|Status : Published
|Published On : Dec, 2023
|Report Code : VREP3013
|Industry : Energy & Power
|Available Format :
|Page : 152
The global Instrument Transformers Market was valued at USD 11.1 Billion in 2023 and is projected to reach USD 18.2 Billion by 2030, at a CAGR of 7.9% during the forecast period 2025- 2030.
The transformers are used in the CA system to calculate voltage, current, power, capacity, power factor, frequency, and electrical quantities. AC Device voltage and current are the basic features of Instrument transformers. The power system is very high in voltage and current. The design of the measurement instruments to measure such high voltage and current is extremely difficult and expensive. Measuring instruments for 5 A and 110 V are usually equipped.
Through using transformers with these small rating devices, the calculation of such large electrical volumes can be made possible. Therefore, in modern power systems, these instrument transformers are very common and popular.
Market Analysis of Instrument Transformers
During the 2025-2030 forecast period, the transforming instrument market will increase at a CAGR of more than 3.9 percent. The demand could be influenced by factors such as the rise in the transmission and distribution network and the growth in renewable power plants. However, over the forecast period, delays in projects to expand the power supply are expected to impede market growth.
There is a growing emphasis on extending the power grid to include rural areas in a variety of developing and underdeveloped nations worldwide. Regions including Africa with poor electricity connectivity have introduced numerous roadmaps for the grid to its remote locations. Power Africa, a US-led project, is scheduled to provide 30 GW of power by 2030 and will provide electricity to around 60 million households in remote parts of the country creating an opportunity to expand the operations soon.
Expansion or construction of new distribution and transmission networks ensures that instrument transformers can be installed in greater detail. The transmission network investments in 2018 were up to about 100 billion USD, and in 2012 they were up to 70 billion USD. In addition, existing ventures for electrification. In the years to come, investment is expected to be higher, particularly in developing and underdeveloped countries. In the future, the Atlantic Wind Connection project will be one of the most prominent transmission projects worldwide, with an estimated USD 5 billion investment and two million homes in Southern Virginia likely to be created.
Because of the presence in the regional market of many large and medium players, the global transformer instrument market seems highly fragmented and competitive. Brand launch, agreement & alliance, acquisition, and expansion are the main strategies extracted from the study of recent growth by key players. The instrument transformer manufacturers are based on the competitive edge and are dedicated to designing products that offer optimum performance and comfort.
Global Instrument Transformers Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. 11.1 Billion
Revenue Forecast in 2030
U.S.D. 18.2 Billion
Segments Covered in the Report
By Enclosure Type, By End Users, By Rating, By Application
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
The highest market share is in North America. During the forecast period, China is anticipated to be the fastest-growing region. Rising energy demand and government efforts to increase the ability of renewable energy sources for power generation would improve the market in this area as well as replace aging power plants.
By Enclosure Type:
The category of outdoor transformers is the largest in the industry. The reasons may be attributed to the increased demand in developed countries for long-haul power transmission. The electricity generated in developed countries is situated close to urban areas which also need to be distributed in rural areas. Therefore, the section on outdoor transformers was approved.
By End Users:
The demand for energy supply, power storage, industries, and OEMS is focused on end-user technology. The energy utility segment for the forecast period is expected to be the highest CAGR. The power utilities are responsible for maintaining, running, and installing the grid system in accordance with the introduction of the electricity and energy conservation programs consumed. This raises demand in the electricity market.
The voltage distribution segment for the forecast period is expected to be the highest CAGR. Transformers range from electricity safety against overload currents to insulation failures to residential and business infrastructures for emergency switches. This raises demand for the voltage delivery market.
For the predictive era, it is projected that the measuring and security section would have the highest CAGR. The increasing investments in renewable electricity generation, electrification of transport systems, and expansion of electric transmission and distribution systems are responsible for the demand for metering and protection applications.
For the transformer instrument, Europe is the second largest market. Due to market expansion through the increase in economic development and the aging infrastructure, this is projected to be a remarkable increase during the forecast era. This leads to investments in intelligent grids, increased power generation, and increasing demand for renewable energy. Another big transformer instrument market is North America. During the forecast period, it is expected to make a substantial contribution. America is one of the world's leading transformer transport nations due to its phenomenal industrialization and urbanization.
Key Players and Competitive Landscape
In 2023, the global demand for transformers was divided. During the forecast era, this pattern will continue.
Impact of COVID-19 on Instrument Transformers
In some regions of the world, the spread of the latest COVID-19 pandemic had a major effect on the energy industry. In both the second and third quarters of 2020, demand for instrument transformers has been significantly hit by strict government-implemented locks, cross-border trade controls, and transport. In the pandemic, due to which demand for instrument transformers is projected to decline by 2020, there is also a significant impact of the temporary closing of many manufacturing facilities as well as commercial plants to impede electricity demand.
In the entire energy market, the lockout regulations also have a negative effect on the supply chain, which has hindered manufacturing activities. Furthermore, non-critical investments have become backward by 2020 because of the COVID-19 pandemic which will most likely lead to advancement in new technologies.
News Update on Instrument Transformers market
The global transformer market is listed as a liquid, SF6 gas, and solid dielectric medium for dielectric medium. The liquefied dielectric medium group, which is sponsored mostly to measure more than 5 A electric circuit magnitude, is expected to account for a large market share in the years ahead.
Environmental Issues of SF6 gas: The European study for Europe of September 2020 forms part of the review of the European F-Gas Regulation by the EU, scheduled for the fourth quarter of 2021, in the public consultation period up to the end of December 2020. SF6 is known to be the most powerful of greenhouse gases with a global warming potential (GWP) of 23,500.
To boost optimization and performance, EFACEC has introduced a new modular system design for its Core Power Transformers. It can also be included in the Transformers Portfolio for devices from 10 MVA to 170 MVA and up to 400kV with the inclusion of new features such as mechanical safety, noise, ultraviolet, and ballistic. The first modular concept-driven transformers will be shipped from 2021 to March 2021.
The UK logistics company Collett has finished shipping a power transformer of 68 tonnes. The company has transported from its production plant in Slovenia to its final plant in Tilbury, Essex, 6.98mL x 2.4mW x 3.82mH transformation. Over 3,500 distribution transformers have been installed by Multan Electric Power Company (MEPCO).
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Instrument Transformers Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research