Press release
Global Instrument Transformers Market Projected to Grow at 8.1% CAGR, Reaching $12.86 Billion by 2029
Instrument Transformers
What Will the Instrument Transformers Industry Market Size Be by 2025?
In the past few years, the market size of instrument transformers has experienced consistent growth. The market is projected to expand from $9.1 billion in 2024 to $9.42 billion in 2025, with a compound annual growth rate (CAGR) of 3.5%. The historical growth of the market is due to factors such as electrical grid expansion, grid reliability, integration of renewable energy, digitization, and the development of industrial and commercial infrastructure.
What's the Long-Term Growth Forecast for the Instrument Transformers Market Size Through 2029?
The market for instrument transformers is predicted to exhibit robust growth in the coming years, expanding to a size of $12.86 billion in 2029, marking a compound annual growth rate (CAGR) of 8.1%. This growth over the forecast period can be credited to factors such as the infrastructure for electric vehicle charging, commitment to environmental sustainability, energy efficiency, diagnostics and condition monitoring, and swift urbanization. The future trend forecast for this period includes developments in digital instrument transformers, the design of compact and lightweight transformers, wideband and high-frequency transformers, integration of renewable energy, and IoT and connectivity.
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What Are the Key Growth Drivers Fueling the Instrument Transformers Market Expansion?
The projected surge in electricity requirements is anticipated to stimulate the expansion of the instrument transformers industry in the future. Electricity, a power source that can be relayed via cables and utilized for heating, illumination, and mechanical energy, is experiencing a rise in demand. This can be attributed to improved household incomes, electrification of heat and transportation, skyrocketing demand for devices that are digitally connected and air conditioning. This demand for electricity is likely to escalate further. Instrument transformers, or specialized transformers designed for voltage and current testing while securing measurement and control apparatus from the primary circuit, play a key role here. For example, the World Energy Outlook predicts that the global demand for electricity will grow at a rate of 2.1% annually until 2040, a rate twice that of primary energy growth. The proportion of electricity in the total final energy demand is anticipated to increase by 24% in 2040 due to this trend. Consequently, this rise in electricity demand is driving the expansion of the instrument transformers market.
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What Are the Key Trends Driving Instrument Transformers Market Growth?
Leading businesses in the instrument transformer market are concentrating on creating innovative protection solutions such as transformers equipped with transient voltage protection technology. This technology bolsters system dependability and protects against sudden voltage surges. Transformers featuring Transient Voltage Protection Technology are engineered to protect electrical systems by reducing voltage surges and improving the reliability of the entire system. For example, in November 2023, Hitachi Energy, a Swiss-based firm specializing in cutting-edge technologies and services for power transmission, distribution, and renewable energy solutions, introduced liquid-filled transformers armed with transient voltage protection (TVP) technology. These transformers are designed to avert premature equipment failures due to transient voltages during electric network switches. This forward-thinking protection guarantees the reliability of transformers and downstream equipment, making it suitable for any network setup or switching frequency. Initially used in dry-type transformers, TVP technology is now applied to liquid-filled transformers, enhancing their efficiency in vital sectors such as data centers and renewable energy.
How Is the Instrument Transformers Market Segmented?
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 Companies Are Leading the Charge in Instrument Transformers Market Innovation?
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.
Which Regions Are Leading the Global Instrument Transformers Market in Revenue?
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.
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