metering & protection and primary metering units. Based on end-users, the market is segmented into power utilities, power generation, railway & metros and industries & OEM. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Instrument Transformers Market Analysis by Type:
The market is divided into four segments based on voltage: distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. The distribution voltage segment is expected to grow at the fastest rate during the forecast period. Instrument transformers are used for a variety of purposes, including electrical protection against overload currents and insulation failure, as well as emergency switching for residential and commercial infrastructures. This is increasing demand in the distribution voltage segment.
Global Instrument Transformers Market by Enclosure Type, 2021 (%)
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Instrument Transformers Market Regional Insights
Based on region, global instrument transformers market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. In 2020, Asia Pacific dominated the global instrument transformers market. Power demand in Asia Pacific is expected to double over the next two decades. By 2028, the region is expected to account for more than half of all new power project investments worldwide. This suggests that demand for instrument transformers has a high potential. In 2020, demand for the following voltage ranges was high in India's instrument transformers industry: above 80.5kV to 145kV or less, above 145kV to 195.5kV or less, and above 195.5kV to 300kV or less. The upcoming railway and metro projects, as well as the steady growth in India's renewable energy sector, present a significant opportunity for high voltage (HV) range instrument transformers.
Global Ferroalloys Market By Geography, 2021 - 2028
- Largest
- Fastest
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Instrument Transformers Market Dynamics
Instrument Transformers Market Drivers
- The utility instrument transformers market will benefit from increased emphasis on the integration of extensive frequency distribution links, as well as growing concerns about energy efficiency. The increasing demand for ultra-high voltage networks will drive up demand for utility transformers. Growing investments in electrification programs by private and governmental organizations in developing countries will accelerate industry growth. Concerns about grid safety and reliability have significantly increased product demand.
Instrument Transformers Market Restraint
- The main market restraint is the scarcity of low-cost instrument transformers for small-scale industries. The unorganized sector's production of instrument transformers will threaten existing companies' market share. The slow modernization of existing electrical infrastructure will have a negative impact on instrument transformer demand.
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Instrument Transformers Market Competitive Landscape
The global instrument transformers market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Top Players in the Global Instrument Transformers Market
- ABB
- General Electric
- Mitsubishi Electric
- Schneider Electric
- Siemens Energy
- Arteche
- Bharat Heavy Electricals Limited
- CG Power and industrial solutions
- Nissin Electric Co., Ltd.
- Emek Elektrik Endüstrisi A.S
- Indian transformers and electricals Pvt. Ltd
- Mehru
- Koncar - instrument transformers inc.
- Pfiffner group
- Ritz instrument transformers GmBH
- Chint Group
- WEG
- Straton electricals Pvt. Ltd.
- Dalian huayi electric power electric appliances co., ltd.
- Enpay endüstriyel pazarlama ve yatirim a.s. (ENPAY)
Instrument Transformers Market Recent Developments
- General Electric Company has signed a contract with Elvia, one of Norway's major distribution system operators (DSO), to build a new substation in Heggedal, near Oslo, in September 2021. In addition, the new substation will be the first digital substation project. It will have SF6 free gas-insulated switchgear, a process bus with digital instrument transformers, and an online digital monitoring system.
- Bharat Heavy Electricals Limited (BHEL) announced in September 2021 that it played a significant role in successfully implementing the + 800kV, 6000 MW ultra-high voltage direct current (UHVDC) link between India's Western (Chhattisgarh) and Southern (Tamil Nadu) grids. BHEL also stated that it contributed to the project by supplying instrument transformers, converter transformers, filter bank capacitors, and shunt reactors from its Bhopal plant, as well as thyristor valves from its Bengaluru electronic division.
Instrument Transformers Key Market Trends
- The generation, transmission, and distribution of electrical energy are all part of the power utility industry. As power utility devices are susceptible to damage from fluctuations in power quality, instrument transformers are used in such systems primarily for measurement, equipment protection, and providing energy to protective relays. Instrument transformers are used for revenue metering in measurement applications. They provide precise and dependable current and voltage measurements for secondary equipment like meters, protection relays, bay computers, and other devices.
Instrument Transformers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global instrument transformers market analysis, factors such as booming industrial and commercial sectors in developing regions such as Asia Pacific, Latin America, and the Middle East and Africa, increased investments in the development of new technologies, growing interest in the installation of smart grids and transformers, and technological advancements are driving market growth. Other factors that are likely to influence the growth of the global instrument transformers market include the evolving regulatory landscape and rising demand for sustainable power transmission.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.24 billion |
| Market size value in 2031 | USD 12.65 billion |
| Growth Rate | 6.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Instrument Transformers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Instrument Transformers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Instrument Transformers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Instrument Transformers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Instrument Transformers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Instrument Transformers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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