A Summary of the Instrument Transformer Market Developments (2023 to 2033)
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 transformersis 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
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Modernization of Infrastructure Propels Instrument Transformer Market
Increased focus on renewable energy: The transition to renewable energy sources such as wind and solar power is driving the growth of the instrument transformer market. Instrument transformers are essential for measuring the power output from renewable energy sources and transmitting that power to the grid.
Modernization of existing infrastructure: Many existing power grids are aging and in need of modernization. The modernization of existing infrastructure is driving the growth of the instrument transformer market as more transformers are needed to upgrade the existing grid.
Technological advancements: The instrument transformer market is also being driven by technological advancements such as the development of smart transformers. Smart transformers use advanced sensors and communication technologies to monitor the power flowing through the grid and make real-time adjustments to optimize power delivery.
Development of the Instrument Transformer Market in the Asia Pacific
Integration of IoT and AI technologies: The integration of IoT and AI technologies in the instrument transformer market is opening up new opportunities for monitoring and controlling power systems. IoT sensors can be used to collect data on power usage, while AI can be used to analyze this data and optimize power consumption.
Growth of smart grids: The growth of smart grids presents a significant opportunity for the instrument transformer market. Smart grids are modernized electricity networks that use digital technologies to efficiently manage and distribute electricity. They allow for two-way communication between power generators and consumers, enabling better monitoring and control of power distribution and consumption. With the increasing deployment of smart grids, the demand for instrument transformers is expected to grow significantly. Smart grids require a large number of instrument transformers to be installed across the electricity network, and this presents a significant opportunity for the instrument transformer market.
Replacement of aging infrastructure: Much of the existing power grid infrastructure in developed countries is aging and in need of replacement. The replacement of aging infrastructure is creating new opportunities for instrument transformers as more transformers are needed to upgrade the existing grid and improve efficiency and reliability.
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Increased Use of Digital Technologies in the Instrument Transformer Market
Increasing demand for smart transformers: The demand for smart transformers is increasing due to the need for real-time monitoring and control of power systems. Smart transformers use advanced sensors and communication technologies to optimize power delivery and reduce energy loss.
Growing demand for high-voltage instrument transformers: The demand for high-voltage instrument transformers is increasing due to the need for reliable and accurate measurements of power in high-voltage applications. These transformers are critical components of the power grid and are used in a wide range of applications, including power generation, transmission, and distribution.
Focus on energy efficiency: There is a growing focus on energy efficiency in the instrument transformer market. This trend is driving the development of new transformer technologies that are more efficient and can reduce energy losses in power systems.
Increased use of digital technologies: The increased use of digital technologies in the instrument transformer market is creating new opportunities for companies to offer innovative solutions. Digital technologies such as IoT sensors, AI, and big data analytics are being used to improve the performance and efficiency of instrument transformers and power systems.
Instrument Transformer Market Overview (2023 to 2033)
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.
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Surging Demand from Power Sector to Boost Market Growth
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.
Rising Focus on Steady Power Supply in Order to Minimize Asset Downtime
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.
East Asia Market Growth Outlook
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.
South Asia & Pacific Demand Potential
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.
Who are the Key Manufacturers and Suppliers of Instrument Transformer
Some of the leading manufacturers and supplier include
ABB Ltd
Schneider Electric and Mitsubishi Electric Corporation
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.
