Press release
Instrument Transformer Market to grow at CAGR of 2.1% by 2023
The phenomenal growth in the industrial sector across the globe is creating a massive power requirement for the proper functioning of the sector. The high dependability of industrial sector towards power is enabling the growth for the power equipment in the sector. The enormous amount of power consumption in the industrial sector with varying load capacity is expected to boost the transformer market during the forecast period. Global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to upgrade transmission grids boost the global instrument transformer market. These transformers are widely used by power plants, industrial plants and conventional electric utility companies. The constant need for electricity and the unstable electricity supply situation in most developing countries, will aid in the growth of the instrument transformers market over the forecast period. However, fluctuating price of raw materials and high cost of transformers, are the factors that may hamper the growth of the market.
On the basis of regions, Asia Pacific dominates the global instrument transformer market followed by Europe and North America. It is expected to be the fastest growing region for the market. India, South Korea, Indonesia, and Singapore are the other major countries in Asia Pacific region. These countries have recently witnessed rapid industrialization & urbanization, which resulted in the growth and expansion of electrical infrastructure.
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Most of the African nations are currently witnessing economic growth due to huge foreign investments in developing industrialization sector and expanding energy generation capacity through renewable resources. Africa is expected to hold one the largest share in the Middle East & Africa segment for the transformer due to huge expansion in the energy generation and grid expansion.
Market Research Analysis
Global instrument transformer market has been segmented based on rating, Enclosure Type, end-user and region. Based on rating, instrument transformer market has been divided into distribution voltage, sub-transmission voltage, high voltage transmission and extra high voltage transmission. Distribution voltage is expected to be the fastest growing rating segment of the market.
Based on end-user, instrument transformer market has been segmented into Power Utilities, Industries & OEMS, and Others. Power Utilities accounted for the largest market share. Utility sector defines a category of stocks of utilities such as power generation plants. The sector contains companies such as electric, gas and water firms, and integrated providers. Because utilities require significant infrastructure, these firms require heavy electrical equipment for efficient performance and production of the energy. The global growth in the conventional and non-conventional power plants are creating a huge scope for the transformer market development. Industrial transformer acts as a power transmission and distribution equipment in the utility sector, which step-up or set-down the current voltage as per the end-user requirement.
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Key Players
The prominent players in the global instrument transformer market include are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), JSHP Transformers (China), Synergy Transformers (India), Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), and SPX Transformer Solutions, Inc. (U.S.A).
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