Instrument Transformer Market 2021: Analysis of Industry Share, Competitive Landscape, Segmentation Analysis and Forecast
Research Reports
Jan 04, 2021
The global instrument transformer market is growing rapidly. The market growth attributes to the increasing demand for power led by the boosting industrialization, urbanization, and population worldwide. Besides, rising power utility infrastructures for rapidly increasing commercial and residential sectors drive the growth of the market. Also, increasing deployments of AC systems and the adoption of instrument transformers market to measure electrical parameters escalate the market growth.
According to Market Research Future (MRFR), the global instrumental transformer market is forecasted to grow at 2.1% during the assessment period (2017-2023). Rise in demand for long-distance power transmission drives the demand of the outdoor transformers. Increasing numbers of residential power transmission boost the demand for indoor transformers. Moreover, increasing power consumption worldwide impacts market growth positively.
Additionally, increasing numbers of power utilities across the globe to provide electrical power facilities influence the market demand significantly. Rapid industrialization accelerates market growth, consuming enormous amounts of electricity. Also, the befits that instrument transformer offers, such as reduced capital, operational expenditures, and time and increased output, boost the growth of the market. Spurring growth in the industrial sectors accelerates the growth of the market.
Also, the proliferation of smart power grids and renewable energy plants fuel the growth of the market. Besides, substantial R & D investments in the product and technology developments increase the instrument transformer market size. Conversely, high development costs, and lack of technical expertise are significant factors projected to impede the market growth. Nevertheless, the rising demand for sub-transmission voltage would support the growth of the Instrument Transformer market throughout the assessment period.
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Instrument Transformer Market – Segmentation
The report is segmented into four dynamics;
By Rating : Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage Transmission, and others.
By Enclosure Type: Indoor Transformers and Outdoor Transformers.
By End-User : Power Utilities, Industries & OEMs, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global Instrument Transformer Market – Geographical Analysis
The Asia Pacific region leads the global instrument transformer market. The largest market share attributes to the continuous need to upgrade existing distribution infrastructures to serve the growing demand for electricity region-wide. Besides, extensive power plant capacity additions, economic growth, and the need to improve access to electricity drive the growth of the regional market.
China, Japan, India, Australia, and Indonesia hold major shares in the regional market, driving the expansion of grids and instrument transformers. Also, the growing power utilities and OEMs industries and the wide adoption of transformers substantiate the regional market growth. Moreover, the rapid increase in urbanization and industrial development boost market growth in the region.
Europe stands second in the global instrument transformer market. The region is witnessing a rapid expansion stage of the instrument transformer market. The market is driven by the rise in the industrial growth and aging infrastructures in the region. Additionally, rising investments in smart grids and electricity production, alongside the growing demand for green energy foster the regional market growth.
Furthermore, swift electrification and increasing power requirements due to rapid industrialization increase the instrument transformer market size. Moreover, increased power consumption for commercial and residential purposes drives the growth of the regional market. The instrument transformer market in the European region is expected to witness phenomenal growth during the forecast period.
The North America instrument transformer market is growing rapidly. Factors such as technological advances in instrumental transformers and increasing power usage data centers and other applications propel the regional market growth. Besides, rising investments in expanding power solutions and the increasing adoption of indoor and outdoor instrument transformers stimulate the market growth in the region.
Moreover, increased adoption of instrument transformer across various industry verticals fuels the growth of the regional market. Besides, the augmented demand & availability of quality instrument transformer in the region propel the development of the market. The North American instrument transformer is expected to witness a remarkable market growth during the review period.
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Instrument Transformer Market – Competitive Analysis
Highly competitive, the instrument transformer market appears fragmented due to the presence of several well-established industry players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, product launch, and expansion.
Major Players:
- Siemens Ltd. (Germany)
- ABB Group (Switzerland)
- General Electric Company (USA)
- Toshiba Corporation (Japan)
- Crompton Greaves Ltd. (India)
- Hyundai Heavy Industries Co.Ltd. (South Korea)
- Hyosung Corporation (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Bharat Heavy Electricals Limited (India)
- JSHP Transformers (China)
- Rakesh Transformer Industries Pvt. Ltd (India)
- Synergy Transformers (India)
- SPX Transformer Solutions Inc. (USA)
- Transformers & Rectifiers Ltd (India)
- PME Power Solutions Limited (India)
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