Escalating Industrialization and Urbanization across Various Regions to Bring Promising Growth Prospects for Instrument Transformers Market from 2020 to 2030: TMR

- Escalating concerns about grid stability across the electronic infrastructure will bring immense growth opportunities for the instrument transformers market during 2020-2030

- Looking at the growth prospects surrounding the instrument transformers market, it is expected to expand at a CAGR of 5.5 percent across the assessment period of 2020-2030

ALBANY, N.Y., Nov. 11, 2020 /PRNewswire/ -- Instrument transformers are prominently used for measuring electrical quantities like current, power, frequency, voltage, and power. These transformers are often used with relays for protecting the power system. The overwhelming demand for instrument transformers due to electrification initiatives taken across various countries may bring positive growth aspects during the assessment period of 2020-2030.

Instrument transformers reduce the voltage and current of the AC system as their levels are high in a power system. This factor may add extra stars of growth to the instrument transformers market. Expanding investments in smart meters, substation digitalization, and microgrid technologies bring extensive growth prospects for the instrument transformers market.

A thorough and detailed analysis of all the factors related to growth by the researchers at Transparency Market Research (TMR) concludes that the global instrument transformers market may expand at a CAGR of 5.5 percent during the assessment period of 2020-2030. The instrument transformers market is expected to account for a value of US$ 12 bn by 2030.

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Grid modernization initiatives carried out by numerous electrical distribution companies and installation and renovation of new gas-insulated substations (GIS) may prove to be game-changers for the growth of the instrument transformers market. The heightening influence of renewable energy utilization across numerous countries may invite positive growth for the instrument transformers market.

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Instrument Transformers Market: Transparency Expert Diagnosis

The analysts at Transparency Market Research credit the growth of the instrument transformers market to factors like magnifying investments in novel technological developments, rapidly growing industrial and commercial sectors, and the evolving regulatory landscape as prominent reasons for growth across the instrument transformers market. The analysts also highlight the heightening demand for sustainable power transmission as a significant factor that will invite intensive growth prospects.

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Instrument Transformers Market: Key Revelations

• In terms of the end-user, the power and distribution segment may hold a dominant share of the instrument transformers market between 2020 and 2030
• Asia Pacific acquired more than 30 percent of the global instrument transformers market in 2019
• Asia Pacific may account for more than 5 percent of the new power project investments around the world by 2030
• Asia Pacific's instrument transformers market may gain massive growth during the assessment period

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Instrument Transformers Market: Growth Accelerators

The diverse benefits etched to the instrument transformers may bring tremendous growth prospects.

• Instrument transformers are not expensive and are affordable to the end-user thus inviting promising growth for the instrument transformers market
• Damaged parts of an instrument transformer are easily replaceable and prove to be a great growth generator for the instrument transformers market
• A plethora of measuring instruments can be connected to instrument transformers, thus proving to be a prominent growth advantage

How is India's Role Crucial in Shaping Growth of Instrument Transformers Market?

The schemes and initiatives related to electrification are being supported greatly by the Government of India. The schemes by the Government of India in recent years have resulted in 99 percent electrification across the country in 2018. Nearly 100 mn people received electricity in India in 2018. This aspect invites great growth prospects for the instrument transformers market in India.

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Instrument Transformers Market: Segmentation

By Product Type

• Current Transformer (CT)
• Voltage Transformer (VT)
• Combined Transformer (VCT)

By Voltage Range

• 36kV or Below
• Above 36kV to 80.5kV or Below
• Above 80.5kV to 145kV or Below
• Above 145kV to 195.5kV or Below
• Above 195.5kV to 300kV or Below
• Above 300kV to 550kV or Below
• Above 550kV

By Rated Current Range

• 50A or Below
• Above 50A to 100A or Below
• Above 100A to 200A or Below
• Above 200A to 400A or Below
• Above 400A to 800A or Below
• Above 800A to 1600A or Below
• Above 1600A to 2000A or Below
• Above 2000A to 3000A or Below
• Above 3000A to 4000A or Below
• Above 4000A

By End Use

• Power & Distribution Industry
• Railways & Metros
• Industrial
• Commercial
• Others (including Residential)

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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