Instrument Transformer Market Status (2018-2022) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2023-2030
Report Description
The global Instrument Transformer market size was valued at USD 3,608.1 million in 2022, expanding at a CAGR of 6.5% from 2023-2030 to reach 5,700.8 Million USD in 2030.
Market Dynamics
The Instrument Transformer market is expected to witness substantial growth over the forecast period. The installation of effective power T&D monitoring and control systems will hasten the company dynamics by increasing infrastructure fund allocation. The market for Instrument transformers is expected to expand because they have increased overload capabilities and excellent cooling that can reduce hot spot temperatures when compared to their effective insulation and dielectric strength. The primary criteria supporting product acceptance are its broad application across high-voltage components and cost-effectiveness. Due to their operating flexibility and higher voltage output in crucial applications throughout commercial and utility electrical networks, the units have seen substantial advancement.
Additionally, as a result of changing lifestyles and improving living standards as well as sustained economic growth, there is an increase in peak load demand that will speed up the product rollout. Due to the COVID-19 pandemic's impact on industrial processes, labor shortages, and supply chain network interruptions, the instrument transformers market has been negatively impacted internationally. However, the implementation of various vaccination programs and the lifting of a number of restriction measures by individual governments for international travel have preceded the return of normal commercial activities.
Regional Insights
Due to rising power demand, government attempts to boost the capacity of power generation utilizing renewable energy sources, and the development and improvement of old grid infrastructure, the Asia-Pacific region held a sizable proportion of the instrument transformer market in 2022. The major producers in the region are nations like Australia, China, Japan, Korea, and India. Additionally, there was a major expansion of the power infrastructure, with the region producing 12,919.33 TWh of electricity in 2020, a 56% increase from 2010 to 2020. About 16% Y-o-Y growth is being experienced in the share of renewable energy in electricity generation.
During the projection period, many nations in the region will spend on expanding their power grid infrastructure. China's total electricity usage in 2020 was around 7,510 terawatt-hours (TWh), up 79% from the same year a decade earlier in 2010, when it was 4,199.9 TWh. The Chinese government intends to invest almost USD 900 billion in the country's power grid infrastructure over the next five years to meet the rising demand for electricity. The largest power utility in the nation, State Grid Corp. of China, also estimates that between 2022 and 2025, investments in the nation's power grid infrastructure and related businesses will surpass CNY 6 trillion (roughly USD 896 billion), with a focus on new digital infrastructure, electric vehicle chargers, and power transmission.
Segment Dynamics
The Instrument Transformer market is fragmented into the cooling, insulation, and, applications segments. Based on cooling, the dry segment is anticipated to dominate the market. By insulation, the gas segment of the market is projected to grow at the highest rate (CAGR) during the forecast period. By application, the residential segment is expected to hold the majority of the market share.
Competitive Insights
The Instrument Transformer market is highly competitive in nature with the presence of local & international players. Major players in the industry engage in strategic mergers & acquisitions, partnerships, and new product launches to remain competent in the market. For example, General Electric Company and Elvia, one of Norway's major DSOs, entered a contract in September 2022 for the delivery of a new substation in Heggedal, close to Oslo. The new substation is also expected to be the first project for a digital substation. It is anticipated that it will have online digital monitoring capabilities, SF6 free gas-insulated switchgear, and a process bus with digital instrument transformers.
The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Instrument Transformers by type, region, and application. In addition, this report introduces the market competition situation among the vendors and company profile,, market price analysis and value chain features are covered in this report.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):
- ABB Ltd
- Siemens Energy AG
- General Electric Company
- Schneider Electric SE
- Arteche Group
- PFIFFNER Instrument Transformers Ltd
- Crompton Greaves Ltd
- Mitsubishi Electric Corporation
- Nissin Electric Co. Ltd
- Amran Inc
Cooling Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Dry Type
- Self-Air
- Air Blast
- Oil Immersed
- Self Cooled
- Water Cooled
- Forced Oil
- Others
Insulation Coverage (Market Size & Forecast, Main Consumer Analysis etc.):
- Gas
- Oil
- Solid
- Air
- Others
Application Coverage (Market Size & Forecast, Main Consumer Analysis etc.):
- Residential
- Commercial & Industrial
- Utility
Region Coverage (Regional Consumption, Demand & Forecast by Countries etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
Table Of Content
TABLE OF CONTENT
1. Instrument Transformer Market Overview
1.1. Product Overview and Scope of Instrument Transformer
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global Instrument Transformer Market Size Growth Rate Analysis By Cooling, 2022 VS 2030
1.3.1. Dry Type
1.3.2. Self-Air
1.3.3. Air Blast
1.3.4. Oil Immersed
1.3.5. Self Cooled
1.3.6. Water Cooled
1.3.7. Forced Oil
1.3.8. Others
1.4. Global Instrument Transformer Consumption Comparison by Insulation: 2022 VS 2030
1.4.1. Gas
1.4.2. Oil
1.4.3. Solid
1.4.4. Air
1.4.5. Others
1.5. Global Instrument Transformer Consumption Comparison by Application: 2022 VS 2030
1.5.1. Residential
1.5.2. Commercial & Industrial
1.5.3. Utility
1.6. Global Instrument Transformer Market Size Estimates and Forecasts by Region: 2022 VS 2030
1.6.1. North America Instrument Transformer Estimates
1.6.2. Europe Instrument Transformer Estimates
1.6.3. China Instrument Transformer Estimates
1.6.4. Japan Instrument Transformer Estimates
2. Market Competition by Manufacturers
2.1. Global Instrument Transformer Revenue Market Share by Manufacturers (2020)
2.2. Instrument Transformer Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.3. Global Instrument Transformer Average Price by Manufacturers (2018-2022)
2.4. Manufacturers Instrument Transformer Production Sites, Area Served, Product Types
2.5. Instrument Transformer Market Competitive Situation and Trends
2.5.1. Instrument Transformer Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global Instrument Transformer Consumption by Region (2018-2022)
3.1. Global Instrument Transformer Consumption by Region
3.2. Global Instrument Transformer Consumption Market Share by Region
3.2.1. North America
3.2.2. North America Instrument Transformer Consumption Growth Rate (2018-2022)
3.2.3. North America Instrument Transformer Consumption, Price and Gross Margin (2018-2022)
3.2.4. North America Instrument Transformer Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe Instrument Transformer Consumption Growth Rate (2018-2022)
3.2.7. Europe Instrument Transformer Consumption, Price and Gross Margin (2018-2022)
3.2.8. Europe Instrument Transformer Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific Instrument Transformer Consumption Growth Rate (2018-2022)
3.2.11. Asia Pacific Instrument Transformer Consumption, Price and Gross Margin (2018-2022)
3.2.12. Asia Pacific Instrument Transformer Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America Instrument Transformer Consumption Growth Rate (2018-2022)
3.2.15. South America Instrument Transformer Consumption, Price and Gross Margin (2018-2022)
3.2.16. South America Instrument Transformer Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa Instrument Transformer Consumption Growth Rate (2018-2022)
3.2.19. Middle East and Africa Instrument Transformer Consumption, Price and Gross Margin (2018-2022)
3.2.20. Middle East and Africa Instrument Transformer Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global Instrument Transformer Consumption By Cooling (2018-2022)
4.1. Global Instrument Transformer Price By Cooling (2018-2022)
4.2. Global Instrument Transformer Revenue Market Share By Cooling (2018-2022)
4.2.1. Dry Type
4.2.2. Self-Air
4.2.3. Air Blast
4.2.4. Oil Immersed
4.2.5. Self Cooled
4.2.6. Water Cooled
4.2.7. Forced Oil
4.2.8. Others
5. Global Instrument Transformer Consumption by Insulation (2018-2022)
5.1. Global Instrument Transformer Price by Insulation (2018-2022)
5.2. Global Instrument Transformer Revenue Market Share by Insulation (2018-2022)
5.2.1. Gas
5.2.2. Oil
5.2.3. Solid
5.2.4. Air
5.2.5. Others
6. Global Instrument Transformer Consumption by Application (2018-2022)
6.1. Global Instrument Transformer Price by Application (2018-2022)
6.2. Global Instrument Transformer Revenue Market Share by Application (2018-2022)
6.2.1. Residential
6.2.2. Commercial & Industrial
6.2.3. Utility
7. Key Companies Profiled
7.1. Eurofins Scientific
7.1.1. Eurofins Scientific Instrument Transformer Corporation Information
7.1.2. Eurofins Scientific Instrument Transformer Product Portfolio
7.1.3. Eurofins Scientific Instrument Transformer Consumption, Price and Gross Margin (2018-2022)
7.1.4. Eurofins Scientific Main Business and Markets Served
7.1.5. Eurofins Scientific Recent Developments/Updates
7.2. Siemens Energy AG
7.3. General Electric Company
7.4. Schneider Electric SE
7.5. Arteche Group
7.6. PFIFFNER Instrument Transformers Ltd
7.7. Crompton Greaves Ltd
7.8. Mitsubishi Electric Corporation
7.9. Nissin Electric Co. Ltd
7.10. Amran Inc
8. Marketing Channel, Distributors and Customers
8.1. Marketing Channel
8.2. Instrument Transformer Distributors List
8.3. Instrument Transformer Customers
9. Market Dynamics
9.1. Instrument Transformer Industry Trends
9.2. Instrument Transformer Growth Drivers
9.3. Instrument Transformer Market Challenges
9.4. Instrument Transformer Market Restraints
10. Global Instrument Transformer Consumption and Demand Forecast, by Region (2023-2030)
10.1. Global Forecasted Demand Analysis of Instrument Transformer, by Regions and Country
10.1.1. North America Forecasted Consumption of Instrument Transformer by Country
10.1.2. Europe Market Forecasted Consumption of Instrument Transformer by Country
10.1.3. Asia Pacific Market Forecasted Consumption of Instrument Transformer by Region
10.1.4. Latin America Forecasted Consumption of Instrument Transformer by Country
10.1.5. Middle East and Africa Forecasted Consumption of Instrument Transformer by Country
11. Global Instrument Transformer Consumption and Demand Forecast, By Cooling Segments (2023-2030)
11.1. Global Forecasted Consumption of Instrument Transformer By Cooling Segments (2023-2030)
11.2. Global Consumption and Price Forecast By Cooling Segments (2023-2030)
11.3. Global Forecasted Growth Rate of Instrument Transformer By Cooling Segments (2023-2030)
12. Global Instrument Transformer Consumption and Demand Forecast, by Insulation Segments (2023-2030)
12.1. Global Forecasted Consumption of Instrument Transformer by Insulation Segments (2023-2030)
12.2. Global Consumption and Price Forecast by Insulation Segments (2023-2030)
12.3. Global Forecasted Growth Rate of Instrument Transformer by Insulation Segments (2023-2030)
13. Global Instrument Transformer Consumption and Demand Forecast, by Application Segments (2023-2030)
13.1. Global Forecasted Consumption of Instrument Transformer by Application Segments (2023-2030)
13.2. Global Consumption and Price Forecast by Application Segments (2023-2030)
13.3. Global Forecasted Growth Rate of Instrument Transformer by Application Segments (2023-2030)
14. Research Finding and Conclusion
15. Methodology and Data Source
15.1. Methodology/Research Approach
15.1.1. Research Programs/Type
15.1.2. Market Size Estimation
15.1.3. Market Breakdown and Data Triangulation
15.2. Data Source
15.2.1. Secondary Sources
15.2.2. Primary Sources
15.3. Author List
15.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
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