According to the report published by Allied Market Research, the global instrument transformers market generated $7.0 billion in 2020, and is projected to reach $13.0 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in alternative energy programs, refurbishment of the aging power infrastructure, and huge investments in smart grids & energy systems drive the growth of the global instrument transformers market. However, increasing competition from the unorganized sector restrains the market to some extent. On the other hand, surge in investments in the transmission & distribution infrastructure and adoption of the HVDC technology for long distance transmission present new opportunities in the upcoming years.
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The report offers detailed segmentation of the global instrument transformers market based on type, voltage, application, end use industry, and region.
Based on type, the current transformer segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the potential transformer segment is estimated to register the highest CAGR of 6.9% from 2021 to 2030.
Based on voltage, the high voltage transmission segment held the largest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the distribution voltage segment is projected to register the highest CAGR of 7.4% from 2021 to 2030.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, this region is projected to manifest the fastest CAGR of 7.4% during the forecast period. Other provinces discussed in the report include North America, Europe, and LAMEA.
Leading players of the global instrument transformers market analyzed in the research include ABB, General Electric, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd, Mitsubishi Electric Corporation, Instrument Transformer Equipment Corporation, Arteche, Nissin Electric, and Bharat Heavy Electrical Limited. Other players operating in this market include Raychem RPG Private Limited, Mehru, and Celme S.r.l.
Get detailed COVID-19 impact analysis on the Instrument Transformers Market @ https://www.alliedmarketresearch.com/request-for-customization/10856?reqfor=covid
- The outbreak of the COVID-19 pandemic led to global lockdown which gave way to temporary closure of manufacturing facilities of almost all industries around the world. This factor hampered the consumption of electricity across the world.
- However, the global situation is getting better at a slow & steady pace, and the market is anticipated to revive soon.
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