Instrument Transformers Market
Instrument Transformers Market (Product Type: Current Transformer [CT], Voltage Transformer [VT], and Combined Transformer [VCT]; Voltage Range: 36kV or Below, Above 36kV to 80.5kV or Below, Above 80.5kV to 145kV or Below, Above 145kV to 195.5kV or Below, Above 195.5kV to 300kV or Below, Above 300kV to 550kV or Below, and Above 550kV; Rated Current Range: 50A or Below, Above 50A to 100A or Below, Above 100A to 200A or Below, Above 200A to 400A or Below, Above 400A to 800A or Below, Above 800A to 1600A or Below, Above 1600A to 2000A or Below, Above 2000A to 3000A or Below, Above 3000A to 4000A or Below, and Above 4000A; and End Use: Power & Distribution Industry, Railways & Metros, Industrial, Commercial, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Growing Demand for Sustainable and Eco-friendly Power Transmission Solutions to Fuel Market Growth
An instrument transformer is typically used to measure various electrical parameters, including voltage, power, and frequency, among others. In the current scenario, instrument transformers are increasingly being used in-sync with relays to safeguard power systems. At present, players operating in the current global instrument transformers market are increasingly seeking novel ways to improve the design of measuring instruments, while simultaneously minimize the production or manufacturing costs. Instrument transformers are extensively used in a wide range of industrial and commercial sectors, including railways and power & distribution. Instrument transformers have emerged as a core component in modern power systems due to which, the adoption has witnessed considerable growth across the world.
Current transformer (CT), combined transformer (CT), and voltage transformer (VT) are some of the most common types of instrument transformers. Advancements in electrical engineering, along with the growing demand for sustainability and environment protection have played an important role in accelerating innovations across the instrument transformers market. In addition, as measuring instruments can be largely standardized using instrument transformers, the demand continues to move in the upward trajectory worldwide. Transformer technologies have evolved at a considerable pace over the past couple of decades in line with the requirements of power systems.
At the back of these factors, along with the growing support from governments, especially of developing region, the global instrument transformers market is poised to surpass US$ 12 Bn mark by the end of 2030.
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Increase in Power Transmission and Distribution Activities Mainly in Developing Regions to Aid Market Growth
Technological advancements are expected to play an imperative role in shaping the growth of the global instrument transformers market during the forecast period. Current trends indicate that the conventional oil-filled transformers are gradually being substituted with dry-type transformers and technologically matured smart transformers. The increasing shift toward smart transformer technologies is expected to propel the demand for ester-filled transformers due to exceptional fire resistance, reliability, and biodegradability features– a factor that is expected to drive the demand for instrument transformers during the assessment period. Ester-filled transformers have gradually garnered considerable popularity across the industrial sector due to their ability to protect the equipment from thermal overload and improve the overall stability of the transmission system.
While ester-filled transformers are gradually gaining considerable traction, phase-shifting transformers are also expected to garner noteworthy adoption across the power transformer sector due to the exceptional ability to regulate power flow across the transmission grid. As the digitalization trend continues to gain pace across various industrial domains, smart transformers have emerged as a vital component of digital substations. Government programs, along with a surge in private investments toward the development of smart grids in recent years are expected to fuel the production of smart transformers. This is expected to have a direct impact on the growth of the global instrument transformers market during the assessment period. The growing interest in smart transformers can be primarily attributed to favorable features, including minimum emission of greenhouse gases and a considerable decline in power consumption.
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Demand for Instrument Transformers to Take Hit amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic has had a strong impact on the power sector in several regions worldwide. The demand for instrument transformers has taken a considerable hit in the second and third quarters of 2020, due to stringent lockdown measures implemented by governments, restrictions on cross-border trade, and transportation. In addition, the temporary closure of several manufacturing plants as well as commercial facilities has played a key role in hindering the demand for electricity during the pandemic due to which, the demand for instrument transformers is expected to decline in 2020, thus affecting the instrument transformers market.
Lockdown regulations have also had a negative impact on the supply chain throughout the power sector due to which, manufacturing activities have slowed down. In addition, non-critical investments have taken a backseat in 2020 due to the COVID-19 pandemic following which the progress in new technologies is likely to take place at a sluggish pace.
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The global instrument transformers market is expected to expand at a moderate CAGR of 5.5%, in terms of value, during the forecast period. The market growth can be primarily attributed to factors such as booming industrial and commercial sectors in developing regions including Asia Pacific, Latin America, and Middle East & Africa, increasing investments in the development of new technologies, growing interest in the installation of smart grids and transformers, and advancements in technology. The evolving regulatory landscape, along with the growing demand for sustainable power transmission are some of the other parameters that are likely to influence the growth of the global instrument transformers market.
Instrument Transformers Market: Overview
- In terms of value, the global instrument transformers market is anticipated to expand at a CAGR 5.5% from 2020 to 2030 and surpass US$ 12 Bn by 2030. Demand for instrument transformers is estimated to rise at a steady pace in accordance to the rise in power generation, transmission, and distribution activities across the globe.
- Power companies have been increasingly relying on the automation process, as the process provides better monitoring, increases profitability, and reduces timelines. The number of smart grids in North America and Europe has increased significantly over the last decade. This can be ascribed to the implementation of artificial intelligence and Internet of Things (IoT)-based systems in the power sector in these regions. Countries in Europe plan to invest around US$ 160 Bn in smart grid infrastructure, while the U.S. plans to invest around US$ 110 Bn in the development of smart grids over the next eight to 10 years. Expanding network of smart grids and digitization of substations are anticipated to provide significant opportunities for the instrument transformers market in the near future.
Instrument Transformers Market: Key Drivers and Restraints
- Growth in industrialization and urbanization across the globe has significantly augmented the demand for electricity. For instance, the Government of India’s initiatives and schemes resulted in almost 99% of electrification in the country in 2018. Almost 100 million people gained access to electricity in India in 2018. More than 26 million households gained access to electricity through the national grid in 2019.
- The number of people gaining access to electricity doubled from 9 million a year between 2000 and 2013 to 20 million people between 2014 and 2018 in rural parts of countries in Africa. The access to electricity rate in Kenya rose from 25% in 2013 to 75% in 2018 due to the expansion of the grid network. This rise in demand for electricity, led by urbanization and rural electrification is expected to boost power transmission and distribution projects, thereby augmenting the global instrument transformers market.
- Renewable energy projects are off-grid, and require connection with national grid system for distribution of the power. Growth in power generation from renewable energy is likely to create significant opportunities for the global instrument transformers market during the forecast period.
Instrument Transformers Market: Key Segments
- Based on end use, the global instrument transformers market can be segmented into power & distribution industry, railways & metros, industrial, commercial, and others
- The power & distribution industry segment is expected to hold a major share of the global instrument transformers market during the forecast period. Instrument transformers play a vital role in transmission and distribution infrastructure. Instrument transformers are used for measurement as well as protection of the system. Approximately 10% of the total substation cost is dedicated to the procurement and installation of instrument transformers.
Asia Pacific to be Highly Lucrative Region of Instrument Transformers Market
- Asia Pacific dominated the global instrument transformers market in 2019. Demand for power in Asia Pacific is projected to double during the next two decades. The region is estimated to account for more than 50% share of new power project investments across the globe by 2030. This indicates significant potential for demand for instrument transformers.
- Demand for the following voltage ranges was high in the instrument transformers industry in India in 2019: above 80.5kV to 145kV or below, above 145kV to 195.5kV or below, and above 195.5kV to 300kV or below. The upcoming railway and metro projects; and steady growth in the renewable energy sector in India presents high potential for high voltage (HV) range instrument transformers. However, the COVID-19 pandemic is expected to lead to delays in power projects in Asia Pacific in the near future.
Instrument Transformers Market: Competition Landscape
- The global Instrument transformers market was fragmented in 2019. This trend is projected to continue during the forecast period.
- Major players operating in the global Instrument transformers market include -
- Schneider Electric SE
- NISSIN ELECTRIC Co.
- General Electric
Instrument Transformers Market – Scope of the Report
A new study on the global instrument transformers market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, trends, and challenges, as well as structure of the global instrument transformers market. TMR’s study offers valuable information on the global instrument transformers market in order to illustrate how growth would discern during the forecast period of 2020 to 2030.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR) have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth prospects for the global instrument transformers market during the forecast period.
An extensive analysis of leading market players’ business strategies has also been featured in TMR’s study on the global instrument transformers market. This can help readers understand principal factors responsible for growth of the global instrument transformers market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global instrument transformers market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Instrument Transformers Market
- What would be the Y-o-Y growth rate of the global instrument transformers market between 2020 and 2030?
- What is the influence of changing trends in key end-use industries on the global instrument transformers market?
- Would Asia Pacific continue to be the most profitable regional market for providers of instrument transformers in the near future?
- Which factors would impede the growth of the global instrument transformers market during the forecast period?
- Which are leading companies in the global instrument transformers market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the global instrument transformers market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary resources referred to by analysts during the production of the report on the global instrument transformers market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global instrument transformers market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global instrument transformers market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global instrument transformers market with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global instrument transformers market more reliable and accurate.
Instrument Transformers Market – Segmentation
TMR’s study on the global instrument transformers market segments the market based on product type, voltage range, rated current range, end use, and region. Changing market trends and other crucial market dynamics associated with these segments of the global instrument transformers market have been discussed in detail.
Rated Current Range