Research Nester published a report titled “Instrument Transformer Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global instrument transformer market in terms of market segmentation by type, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global instrument transformer market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of application, into transformer and circuit breaking, relaying, voltage metering and protection, and others, out of which, the voltage metering and protection segment is anticipated to hold the largest share over the forecast period owing to the application of instrument transformer to isolate heavy voltage and current from the primary transformer.
The global instrument transformer market is anticipated to grow on the back of growing demand for power supply, backed by rise in the industrial development in the past few years. The demand for 24-hour supply of electricity every day, and growing investment in restoration of power sector, are projected to fuel the progress of the market. Instrument transformers provide protection to the primary transformer, as instrument transformer can sustain heavy voltage and current, and high disturbances. The growing investment in the adoption of smart grids is estimated to boost the market growth.
On the basis of geographical analysis, the global instrument transformer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to hold the largest market share throughout the forecast period owing to the increasing investment in the power sector, combined with growing adoption of smart grids in the region. The ever-increasing demand for power supply, backed by rapid urbanization are further estimated to boost the regional market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Investment for Refurbishment of Power Sector to Fuel the Market Growth
According to the data by the International Environment Agency (IEA), in 2019, over USD 275 billion were invested in the smart electricity grids.
The global power infrastructure is aging, and active measures are being taken to digitalize the power sector. The increasing investment for installation of smart grids, and renovation of the power sector are estimated to boost the market growth. The need to make power supply available in any weather conditions, is another major factor expected to boost the market growth.
However, growing competition from unorganized transformer manufacturers is expected to operate as key restraint to the growth of the global instrument transformer market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global instrument transformer market which includes company profiling of PFIFFNER Instrument Transformers Ltd., Arteche Lantegi Elkartea SA, Siemens AG, ABB Ltd., CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, Instrument Transformer Equipment Corporation, Inc., Nissin Electric Co., Ltd., Bharat Heavy Electricals Limited, and Raychem RPG Pvt. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global instrument transformer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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