Instrument Transformers Market
PUBLISHED: 2024 ID: SMRC25433
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Instrument Transformers Market

Instrument Transformers Market Forecasts to 2030 - Global Analysis By Type (Current, Potential and Other Types), Installation Type (Liquid, SF6 Gas and Solid), Voltage, Enclosure, Application, End User and By Geography

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Published: 2024 ID: SMRC25433

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Instrument Transformers Market is accounted for $7.10 billion in 2023 and is expected to reach $12.00 billion by 2030 growing at a CAGR of 7.8% during the forecast period. Instrument transformers are crucial components in electrical power systems, utilized to accurately measure high voltage and high current circuits for control, protection, and metering purposes. They are designed to transform the voltage or current from a high value to a lower, standardized value suitable for instrumentation and control devices. These transformers ensure safety for personnel and equipment by isolating measuring instruments and relays from high-voltage power circuits. 
 
According to the U.S. Department of Energy, the grid system in the country is more than 25 years old. As a result, power generation and distribution firms are investing more than US$ 50.0 Bn in replacing this old infrastructure. Secondly, according to the International Society for Performance Improvement (ISPI), worldwide investments in grid technology, data intelligence, and digital services were projected to exceed US$ 43.7 Bn by 2022.

Market Dynamics: 

Driver: 

Grid modernization initiatives

Grid modernization initiatives, aimed at upgrading and optimizing electrical grids, are a significant driver for the instrument transformer market. These initiatives entail the integration of advanced technologies such as smart meters, digital sensors, and automation systems into the grid infrastructure. As grids become more complex and dynamic, there is an increased demand for reliable and precise instrumentation, driving the market for instrument transformers. Additionally, the emphasis on enhancing grid resilience, reducing losses, and integrating renewable energy sources further propels the adoption of instrument transformers in modern grid systems.

Restraint:

High initial investment

The high initial investment restraint refers to the significant upfront costs associated with the manufacturing, installation, and maintenance of these critical components used in electrical power systems. The sophisticated technology and specialized materials required for their production contribute to the high initial capital outlay, deterring potential market entrants and limiting competition. Despite their essential function, these cost barriers can impede market growth and innovation in the instrument transformer sector.

Opportunity:

Expansion of transmission and distribution networks

As power grids extend to reach more consumers and integrate renewable energy sources, the demand for accurate monitoring and control of electrical parameters increases. With the growing emphasis on grid modernization and smart infrastructure, utilities are investing in advanced instrument transformers to enhance grid reliability, efficiency, and safety. This expansion also fosters innovation in instrument transformer technology, driving manufacturers to develop more efficient and reliable solutions to meet evolving grid requirements. Overall, the expansion of transmission and distribution networks fuels the demand for instrument transformers, creating a lucrative market opportunity for stakeholders.

Threat:

Cyber security risks

Cyber security risks pose a significant threat due to the increasing digitization of power systems. Instrument transformers play a crucial role in measuring and monitoring electrical currents and voltages, making them potential targets for cyberattacks. Hackers could exploit vulnerabilities in the digital systems controlling these transformers to manipulate data or disrupt operations, leading to widespread power outages or equipment damage. Furthermore, compromised instrument transformers could provide attackers with unauthorized access to sensitive information about the power grid's operation, posing a threat to national security.

Covid-19 Impact: 

The COVID-19 pandemic significantly impacted the instrument transformer market due to disruptions in manufacturing, supply chain, and demand dynamics. As industrial activities slowed down and construction projects were postponed, the demand for instrument transformers decreased. Moreover, restrictions on movement and workforce shortages hindered production and distribution channels. Additionally, the push towards renewable energy integration and smart grid technologies offered new avenues for growth in the instrument transformer market post-pandemic.

The ultra-high voltage transmission segment is expected to be the largest during the forecast period

The ultra-high voltage (UHV) transmission segment within the instrument transformer market has experienced significant growth due to the increasing demand for reliable and efficient power transmission over long distances. These networks require advanced instrument transformers capable of handling extremely high voltages. Government initiatives aimed at modernizing and upgrading power infrastructure, particularly in developing economies, have fueled the adoption of UHV transmission systems. Additionally, Technological advancements, such as the development of digital and smart instrument transformers, have also contributed to the growth of this segment by enhancing monitoring and control capabilities in UHV grids.

The transformer & circuit breaker bushing segment is expected to have the highest CAGR during the forecast period

The transformer and circuit breaker bushing segment has experienced notable growth due to increasing demand for electricity transmission and distribution infrastructure upgrades, including bushings used in transformers and circuit breakers. Advancements in technology have led to the development of more efficient and durable bushing solutions, attracting utility companies and manufacturers to invest in upgrading their equipment. Additionally, stringent regulations emphasizing safety and reliability in power systems have driven the adoption of high-quality instrument transformers, further boosting the growth of this segment. 

Region with largest share:

North America has experienced significant growth due to growing demand for reliable electricity supply and the modernization of existing power infrastructure. The emphasis on renewable energy sources like wind and solar power has fuelled the need for efficient monitoring and control systems, driving the demand for instrument transformers. Increasing advancements in technology, such as digitalization and smart grid initiatives, have augmented the deployment of advanced instrument transformers. Furthermore, investments in transmission and distribution networks to address growing electricity consumption patterns have also contributed to the expansion of the instrument transformer market in North America.

Region with highest CAGR:

The Asia-Pacific region has witnessed significant growth due to rapid industrialization and urbanization in countries like China and India which is boosting the need for instrument transformers. Increasing investments in renewable energy projects across the region have created a surge in demand for instrument transformers to monitor and regulate power flow. Technological advancements, such as the integration of smart grid systems, have also contributed to the expansion of the instrument transformer market in the Asia-Pacific region. Additionally, the region's burgeoning energy sector and infrastructure development efforts are driving substantial growth opportunities for instrument transformer manufacturers.

Key players in the market

Some of the key players in Instrument Transformers market include ABB Ltd, ALCE Elektrik San. Tic., Arteche , Bharat Heavy Electricals Limited (BHEL) , CG Power and Industrial Solutions Ltd, ELEQ B.V, ENPAY Endüstriyel Pazarlama, Epoxy House, General Electric, Hitachi, Ltd, Instrument Transformer Equipment Corporation, Inc, Mitsubishi Electric Corporation, Narayan Powertech Pvt.Ltd, Nissin Electric Co., Ltd, Pfiffner Group, Ritz Instrument Transformers, Schneider Electric and Siemens AG.

Key Developments:

In February 2024, BHEL will establish a 1x800 MW Ultra Supercritical Expansion Unit at the Deen Bandhu Chhotu Ram Thermal Power Plant (DCRTPP) located in Yamuna Nagar, Haryana, India. This expansion will involve providing supply of equipment such as boiler, turbine, generator, and associated auxiliaries, as well as handling electrical and civil works. Additionally, the company will oversee the construction and commissioning of the unit, with the entire contract expected to be completed within 57 months, BHEL states in a filing exchange.

In November 2023, Swedish-Swiss multinational ABB and Indian rolling stock manufacturer Titagarh Rail Systems (Titagarh) have formed a strategic partnership to supply propulsion systems for metro rolling stock projects in India. The partnership is aligned with the Indian Government’s “Make in India” and “Atmanirbhar Bharat” (self-reliant India) initiatives and has already had early success by winning orders to design and supply equipment for metro coaches for the state of Gujarat.

Types Covered:
• Current 
• Potential 
• Combined 
• Other Types 

Installation Types Covered:
• Liquid 
• SF6 Gas 
• Solid 

Voltages Covered:
• Distribution Voltage   
• Extra High Voltage Transmission   
• High Voltage Transmission   
• Sub-Transmission Voltage   
• Ultra-High Voltage Transmission   
• Other Voltages    

Enclosures Covered:
• Indoor 
• Outdoor 

Applications Covered:
• Primary Metering Units    
• Relaying & Protection    
• Switchgear Assemblies    
• Transformer & Circuit Breaker Bushing    
• Other Applications    

End Users Covered:
• Industries & Original Equipment Manufacturer (OEM)     
• Power Generation     
• Power Utilities     
• Railway & Metros     
• Other End Users     

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary            
             
2 Preface            
 2.1 Abstract           
 2.2 Stake Holders           
 2.3 Research Scope           
 2.4 Research Methodology           
  2.4.1 Data Mining          
  2.4.2 Data Analysis          
  2.4.3 Data Validation          
  2.4.4 Research Approach          
 2.5 Research Sources           
  2.5.1 Primary Research Sources          
  2.5.2 Secondary Research Sources          
  2.5.3 Assumptions          
             
3 Market Trend Analysis            
 3.1 Introduction           
 3.2 Drivers           
 3.3 Restraints           
 3.4 Opportunities           
 3.5 Threats           
 3.6 Application Analysis           
 3.7 End User Analysis           
 3.8 Emerging Markets           
 3.9 Impact of Covid-19           
             
4 Porters Five Force Analysis            
 4.1 Bargaining power of suppliers           
 4.2 Bargaining power of buyers           
 4.3 Threat of substitutes           
 4.4 Threat of new entrants           
 4.5 Competitive rivalry           
             
5 Global Instrument Transformers Market, By Type            
 5.1 Introduction           
 5.2 Current           
 5.3 Potential           
 5.4 Combined           
 5.5 Other Types           
             
6 Global Instrument Transformers Market, By Installation Type            
 6.1 Introduction           
 6.2 Liquid           
 6.3 SF6 Gas           
 6.4 Solid           
             
7 Global Instrument Transformers Market, By Voltage            
 7.1 Introduction           
 7.2 Distribution Voltage           
 7.3 Extra High Voltage Transmission           
 7.4 High Voltage Transmission           
 7.5 Sub-Transmission Voltage           
 7.6 Ultra-High Voltage Transmission           
 7.7 Other Voltages           
             
8 Global Instrument Transformers Market, By Enclosure            
 8.1 Introduction           
 8.2 Indoor           
 8.3 Outdoor           
             
9 Global Instrument Transformers Market, By Application            
 9.1 Introduction           
 9.2 Primary Metering Units           
 9.3 Relaying & Protection           
 9.4 Switchgear Assemblies           
 9.5 Transformer & Circuit Breaker Bushing           
 9.6 Other Applications           
             
10 Global Instrument Transformers Market, By End User            
 10.1 Introduction           
 10.2 Industries & Original Equipment Manufacturer (OEM)           
 10.3 Power Generation           
 10.4 Power Utilities           
 10.5 Railway & Metros           
 10.6 Other End Users           
             
11 Global Instrument Transformers Market, By Geography            
 11.1 Introduction           
 11.2 North America           
  11.2.1 US          
  11.2.2 Canada          
  11.2.3 Mexico          
 11.3 Europe           
  11.3.1 Germany          
  11.3.2 UK          
  11.3.3 Italy          
  11.3.4 France          
  11.3.5 Spain          
  11.3.6 Rest of Europe          
 11.4 Asia Pacific           
  11.4.1 Japan          
  11.4.2 China          
  11.4.3 India          
  11.4.4 Australia          
  11.4.5 New Zealand          
  11.4.6 South Korea          
  11.4.7 Rest of Asia Pacific          
 11.5 South America           
  11.5.1 Argentina          
  11.5.2 Brazil          
  11.5.3 Chile          
  11.5.4 Rest of South America          
 11.6 Middle East & Africa           
  11.6.1 Saudi Arabia          
  11.6.2 UAE          
  11.6.3 Qatar          
  11.6.4 South Africa          
  11.6.5 Rest of Middle East & Africa          
             
12 Key Developments            
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures           
 12.2 Acquisitions & Mergers           
 12.3 New Product Launch           
 12.4 Expansions           
 12.5 Other Key Strategies           
             
13 Company Profiling            
 13.1 ABB Ltd           
 13.2 ALCE Elektrik San. Tic. A.?           
 13.3 Arteche           
 13.4 Bharat Heavy Electricals Limited (BHEL)           
 13.5 CG Power and Industrial Solutions Ltd           
 13.6 ELEQ B.V           
 13.7 ENPAY Endüstriyel Pazarlama           
 13.8 Epoxy House           
 13.9 General Electric           
 13.10 Hitachi, Ltd.           
 13.11 Instrument Transformer Equipment Corporation, Inc           
 13.12 Mitsubishi Electric Corporation           
 13.13 Narayan Powertech Pvt.Ltd           
 13.14 Nissin Electric Co., Ltd           
 13.15 Pfiffner Group           
 13.16 Ritz Instrument Transformers           
 13.17 Schneider Electric           
 13.18 Siemens AG           
             
List of Tables             
1 Global Instrument Transformers Market Outlook, By Region (2021-2030) ($MN)            
2 Global Instrument Transformers Market Outlook, By Type (2021-2030) ($MN)            
3 Global Instrument Transformers Market Outlook, By Current (2021-2030) ($MN)            
4 Global Instrument Transformers Market Outlook, By Potential (2021-2030) ($MN)            
5 Global Instrument Transformers Market Outlook, By Combined (2021-2030) ($MN)            
6 Global Instrument Transformers Market Outlook, By Other Types (2021-2030) ($MN)            
7 Global Instrument Transformers Market Outlook, By Installation Type (2021-2030) ($MN)            
8 Global Instrument Transformers Market Outlook, By Liquid (2021-2030) ($MN)            
9 Global Instrument Transformers Market Outlook, By SF6 Gas (2021-2030) ($MN)            
10 Global Instrument Transformers Market Outlook, By Solid (2021-2030) ($MN)            
11 Global Instrument Transformers Market Outlook, By Voltage (2021-2030) ($MN)            
12 Global Instrument Transformers Market Outlook, By Distribution Voltage (2021-2030) ($MN)            
13 Global Instrument Transformers Market Outlook, By Extra High Voltage Transmission (2021-2030) ($MN)            
14 Global Instrument Transformers Market Outlook, By High Voltage Transmission (2021-2030) ($MN)            
15 Global Instrument Transformers Market Outlook, By Sub-Transmission Voltage (2021-2030) ($MN)            
16 Global Instrument Transformers Market Outlook, By Ultra-High Voltage Transmission (2021-2030) ($MN)            
17 Global Instrument Transformers Market Outlook, By Other Voltages (2021-2030) ($MN)            
18 Global Instrument Transformers Market Outlook, By Enclosure (2021-2030) ($MN)            
19 Global Instrument Transformers Market Outlook, By Indoor (2021-2030) ($MN)            
20 Global Instrument Transformers Market Outlook, By Outdoor (2021-2030) ($MN)            
21 Global Instrument Transformers Market Outlook, By Application (2021-2030) ($MN)            
22 Global Instrument Transformers Market Outlook, By Primary Metering Units (2021-2030) ($MN)            
23 Global Instrument Transformers Market Outlook, By Relaying & Protection (2021-2030) ($MN)            
24 Global Instrument Transformers Market Outlook, By Switchgear Assemblies (2021-2030) ($MN)            
25 Global Instrument Transformers Market Outlook, By Transformer & Circuit Breaker Bushing (2021-2030) ($MN)            
26 Global Instrument Transformers Market Outlook, By Other Applications (2021-2030) ($MN)            
27 Global Instrument Transformers Market Outlook, By End User (2021-2030) ($MN)            
28 Global Instrument Transformers Market Outlook, By Industries & Original Equipment Manufacturer (OEM) (2021-2030) ($MN)            
29 Global Instrument Transformers Market Outlook, By Power Generation (2021-2030) ($MN)            
30 Global Instrument Transformers Market Outlook, By Power Utilities (2021-2030) ($MN)            
31 Global Instrument Transformers Market Outlook, By Railway & Metros (2021-2030) ($MN)            
32 Global Instrument Transformers Market Outlook, By Other End Users (2021-2030) ($MN)            
             
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.             

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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