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Instrument Transformers Market Outlook, Growth, Strategies And Forecast By 2033
Instrument Transformers Market Outlook
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According to The Business Research Company's, The instrument transformers market size has grown strongly in recent years. It will grow from $8.65 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to electrical grid expansion, grid reliability, renewable energy integration, digitization, industrial and commercial infrastructure.
The instrument transformers market size is expected to see strong growth in the next few years. It will grow to $12.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to electric vehicle charging infrastructure, environmental sustainability, energy efficiency, diagnostics and condition monitoring, rapid urbanization. Major trends in the forecast period include digital instrument transformers, compact and lightweight design, wideband and high-frequency transformers, renewable energy integration, iot and connectivity.
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Market Drivers and Trends:
The increasing electricity demand is expected to fuel the growth of the instrument transformers market in the coming years. Electricity is a form of energy that can be transmitted through wires and is used for heating, lighting, and machine power. As a result of increased household incomes, electrification of transportation and heat, surging demand for digitally connected devices and air conditioning, the electricity demand is expected to propel even further. Instrument transformers are specialized transformers that are used to test current and voltage while keeping measurement and control equipment isolated from the primary circuit. For instance, according to the World Energy Outlook, global electricity demand is expected to increase at 2.1% per year until 2040, double the rate of primary energy growth. The share of electricity in the overall final energy demand is expected to rise by 24% in 2040 as a result of this. Therefore, the increasing electricity demand propels the growth of the instrument transformers market.
Major companies operating in the instrument transformers market are focusing on innovating products, such as transformers, to provide reliable services to customers. Transformers are used as instruments for floating offshore wind power. For instance, in June 2021, Hitachi Energy Ltd, a Switzerland-based Energy industry company launched transformers. Transformers are designed to overcome the challenging offshore environment and withstand the physically demanding conditions of floating wind turbines and substations. This transformers include collector step-up transformers, earthing transformers, and shunt reactors for floating substations.
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Major Key Players of the Market:
ABB Ltd., Arteche Group, Bharat Heavy Electricals Limited., CG Power and Industrial Solutions Ltd., General Electric company., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, Amran Inc., Eaton Corporation plc., EMEK Group, Nissin Electric Co. Ltd., PFIFFNER Instrument Transformers Pvt. Ltd., PME Power Solutions Ltd., Rakesh Transformer Industries Pvt. Ltd., Synergy Transformers Pvt. Ltd., RITZ Instrument Transformers GmbH, KONCAR Group, Instrument Transformers Limited, KOTSONS Pvt. Ltd., BVM Technologies Pvt. Ltd., AEM Components (India) Pvt. Ltd., Crompton Greaves Ltd., J&D Electronics Co. Ltd., Kappa Electricals Pvt Ltd., Kries-Energietechnik GmbH, MBS AG, Ruhstrat GmbH, SGB-SMIT Group, TBEA Co. Ltd.
Instrument Transformers Market 2024 Key Insights:
• The instrument transformers market size is expected to see strong growth in the next few years. It will grow to $12.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rising Electricity Demand Drives Growth In Instrument Transformers Market
• Hitachi Energy Introduces Innovative Transformers For Floating Offshore Wind Power
• Asia-Pacific was the largest region in the instrument transformers market in 2023
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