Instrument transformer Market Research Report- Forecast to 2023
GLOBAL INSTRUMENT TRANSFORMER MARKET
| CAGR OF 2.1% FROM 2018 TO 2023
Page |1
Copyright © 2018 Market Research Future.
Instrument transformer Market Research Report- Forecast to 2023
1 Summary Instrument transformers are electrical devices used to transform or isolate current or voltage levels with high accuracy. They are used in AC systems for measurement of electrical parameters such as current, voltage, energy, power factor, and frequency. These transformers are developed by making use of premium grade materials like copper wires terminal blocks and electrical steel lamination. Currently, the instrument transformer market is in the growth stage. Increase in power consumption across the globe drives the growth of the market. Due to the development of the countries and the improvement in the standard of living, there is a higher demand for energy consumption. Hence, many countries around the world are expanding and upgrading their electric grid infrastructure, so as to fulfil the growing demand of power and margining of grid to form inter grid connection. These developments are expected to provide vital groundwork for instrument transformer market. However, high capital cost of transformer may hamper the growth of the market. As the raw material prices for transformer across the globe vary according to their availability, it is certainly an important factor for the pricing of the transformer. Transformer is manufactured through precise engineering done over earthy metals. The manufacturer, usually procures the raw material through various vendors, who price them according to the market demand. Thus it can be stated that all these primary factors will restrain the growth of transformer market.
Key Players:
The prominent players in the global instrument transformer market include are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), JSHP Transformers (China), Synergy Transformers (India), Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), and SPX Transformer Solutions, Inc. (U.S.A).
Page |2
Copyright Š 2018 Market Research Future.
Instrument transformer Market Research Report- Forecast to 2023
2 Market Overview On the basis of regions, Asia Pacific dominates the global instrument transformer market followed by Europe and North America. It is expected to be the fastest growing region for the market. India, South Korea, Indonesia, and Singapore are the other major countries in Asia Pacific region. These countries have recently witnessed rapid industrialization & urbanization, which resulted in the growth and expansion of electrical infrastructure. Most of the African nations are currently witnessing economic growth due to huge foreign investments in developing industrialization sector and expanding energy generation capacity through renewable resources. Africa is expected to hold one the largest share in the Middle East & Africa segment for the transformer due to huge expansion in the energy generation and grid expansion. Global instrument transformer market is projected to grow at a CAGR of 2.1% during the forecast period.
Page |3
Copyright Š 2018 Market Research Future.
Instrument transformer Market Research Report- Forecast to 2023
3 Drivers: -
Rise in transmission & distribution infrastructure investments Rapid industrialization & urbanization
Market Research Analysis Global instrument transformer market has been segmented based on rating, Enclosure Type, end-user and region. Based on rating, instrument transformer market has been divided into distribution voltage, subtransmission voltage, high voltage transmission and extra high voltage transmission. Distribution voltage is expected to be the fastest growing rating segment of the market. Based on end-user, instrument transformer market has been segmented into Power Utilities, Industries & OEMS, and Others. Power Utilities accounted for the largest market share. Utility sector defines a category of stocks of utilities such as power generation plants. The sector contains companies such as electric, gas and water firms, and integrated providers. Because utilities require significant infrastructure, these firms require heavy electrical equipment for efficient performance and production of the energy. The global growth in the conventional and non-conventional power plants are creating a huge scope for the transformer market development. Industrial transformer acts as a power transmission and distribution equipment in the utility sector, which step-up or set-down the current voltage as per the end-user requirement.
Page |4
Copyright Š 2018 Market Research Future.
Instrument transformer Market Research Report- Forecast to 2023
Page |5
Copyright Š 2018 Market Research Future.