Digital Instrument Transformer: Introduction
- Digital instrument transformer refers to electronic transformation of optical signals in digital measurements that are directly usable by digital intelligent electronic devices in digital substations. Digital instrument transformer includes current transformer optical unit, voltage transformer optical unit, and combined (current and voltage) measurement optical unit.
- Digital instrument transformer differs from conventional instrument transformers, as it cannot provide low-voltage analog output to secondary devices
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Key Drivers and Restraints of Digital Instrument Transformer Market
- Rise in demand for electricity, primarily in developing countries such as India and China, due to rapid industrialization & urbanization, and increase in concern to maintain grid stability are expected to drive the global digital instrument transformer market. Digital instrument transformer is used in AC and DC systems for measurement of electrical parameters such as power factor, frequency, voltage, current, and energy.
- Conventional instrument transformer is delicate in design. A complex industrial process is required to ensure its quality. The complexity associated with instrument transformer has increased the attention of manufacturers in designing cost-effective instrument transformers. This is projected to stimulate the global digital instrument transformer market between 2020 and 2030.
- Investment in upgrade & replacement of aging distribution infrastructure is expected to propel the global digital instrument transformer market during the forecast period. Furthermore, introduction of several rural electrification program is anticipated to boost the market in the near future.
COVID-19 Impact Analysis on Power Demand
- Governments of various countries have restricted the movement of goods & individuals and halted operations of production facilities as part of measures to limit the spread of the COVID-19 pandemic. This has hampered the consumption of electricity across the world. For instance, according to the short-term outlook of the U.S. Energy Information Administration (EIA), electricity consumption in the U.S. is expected to decrease by a record 4.6% by the end of 2020, as businesses have shut down temporarily due to government lockdowns to reduce the spread of the coronavirus.
Power Utility and Industries & OEM End-user Segments Expected to Hold Prominent Share of Global Market
- The global digital instrument transformer market can be segmented based on end-user and region
- Based on end-user, the global digital instrument transformer market can be segregated into power utility, railway, industries & OEMs, and others. The power utility segment is anticipated to expand significantly due to the increase in investments in development of power generation facilities in order to meet the rising demand for electricity.
North America Expected to Constitute Major Share of Global Digital Instrument Transformer Market
- In terms of region, the global digital instrument transformer market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America is projected to dominate the digital instrument transformer market during the forecast period. This can be ascribed to the rise in investment in refurbishment of existing power grid infrastructure to improve the quality of power supply and to carry out efficient operations across transmission and distribution networks.
- The digital instrument transformer market in Asia Pacific is expected to expand at a significant pace during the forecast period due to the introduction of rural electrification program. Strong economic growth, rapid industrialization, and improvement in standard of living are some of the prominent factors driving the demand for electricity across the region, majorly in developing nations.
- Europe is also projected to hold vital share of the global digital instrument transformer market during the forecast period due to ongoing investments in development of renewable technologies, such as solar, wind, and hydro, to meet the continuously rising demand for electricity across the region
- The digital instrument transformer market in Latin America and Middle East & Africa is anticipated to expand during the forecast period due to ongoing investment in development of hydropower plant across the region
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Major Players Operating in Global Market
Leading companies operating in the global digital instrument transformer market include:
- General Electric Company
- Trench Group
- W.W. Grainger, Inc.
Global Digital Instrument Transformer Market: Research Scope
Global Digital Instrument Transformer Market, by End-user
- Power Utility
- Industries & OEMs
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.