The
Instrument Transformers Global Market Report 2024 by The Business Research
Company provides market overview across 60+ geographies in the seven regions -
Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the
Middle East, and Africa, encompassing 27 major global industries. The report
presents a comprehensive analysis over a ten-year historic period (2010-2021)
and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Instrument Transformers Market:
https://www.thebusinessresearchcompany.com/report/instrument-transformers-global-market-report
According to The Business Research Company’s Instrument Transformers Global
Market Report 2024, The instrument transformers market size has grown strongly
in recent years. It will grow from $8.65
billion in 2023 to $9.1 billion
in 2024 at a compound annual growth rate (CAGR) of 5.3%. The
growth in the historic period can be attributed to electrical grid
expansion, grid reliability, renewable energy integration, digitization,
industrial and commercial infrastructure.
The instrument transformers market size is expected to see strong growth in the
next few years. It will grow to $12.11
billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be
attributed to electric vehicle charging infrastructure, environmental
sustainability, energy efficiency, diagnostics and condition monitoring, rapid
urbanization. Major trends in the forecast period include digital instrument
transformers, compact and lightweight design, wideband and high-frequency
transformers, renewable energy integration, iot and connectivity
.
The increasing electricity demand is expected to fuel the growth of the
instrument transformers market in the coming years. Electricity is a form of
energy that can be transmitted through wires and is used for heating, lighting,
and machine power. As a result of increased household incomes, electrification
of transportation and heat, surging demand for digitally connected devices and
air conditioning, the electricity demand is expected to propel even further.
Instrument transformers are specialized transformers that are used to test
current and voltage while keeping measurement and control equipment isolated
from the primary circuit. For instance, according to the World Energy Outlook,
global electricity demand is expected to increase at 2.1% per year until 2040,
double the rate of primary energy growth. The share of electricity in the
overall final energy demand is expected to rise by 24% in 2040 as a result of
this. Therefore, the increasing electricity demand propels the growth of the
instrument transformers market.
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The instrument transformers market covered in this report is segmented –
1) By Type: Current Transformers, Potential Transformers, Combined Instrument
Transformers
2) By Enclosure Type: Indoor, Outdoor
3) By Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage
Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission
4) By Application: Relaying, Switchgear Assemblies, Metering And Protection,
Other Applications
5) By End-User: Power Utilities, Power Generation, Industries and OEMs, Other
End-Users
Major companies operating in the instrument transformers market are focusing on
innovating products, such as transformers, to provide reliable services to
customers. Transformers are used as instruments for floating offshore wind
power. For instance, in June 2021, Hitachi Energy Ltd, a Switzerland-based
Energy industry company launched transformers. Transformers are designed to
overcome the challenging offshore environment and withstand the physically
demanding conditions of floating wind turbines and substations. This
transformers include collector step-up transformers, earthing transformers, and
shunt reactors for floating substations.
The instrument transformers market report table of contents includes:
1. Executive Summary
2.
Instrument Transformers Market Characteristics
3.
Instrument Transformers Market Trends And Strategies
4.
Instrument Transformers Market - Macro Economic Scenario
5. Global
Instrument Transformers Market Size and Growth
.
31. Global Instrument Transformers Market Competitive Benchmarking
32. Global
Instrument Transformers Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Instrument Transformers Market
34.
Instrument Transformers Market Future Outlook and Potential Analysis
35.
Appendix
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