Instrument Transformer Market size is anticipated to surpass over USD 7 billion by 2030, according to latest research study by Global Market Insights Inc.
The rising demand for effective T&D systems, increasing adoption of smart grid technologies, and favorable regulatory policies & reforms for renewable integration will favor the business dynamics. Ongoing investments in refurbishment and upgrade of energy networks will boost the product espousal. In addition, shifting focus on enhanced technologies coupled with rapidly mounting electricity consumption will augment the market landscape.
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The auto transformer market will witness a sheer turnaround owing to the elevated demand for smart technology-aided monitoring devices along with rising energy consumption across commercial & industrial peripherals. The capability of these units to offer effective voltage regulations and substantial cost savings is also expected to trigger growth. An increasing surge for electrification in the remote areas and escalating demand for the development of T&D infrastructure systems in both underdeveloped and developing economies are some of the prominent factors driving the industry growth.
Dry-type instrument transformers have gained appreciable proliferation in recent years due to their operational safety and competitive cost structure when compared to their available alternatives. However, products are yet to gain a sustainable market hold in high-voltage electrical applications, posing an immense industrial growth potential. Furthermore, the rapid acceptance of these units by utilities together with rigorous efficiency associated with research & development activities for product development will stimulate the industry dynamics.
The solid insulation instrument transformer market has gained a modest industry penetration credited to the significant competitive influence from prevailing insulation units combined with operational safety throughout the networks comprising frequent current faults and voltage outages. Additionally, the product is poised to showcase steep progress because of its effective cost structure, compact configuration, and insulating property. The continuous integration of digital monitoring systems merged with enhanced product flexibility will accelerate product deployment.
The commercial & industrial instrument transformer industry is slated to observe noteworthy change on account of the persistent upsurge in electricity demand and rapid urbanization and globally growing population. Favorable regulatory reforms on the development and enlargement of energy networks and the upgrade of traditional product portfolios will garner the market statistics.
The Asia Pacific instrument transformer market is set to foresee a significant upscale on impelled by the rising peak load power demand and an ongoing infrastructural development in and around the industrial & commercial sectors. The robust growth of large-scale cross-border electrical grid networks in line with the usage of efficient and advanced electric components for efficient electricity measuring & generation will foster the industry scenario.
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Some prime findings of the instrument transformer market report include:
- The instrument transformer industry to grow attributing refurbishment and upgradation of prevailing electrical grid networks and rising large-scale renewable integration.
- Favorable regulations on the development of efficient and effective electrical infrastructures and rising expansion of distribution energy networks will complement the market outlook.
- Major manufacturers operating in the market include Siemens Energy, ABB, GE, and Mitsubishi Electric Corporation, amongst others.
- Rising investments from public & private entities to sustain energy programs and favorable regulatory initiatives toward infrastructural development will drive the instrument transformer market growth.
Partial Table of Contents (ToC) of the report
Chapter 2 Executive Summary
2.1 Instrument transformer industry 3600 synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Winding trends
2.1.4 Cooling trends
2.1.5 Insulation trends
2.1.6 Rating trends
2.1.7 Mounting trends
2.1.8 Application trends
2.1.9 Regional trends
Chapter 3 Instrument Transformer Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
188.8.131.52 North America
184.108.40.206.1 Refurbishment demand for existing grid infrastructure
220.127.116.11.2 Rising infrastructural spending
18.104.22.168.1 Growing deployment of renewable energy
22.214.171.124.2 Upgradation of existing grid network
126.96.36.199 Asia Pacific
188.8.131.52.1 Large-scale renewable integration
184.108.40.206.2 Increasing demand for electricity
220.127.116.11 Middle East and Africa
18.104.22.168.1 Increasing demand for electricity
22.214.171.124.2 Growing investment toward expansion of distribution networks
3.5.2 Industry pitfalls & challenges
126.96.36.199 High initial cost & increased product prices
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis