Instrument Transformer Market: Information by Type (Current Instrument Transformer), Cooling (Dry), Enclosure Type (Indoor), Rating, End-User, and Region — Forecast till 2029

Sep 26, 2019   Product Analysis Current transformers are instrument transformers designed to generate alternating current in the secondary winding, which is directly proportional to the total current being measured in its primary. They are also known as series transformer since they are allied in series with the circuit to measure the various parameters of electric power. These transformers are used to reduce high voltage current to low voltage current and provide a convenient means to safely monitor the actu...
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Report Description

Product Analysis

Current transformers are instrument transformers designed to generate alternating current in the secondary winding, which is directly proportional to the total current being measured in its primary. They are also known as series transformer since they are allied in series with the circuit to measure the various parameters of electric power. These transformers are used to reduce high voltage current to low voltage current and provide a convenient means to safely monitor the actual electrical current flowing with the help of a standard ammeter. 

The common applications of current transformers range from power system control to precise measurement in the form of industrial, automotive, telecommunication, and medical systems. These transformers are used to measure the current through instruments, such as an ammeter, an energy meter, and a wattmeter, and for overcurrent fault protection and distance protection in power transmission systems. Rapid industrial growth due to FDI inflow and government support in developing regions, such as Asia-Pacific and South America, provides a fillip to the industrial sectors' growth in these regions, which is expected to translate into the growth of the instrument transformers market.

A potential transformer is an instrument transformer used to transform voltage from a higher value to a lower value. Current transformers step down the voltage to a safe limit, which can then be easily be measured with the help of ordinary voltage instruments, such as a voltmeter and a wattmeter, among others. Potential transformers commonly find applications in electrical metering systems, electrical protection systems, distance protection feeds, synchronizing generators with grid, and the impedance protection of generators. The increasing number of infrastructural projects in developing countries, such as India and China, are expected to provide an impetus to market growth. 

As the name suggests, a combined transformer houses a current transformer and an inductive voltage transformer within the same body. Combined instrument transformers reduce transport costs with one unit instead of two and require less space with just one footprint. They have lower material costs because of the smaller number of supports and less primary connections and lower installation costs compared to installing two separate transformers. Combined instrument transformers are used in the same applications as their respective independent transformers, such as separation of meters, counters, and relays. 

Apart from these, dry instrument transformers utilize a core that is placed in an air pressurized sealed tank. These transformers offer easy and safe installation, pollution-free operation, and high resistance to short circuits; they also pose no fire hazards. Dry-type transformers commonly find applications in the chemical and oil and gas industries and inner-city sub-stations, renewable energy power generation, and fire risk areas, such as forests and parks and environmentally sensitive areas. Oil-immersed instrument transformers where oil is used for cooling are in use mostly where there is a low noise requirement. Common applications are power distribution, electrical substations, distribution networks, small industries, and renewable energy generation.

Analysis of Transformer Rating

Based on Rating, the instrument transformer market is segmented into distribution voltage, sub-transmission voltage, high voltage transmission, and extra high voltage transmission.

  • Distribution voltage transformers range anywhere between 2,300 Volts to about 35,000 Volts
  • Sub-transmission lines carry voltages that are reduced from the sub-transmission line system. The voltages are typically in the range of 34.5 kV to 69 kV and the power sent to regional distribution systems
  • High voltage transmission lines deliver electricity over long distances. The primary reason for the use of high voltage transmission is to increase efficiency. The lower current that escorts high voltage transmission mitigates resistance in conductors as the electric current flows through the current
  • Extra-high voltage refers to 345, 400, 500, and 745 kV and is used for economic power transmission over long distances

The growing power demand globally has compelled the players and governments to channelize efforts in order to reduce transmission losses. Thus, instrument transformers with different ratings are generating high demand from the rapidly growing national grids globally. Heavy power lines are used to transmit electricity at a higher voltage in order to increase the efficiency of power transfer and minimize the energy loss inherited in transferring electricity at over a long distance.

As the demand for efficient energy transmission is rising across the globe, a large number of power utility companies are focusing on deploying heavy power lines to decrease power transmission and distribution losses. Therefore, the demand for instrument transformers is expected to rise in tandem with the increasing demand for these heavy power lines.

Figure 1: Electric Power Transmission and Distribution Losses (% Of Output), Across North America, 2000–2014

Electric-Power-Transmission-and-Distribution-Losses-Across-North-America-2000-2014

North American Market for Instrument Transformers to Thrive

As per the U.S. Energy Information Administration (EIA), in 2019, energy production exceeded energy consumption in the U.S. on an annual basis for the first time since 1957. The country produced 101.0 quads of energy and consumed 100.2 quads. The country's electric power sector accounted for about 96% of the total utility-scale electricity generation, nearly all of which was sold to the other sectors.

The U.S. has one of the most established industrial sectors, which is further driven by increasing consumer spending. Thus, the energy demand from the industrial sector is expected to rise in the coming years. This growth in the demand for energy will further boost electricity generation's demand across the country in the coming years.

Figure 2: Net Electricity Generation for All Sector, The U.S., 2011–2018 (Thousand Megawatt Hours)

Net-Electricity-Generation-for-All-Sector-The-US-2011-2018

Although the near-term electricity demand may witness some fluctuation, it can be expected that economic growth during the forecast period will put the long-term electricity demand in an upward growth trajectory. This increase in the demand for electricity across the region will further create a demand for efficient communication and electrical infrastructure across the market, which, in turn, will have a positive influence on the growth of the U.S. instrument transformer market.

The growth of Canada's instrument transformer market can be attributed to various government initiatives to boost infrastructural development in rural regions. Through these initiatives, the Canadian government strives to accelerate investment in affordable housing, tourism, and infrastructure, with a special focus on measures to increase labor availability and support economic growth across rural communities while ensuring sustainability. For instance, as of May 2019, the Government of Canada approved more than 48,000 infrastructure projects, and nearly all are underway or completed. Cost-sharing for rural and northern infrastructure projects is the most flexible in recognition of rural needs, with the Government of Canada contributing up to 60% of eligible project costs in small communities with populations under 5,000.

In recent years, the continuous development of Mexico's industrial sector has led to an increase in the participation of public and private foreign investment in prominent infrastructure projects. This development is further supported by the country's federal government, which is willing to spend around USD 43 billion in the span of 2020–2024 to boost its infrastructural sector. The Dos Bocas Refinery Project, Tehuantepec Isthmus Rail Corridor, and Tren Maya multiphase rail projects are some of the projects launched by the government to promote infrastructural development in the country. Infrastructural development in the country has garnered significant attention from many global investors and business leaders across various markets, who repute it as an emerging market in terms of growth prospects and consider it a prime location for reaching the U.S. market. 

Market Share Analysis

The instrument transformer market comprises of several players, who dominate at both the regional and country level. Several players that are operating in the instrument transformer market are adopting various strategies, such as a partnership, acquisitions, joint ventures, and establishing new subsidiary companies in unreached countries. Most of the companies are pursuing an acquisition strategy and collaborating with other players for expanding product portfolio and increasing revenue.

Instrument-Transformer-Market-Share-Analysis-2019-2

Key Players

  • Siemens Energy
  • ABB Group
  • Arteche
  • The General Electric Company
  • Eaton
  • Schneider Electric
  • CG Power and Industrial Solutions Ltd
  • Bharat Heavy Electricals Limited
  • TRENCH Group
  • Mitsubishi Electric Corporation
  • Toshiba Corporation
  • Raychem RPG Private Limited
  • JSHP Transformers
  • Hyosung Corporation
  • Crompton Greaves

Instrument Transformer Market: Segmentation

By Type

  • Current Instrument Transformer
  • Potential Instrument Transformer
  • Combined Instrument Transformer

 By Cooling

  • Dry
  • Oil Immersed

By Enclosure Type

  • Indoor
  • Outdoor

By Rating

  • Distribution Voltage
  • Sub Transmission Voltage
  • High Voltage Transmission
  • Extra-High Voltage Transmission

 By End-User

  • Power Utilities
  • Industries and OEMs

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • The U.K.
  • Italy
  • Spain
  • France
  • Russia
  • The Rest of Europe

Asia-Pacific

  • China
  • South Korea
  • Australia
  • India
  • Japan
  • Vietnam
  • Indonesia
  • The Rest of Asia-Pacific

Central and South America and the Caribbean

  • Brazil
  • Argentina
  • Colombia
  • The Rest of Central and South America and the Caribbean

The Middle East

  • Saudi Arabia
  • Oman
  • Qatar
  • The UAE
  • Turkey
  • The Rest of ME

Africa

  • Nigeria
  • Tanzania
  • South Africa
  • Ghana
  • The Rest of Africa

Frequently Asked Questions (FAQs)

Siemens Energy, ABB Group, Arteche, The General Electric Company, Eaton, Schneider Electric, TRENCH Group, Mitsubishi Electric Corporation, Toshiba Corporation are the top players in Instrument Transformer Market.
Rating Segment is expected to be the leading segment in Instrument Transformer Market during the forecast period.
North America is expected to hold the highest market share in Instrument Transformer Market.
Increasing the number of infrastructural projects, increasing demand for these heavy power lines, increasing consumer spending are the key factors expected to drive Instrument Transformer Market during the forecast period.
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