“The instrument transformers market is projected to grow at a CAGR of 4.35%, from 2022 to 2031”
The Global Instrument Transformers Market is estimated at USD 7.32 billion in 2022 and is projected to grow at a CAGR of 4.35% to reach USD 9.06 billion by 2031. The global market is set to witness a significant growth due to increasing emphasis on alternative energy production across the globe, refurbishment of aging infrastructure, and huge investments in smart grids and energy systems. Although some cost bearing constraints in the installation of instrument transformers are being observed, still emerging economies are expected to create better opportunities for the instrument transformers market. The delay in grid expansion is expected to be a major challenge for the growth in the instrument transformers market.
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“The distribution voltage segment is expected to have the largest market share by 2031”
With regards to the voltage segment, the distribution voltage segment is expected to constitute the largest market by 2031. The distribution voltage has been considered between 0.72 kV and 36 kV in this report. The main application of instrument transformers is to offer electrical protection against overload currents, insulation failure, and emergency switching for residential and commercial infrastructures. They also find application for the protection of industrial equipment, such as generators, motors and compressors, HVAC and air-conditioning, heating and lighting equipment, step up transformer bushing, overload current protection, and electric arc protection in transmission and distribution sub-stations, along with the measurement of electrical parameters. Due to their application at various end-user points in the distribution grid infrastructure, the segment is expected to dominate the market by 2031.
“Middle East: The fastest growing market for instrument transformers”
The instrument transformers market is projected to grow at a fast pace in the Middle East. This region is undergoing rapid electricity infrastructure development to maintain the demand-supply balance. Moreover, countries such as the UAE are investing heavily in diversifying their energy mix and are trying to tap into renewable sources. Qatar is set to be the host of the FIFA World Cup 2031 and the country needs to upgrade its infrastructure. The process of upgradation would create substantial opportunities for the suppliers of instrument transformers. Furthermore, increasing government investments in the economic and infrastructure growth are expected to boost the Middle Eastern instrument transformers market. The tremendous surge in energy demand, precipitated by the ongoing infrastructure development activities for the Dubai Expo 2020, would also drive the growth of the regional market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
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By Company Type: Tier 1- 41%, Tier 2- 37%, Tier 3- 22%
By Designation: C–Level- 44%, Director Level- 31%, Others- 25%
By Region: North America-32%, Europe-21%, Asia Pacific-26%, South America-5%, Middle East-11%, and Africa-5%
Note: Others includes sales managers, product managers, and design engineers
The tier of the company has been defined on the basis of its total revenue, as of 2013: Tier 1 = > USD 1 billion, Tier 2 = From USD 1 billion to USD 500 million, and Tier 3 = < USD 500 million
Some of the prominent players in the power quality equipment market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and GE (US).
The report defines, describes, and forecasts the global instrument transformers market by type, voltage, dielectric medium, enclosure type, application, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
Why buy this report?
1. The report identifies and addresses key markets for instrument transformers, which would help suppliers review the growth in the demand for the product.
2. The report helps solution providers understand the pulse of the market, and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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