The Instrument Transformer Market size is estimated at USD 4.95 billion in 2024, and is expected to reach USD 6.36 billion by 2029, growing at a CAGR of 5.13% during the forecast period (2024-2029).
Over the medium term, factors like expansion in the transmission and distribution network and growth in renewable power generation facilities are likely to drive the market.
On the other hand, the expansion of high voltage direct current (HVDC) networks is expected to hinder the market growth during the forecast period.
Nevertheless, the increasing integration of advanced technologies such as AI and IoT with instrument transformers is expected to create several opportunities for the market in the future.
The instrument transformer market is semi-consolidated. Some of the key players in the market (in no particular order) include ABB Ltd, Siemens Energy AG, General Electric Company, Schneider Electric SE, and Arteche Group, among others.
In November 2023, Siemens announced an investment of USD 150 million in a new high-tech manufacturing plant in Dallas-Fort Worth to support power American data centers and critical infrastructure. This plant is going to deliver state-of-the-art, efficient, and reliable electrical equipment. It is going to facilitate accelerated growth of United States data centers, which is being driven by the exponential adoption of generative AI. It will also ensure the secure operation of critical infrastructure. This investment explicitly helps long-term customers in the data center sector, where demand is expected to grow by about 10% annually through 2030.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook