Global Instrument Transformers Market Size study & Forecast, by Application (Transformer and Circuit Breaker Bushing, Metering, Switchgear Assemblies, Relaying, Others) by Product Type (Conventional Instrument Transformer, Non-Conventional Instrument Tran

Global Instrument Transformers Market Size study & Forecast, by Application (Transformer and Circuit Breaker Bushing, Metering, Switchgear Assemblies, Relaying, Others) by Product Type (Conventional Instrument Transformer, Non-Conventional Instrument Transformer), by End-User (Power Utilities, Power Generation, Railways and Metros, Industries and OEMs, Others), by Voltage Type (Medium Voltage (1-52kV), Extra High Voltage Transmission (220/380kV), Low Voltage (Less Than 1kV), Ultra High Voltage Transmission (Greater Than 380kV), High Voltage Transmission (60/110 kV)) and Regional Analysis, 2023-2030

Global Instrument Transformers Market is valued approximately at USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Instrument transformers are devices used in electrical power systems to transform currents and voltages from high values to levels that can be safely and conveniently measured and controlled. These transformers are crucial for the accurate monitoring and protection of power systems. The key factors driving the market growth during forecast period 2023-2030are growing demand for electricity, refurbishment of aging power infrastructure and huge investment in smart grids .

Additionally, rising demand for electricity, driven by population growth, urbanization, and industrialization, is a significant factor. This requires the expansion and upgrade of power infrastructure, including instrument transformers. According to Statista, in 2020, the global electricity demand was 23,995 terawatt hours and it is anticipated to reach 29463 terawatt hours by 2030. As a result, the growing global electricity demand is anticipated to support the market growth. Moreover, rising investment in transmission & distribution infrastructure and growing adoption of HVDC technology for long distance transmission is anticipated to create the lucrative opportunity for the market. However, the substantial upfront cost associated with instrument transformers stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Instrument Transformers Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the growing infrastructure development projects, increasing focus on renewable energy sources and growing development and implementation of smart grid technologies. Whereas, the Asia Pacific region is expected to grow with the fastest growth rate during the forecast period owing to factors such as the rapid industrialization and urbanization, increasing investments in power generation and transmission, and increasing demand for electricity.

Major market player included in this report are:
Ritz Instrument Transformers
ELEQ B.V.
ABB Ltd.
Siemens AG
GENERAL ELECTRIC
Schneider Electric
AInstrument Transformer Equipment Corporation, Inc.
Narayan Powertech Pvt.Ltd.
Bharat Heavy Electricals Limited
CG Power and Industrial Solutions Ltd.,

Recent Developments in the Market:
 In November 2022, General Electric has launched the Superbute combination, a solution that expedites the installation of primary metering assemblies compared to traditional standalone CTs and VTs. This innovative design by GE maintains a high standard of quality and reliability. The Superbute Combo CT/VT incorporates RevenueSense CT technology, ensuring an accuracy of 0.15% within the range from 1% of rated current to the rating factor.

Global Instrument Transformers Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Application, Product Type, End-User, Voltage Type, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:
Transformer and Circuit Breaker Bushing
Metering
Switchgear Assemblies
Relaying
Others

By Product Type:
Conventional Instrument Transformer
Non-Conventional Instrument Transformer

By End-User:
Power Utilities
Power Generation
Railways and Metros
Industries and OEMs
Others

By Voltage Type:
Medium Voltage (1-52kV)
Extra High Voltage Transmission (220/380kV)
Low Voltage (Less Than 1kV)
Ultra High Voltage Transmission (Greater Than 380kV)
High Voltage Transmission (60/110 kV)

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Ritz Instrument Transformers
ELEQ B.V.
ABB Ltd.
Siemens AG
GENERAL ELECTRIC
Schneider Electric
AInstrument Transformer Equipment Corporation, Inc.
Narayan Powertech Pvt.Ltd.
Bharat Heavy Electricals Limited
CG Power and Industrial Solutions Ltd.

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