According to Future Market Insights, the instrument transformer market is anticipated to attain a value pool of US$ 9 billion by 2023-end. Global demand for instrument transformers is expected to rise at a CAGR of 6.6% to US$ 17 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 9 billion |
| Projected Market Value in 2033 | US$ 17 billion |
| Growth Rate (2023 to 2033) | 6.6% CAGR |
According to research estimates, Instrument Transformer Market is predicted to witness continuous growth in the next decade i.e. 2021 to 2031.
The said market is anticipated to witness a CAGR of 4% to 5% in the forecast period. Continued growth in the power distribution and transmission domain is expected to propel the instrument transformer market.
With incremental electricity consumption per annum increasing at a steady rate; coupled with expansion of power grids coverage in industrial and commercial utilities, instrument transformer have played an obligatory role in use for detecting and maintaining the power supply characteristics.
New installations of instrument transformer is expected to surge the volume sales of the device in upcoming years. Furthermore, the various governments across the globe are encouraging private sector players to minimize the deficit in power, to fulfil maximum power requirements.
To fulfil this increasing demand, PSUs and private organizations are focusing on either expanding existing plants or focusing on operation & maintenance activities. Both the factors are expected to contribute towards the growth of market.
Industrial facility managers are continuously working on improving maintenance processes at manufacturing plants and similar operating environments. It is crucial to maintain the power supply with stepping up and down the current or voltage.
Due to environmental changes and disruption while transmission of power there might be deviations or spikes in nominal values wherein instrument transformer are utilised to offset such noise and stabilize the power quality.
Moreover, ongoing measures to renovate conventional grid infrastructure followed by the prompt adoption of transmission and distribution technologies will fuel the industry situation.
Instrument transformer pivotal functions include stepping down the voltage, for commercial and industrial applications. The seamless energy consumption from lighting, HVAC and machinery operations in the said end use sectors, expected to drive the instrument transformer market in terms of new unit sales.
Robust Urbanization and industrialization rates are the two foremost factors, to uphold the East Asia market encompassing the regional markets of China, Japan and South Korea.
The per capita energy consumption from East Asia is expected to rise exponentially in the forecast period. Transition from conventional to cleaner energy may need more installations of instrument transformers in this region.
Future energy structure plans of countries from this region may influence on the sales. Gaining more wind, solar and other renewable energy projects in this region may create an optimistic outlook for the market.
The transformation of power system should not dependent on power generation technologies but also requires co-ordinated energy storage technology, distributed energy system and smart grid. To get installed this needed system instrument transformers will be requisite for proper protection of power utilities.
Cumulative growth in power grid infrastructure from South Asia & Pacific region expected to illustrate prominent growth in the market. Countries from this region are offering co-operative solution by harnessing domestic energy endowments, considering the huge intact hydro-electric potential, which are discrete across the sub region.
A regional approach with optimum use of a varied generation trade and mix may bring boosted operational efficiency, environmental benefits and economic gains for this region.
Thus this expected to increase the sales of the device in the forecast period. Provision of finance for power grid development from governments of this region could have positive impact on the device sales.
Some of the leading manufacturers and supplier include
Many leading manufacturers and supplier have longstanding contracts with end-users to supply Fu el Dispensers. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as UK, USA, and China to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Instrument Transformer Market
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