Allied Market Research published a research report on the instrument transformers market. The findings of the report state that the global market for instrument transformers generated $7.0billion in 2020, and is expected to garner $13.0 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
Eswara Prasad, the Manager, Energy, and Power at Allied Market Research, outlined, “The global instrument transformers market is expected to head toward expansion in the coming years. With increase in the significance of condition-based monitoring (CBM), the industry is witnessing steady growth. Further, manufacturers are focusing on the development of CBM technology in instrument transformers, which allows measurement of excitation levels, turn-ratios, and voltage and current accuracy, and further enables end-users to detect possibility of faults in it. Moreover, rise in investments to develop smart grids, which are further compatible with renewable energy, leads to increase innovation in technology, particularly in developed countries. Increase in investments in electrical power systems is expected to be a major driving force for the instrument transformer market.”
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The report offers an in-depth analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on potential market opportunities. Increase in alternative energy programs, huge investments in smart grids and energy systems, and refurbishment of aging power infrastructure drive the growth of the global the instrument transformers market. On the other hand, rise in competition from the unorganized sector impedes market growth to some extent. However, rise in investments in transmission & distribution infrastructure and the adoption of HVDC technology for long-distance transmission would offer new opportunities for the next few years.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the instrument transformersmarket across the globe.The global lockdown imposed by various governments to curb the spread of the virus resulted in a temporary shutdown of manufacturing facilities of almost all industries. This factor hampered the consumption of electricity across the world, especially during the initial phase of the pandemic. The worldwide situation, on the other hand, is gradually improving, and the market is expected to recover soon.
The report offers a detailed analysis of segments of the global instrument transformers market. These segments includetype, voltage, application, end user, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue-generating segments for determining growth strategies for the next few years.
Based on type, the potential transformer segment is expected to grow with the highest CAGR of 6.9%during the forecast period.However, the current transformer segment dominated the market share in terms of revenue in 2020, accounting for more than two-fifths of the total market share, and is anticipated to continue its leadership statusfrom 2021 to 2030.
Based on voltage, the high voltage transmission segment led the globalinstrument transformers market share in 2020, contributing to more than one-fourth of the total market share, and is projectedto continue its leadership status during the forecast period. On the other hand, the distribution voltage segment is expected to witness the highest CAGR of 7.4% from 2021 to 2030.
Based on region, Asia-Pacific held the largest market share in terms of revenue in 2020, accounting for more than two-fifths of the total market, and is expected to continue its dominant share by 2030. Moreover, the same region is expected to grow with the fastest CAGR of 7.4% during the forecast period. The report also includes an analysis ofNorth America, Europe, and LAMEA.
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Leading players of the global instrument transformers market analyzed in the research include General Electric,ABB, Schneider Electric, CG Power and Industrial Solutions Ltd, Siemens, Mitsubishi Electric Corporation, Arteche, Instrument Transformer Equipment Corporation, Nissin Electric, and Bharat Heavy Electrical Limited.
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