Press release
Instrument Transformers Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Instrument Transformers Market Size
The surge in electricity usage over the coming years is predicted to spur the expansion of the instrument transformers market. Being a transmissible form of energy, electricity is utilized for heating, illumination, and powering machinery. Thanks to growing household incomes, electrification of heat and transport, a climb in demand for interconnected digital devices and air conditioners, the need for electricity is set to rise even further. To maintain isolation of measurement and control equipment from the main circuit, while testing current and voltage, specialized transformers known as instrument transformers are used. For example, according to the World Energy Outlook, the demand for electricity globally is projected to grow at a rate of 2.1% annually till 2040, which is twice the growth rate of primary energy. Due to this growth, the proportion of electricity in the total final energy demand is set to increase by 24% in 2040. Hence, the climbing demand for electricity is driving the expansion of the instrument transformers market.
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What is the projected compound annual growth rate (CAGR) of the instrument transformers market from 2025 to 2034, and what factors influence it?
The market for instrument transformers has seen notable expansion recently. The market is predicted to increase from $9.1 billion in 2024 to $9.58 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.3%. Factors contributing to the growth during the historic period include the expansion of the electrical grid, grid reliability, incorporation of renewable energy, digitization, as well as growth in industrial and commercial infrastructure.
In the coming years, the market size for instrument transformers is projected to experience robust growth, with an estimated value of $13.27 billion in 2029 and a compound annual growth rate (CAGR) of 8.5%. This projected growth during the forecast period is linked to factors such as the development of electric vehicle charging infrastructure, a greater emphasis on environmental sustainability and energy efficiency, advancements in diagnostics and condition monitoring, and the rapid pace of urbanization. Furthermore, the prediction period is expected to see prominent trends such as the rising popularity of digital instrument transformers, the trend towards more compact and lightweight design, the advent of wideband and high-frequency transformers, increased use of renewable energy, and enhanced IoT and connectivity.
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How are the latest trends influencing the growth of the instrument transformers market?
Major organizations in the instrument transformer market are concentrating their efforts on creating innovative protection solutions such as transformers that incorporate transient voltage protection technology. These transformers aim to improve system dependability and protect against voltage surges. Transient Voltage Protection Technology transformers are engineered to protect electrical systems by reducing voltage surges and boosting overall equipment reliability. As an example, in November 2023, Hitachi Energy, a Switzerland company specializing in cutting-edge technologies and services for power transmission, distribution, and renewable energy solutions, released liquid-filled transformers equipped with transient voltage protection (TVP) technology. This technology is designed to inhibit premature failures caused by transient voltages during electric network switching. This protection advancement ensures transformer reliability and that of downstream equipment, making it adaptable to any network setup or switching frequency. Originally verified in dry-type transformers, TVP technology is now being expanded to liquid-filled transformers, enhancing performance in vital sectors such as data centers and renewable energy.
What are the major segments of the instrument transformers market and their role in driving growth?
The instrument transformers market covered in this report is segmented -
1) By Type: Current Transformers, Potential Transformers, Combined Instrument Transformers
2) By Enclosure Type: Indoor, Outdoor
3) By Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission
4) By Application: Relaying, Switchgear Assemblies, Metering And Protection, Other Applications
5) By End-User: Power Utilities, Power Generation, Industries and OEMs, Other End-Users
Subsegments:
1) By Current Transformers: Measurement Current Transformers, Protection Current Transformers, Summation Current Transformers
2) By Potential Transformers: Measurement Potential Transformers, Protection Potential Transformers, Capacitive Potential Transformers
3) By Combined Instrument Transformers: Combined Current and Potential Transformers, Multifunction Instrument Transformers, Integrated Instrument Transformers
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Which regions are key players in the growth of the instrument transformers market?
Asia-Pacific was the largest region in the instrument transformers market in 2024. Europe was the second-largest market in the instrument transformers market. The regions covered in the instrument transformers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the instrument transformers market?
Major companies operating in the instrument transformers market include 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.
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What Is Covered In The Instrument Transformers Global Market Report?
•Market Size Forecast: Examine the instrument transformers market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the instrument transformers market for a structured understanding.
•Key Players Overview: Analyze major players in the instrument transformers market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the instrument transformers market.
•Segment Contributions: Evaluate how different segments drive overall growth in the instrument transformers market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the instrument transformers market.
•Industry Challenges: Identify potential risks and obstacles affecting the instrument transformers market.
•Competitive Landscape: Review strategic developments in the instrument transformers market, including expansions, agreements, and new product launches.
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