April 14, 2020
As per the report titled ‘Instrument Transformer Market Size By Product , Potential, By Winding, By Installation, By Cooling, By Insulation, By Phase, By Rating , By Mounting, By Application, Industry Analysis Report, Regional Outlook Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global instrument transformer market is projected to surpass USD 8 billion by the year 2025.
Growing adoption of smart monitoring devices in tandem with expansion of smart grids is stimulating the growth of instrument transformer market. Rising investment by major players towards the development of cost effective and energy efficient products along with improvement of sustainable power systems are positively impacting the market outlook. Integration of high primary current in a compact system is a key benefit propelling the product demand. Moreover, product flexibility towards measurement and protection of energy infrastructure are favoring the adoption of instrument transformers.
As per the power rating, <250 kV rated instrument transformer segment accounted for USD 900 million in 2018 and is anticipated to gain decent traction during the forecast timeframe. Ongoing infrastructure development and expansion of utility industries alongside rising energy demand from the growing population are supporting the segment growth. Increasing installation of smart electrical networks coupled with integration of sustainable technologies will foster the product demand. Moreover, frequent power outages and voltage drops across residential and commercial establishment are boosting the product sales.
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Based on the installation, indoor segment is expected to show strong growth over the forecast period. Refurbishment and retrofitting of existing transmission & distribution lines while complying the space restrictions is favoring the indoor deployment of instrument transformers. Booming real estate industry and rapid industrialization across emerging nations are further stimulating the product adoption.
In terms of insulation, the demand for solid insulation-based instrument transformers is witnessing an upward trend, owing to growing consumer awareness regarding effective insulation and cost-effective characteristics. Shift from conventional technologies to digitized monitoring and control units is complementing the business outlook.
Prominent players of global instrument transformer market include Siemens, Mitsubishi Electric, Amran, Inc., ABB, General Electric, Bharat Heavy Electricals Limited, Toshiba, Schneider Electric, Eaton Corp., Instrument Transformer Equipment Corporation, CG Power and Industrial Solutions Ltd., Celme s.r.l, Mehru, TRENCH Group, and Raychem RPG Private Ltd.
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