Instrument Transformers Market Size, By Product (Current, Potential), By Winding (Two Winding, Auto Transformer), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By R

Instrument Transformers Market Size, By Product (Current, Potential), By Winding (Two Winding, Auto Transformer), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By Rating (≤ 33 kV, > 33 kV to ≤ 66 kV, > 66 kV), By Mounting (Pad, Pole), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The instrument transformer market is set to exhibit tremendous growth by 2030 on account of increasing demand for electricity. In addition, rising infrastructural spending to replace the existing grid infrastructure across the globe is likely to boost market growth through the forecast period.

Notably, major players in the sector have been adopting profitable strategies, such as collaborations and partnerships, as well as making prominent investments in product innovation to gain a better market standing. For instance, in January 2021, Hitachi ABB Power Grids, a joint venture between Hitachi and ABB Power Grids, supplied a power transformer of 220 kV capacity to Toji Group, a firm under Hanoi Investment and Plant Department, for the Loc Ninh 5 solar power plant in Vietnam.

The instrument transformer market has been bifurcated in terms of application, product, cooling, mounting, insulation, winding, rating, and region.

Based on product, the industry has been split into potential and current. The potential segment is expected to grow significantly through the review timeline as a result of surging electricity demand among customers.

With regards to winding, the market has been divided into auto transformer and two winding. The two winding transformers industry accounted for a valuation of over $2 billion in 2021 and is further anticipated to exhibit stable growth in the forthcoming years.

The instrument transformer market has been segmented based on cooling into dry type and oil immersed. The dry type cooling segment has been further categorized into air blast and self-air.

The self-air segment registered a revenue of around $600 million in 2021. Meanwhile, the air blast transformer industry is likely to witness solid growth at approximately 7% CAGR by 2030.

The oil immersed segment has been further segregated into forced oil, self cooled, and water cooled. In 2021, the self cooled segment was valued at nearly $500 million. On the other hand, the water cooled segment is projected to expand at a CAGR of roughly 6% over the study timeline. The forced oil transformers market surpassed $600 million in revenue in 2021.

From the rating perspective, the instrument transformer market has been classified into ≤ 33 kV, > 33 kV to ≤ 66 kV, and > 66 kV. The >33 kV to ≤66 kV instrument transformer industry is estimated to be worth above $860 million by 2030.

From the mounting point of view, the industry has been branched into pole and pad. Pad-mounted transformers have gained considerable momentum driven by their applicability across the industry and utilities due to the demand for short-distance units.

In the regional landscape, the Europe instrument transformer industry is slated to expand at approximately 6.0% CAGR between 2022 and 2030. Meanwhile, ongoing electrical upgradation, coupled with favorable government norms toward renewable integration, is set to sway the growth of the instrument transformer market in the LATAM region positively by 2030.