November 14, 2019
According to the latest study titled ‘Global Instrument Transformer Market: Analysis By Type (Current Transformer, Potential Transformer), By Rating (High Voltage, Medium Voltage, Low Voltage), By Application (Process Industries, Power Transmission, Domestic, Railways, Others), By Region, By Country (2018 Edition): Opportunities and Forecast (2013-2023)’ available with Market Study Report LLC, the global instrument transformer market is estimated to grow with a CAGR of 4.39% through the year 2023.
Instrument transformer are electrical devices used to operate instruments from high voltage by safely separating secondary control circuitry from the high voltages. Factors such as increasing awareness regarding smart transformers and its multiplying production, rising investments by various manufacturers across countries, surging production of electricity, growing economy and booming population across the world are augmenting the instrument transformer market growth.
The study examines the market for revenue share of each segment and offers information about the growth patterns. It analyses the competitive landscape of instrument transformer market using SWOT analysis and Porter’s Five Force analysis methods. Information about the market dynamics like prevailing trends, drivers, and restraints is also outlined.
Based on type, the instrument transformer market is segmented into current transformer and potential transformer. While as per rating, the industry is split into low voltage, medium voltage, and high voltage.
In terms of application spectrum, the instrument transformer industry is divided into process industries, power transmission, railways, domestic, and others. As per the report, power transmission segment is presumed to witness momentous growth over the forecast period, owing to rising demand of electricity, coupled with escalation of manufacturing & production activities across the globe.
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Considering the geographical landscape, the global instrument transformer market is fragmented into regions including Europe, North America, APAC, and rest of the world, with key focus on countries like U.S., Canada, Mexico, Germany, UK, China, France, Russia, India, Japan, and South Korea. The report cites that APAC instrument transformer market registered the largest share in 2018, owing to improving economy and leading global industries setting up their production and manufacturing units in countries like India, China, South Korea, Japan, Vietnam, and Singapore.
Some of the vendors that operate in the instrument transformer market are BHEL, ABB, General Electric, Siemens, Mitsubishi Electric, Emek, Nissin Electric, Schneider Electric, CG Power, and Indian Transformers Company.
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