Instrument transformers are electrical devices used to change or isolate current or voltage level with high accuracy, extensively used in AC system to gauge different electrical parameters such as voltage, energy factor, current, and frequency. The rising demand for electricity with a growing concern regarding grid stability abreast a great deal of fund to install transmission and distribution systems to accelerate the market growth.
Revamping of Outmoded Grid Infrastructure to Boost the Asia-Pacific Market
Asia-Pacific is expected to hold the largest share in the instrument transformer market, owing to the rising demand to revamp the conventional grid infrastructure in conjunction with the ongoing expansion of transmission and distribution grid network. The regional transformer industry is experiencing extraordinary growth due to favourable regulatory measures in compliance with grid stability and energy efficiency. Moreover, growing trends pertaining to the establishment of renewable energy solutions along with enhanced control and monitoring technologies will benefit the industry positively.
Deployment of Smart Transformers to Spur Demand Side Management in North America and Europe
North America and Europe are expected to witness considerable growth in the global instrument transformer market during the forecast period due to large scale industrial establishment along with the deployment of smart transformer units to undergo an efficient demand side management thereby boosting the market growth. Additionally, stringent energy efficiency norms have compelled manufacturers to shift their focus toward the development of cost-competitive and efficient transformer units. Moreover, the underway deployment of the sustainable network to satiate the increasing energy demand will effectuate a dynamic business environment.
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Electrification of War-Torn Countries
Latin America and the Middle East & Africa region is expected to witness steady growth in the global instrument transformer market, owing to the increasing technological innovation during the forecast period, 2019–2026. Besides, the swelling rural electrification demand across the Middle East & Africa and refurbishment of power grids across war-torn countries such as Syria, Sudan, and Iraq are expected to flourish the regional market.
Renovation & refurbishment of conventional transmission & distribution network along with the increasing space impediment is expected to boost the indoor instrument transformer industry growth during the forecast period 2019-2026. Amplifying real estate sector along with ongoing industrialization across developing energy market lay favorable ground for product penetration.
On basis of end-users, instrument transformer markert is segmented into power utilities, industries & OEMs, and others. Power utilities are further segmented into power distribution and power transmission utilities. Growing industrialization has increased it use in various industries such as automotive, iron & steel, chemical, oil & gas, and others. However, refurbishment of the aging power infrastructure iin developed countries is expected to supplement the growth of product market.
Some of the key players in the global instrument transformer market are Hyundai Heavy Industries Co., Ltd. (South Korea), ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (U.S), JSHP Transformers (China), Synergy Transformers (India), Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), and SPX Transformer Solutions, Inc. (U.S)
Instrument Transformer Market Segmentation
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now