Instrument Transformer Market Size, Share and Global Trend By Type (Current Transformer, Potential Transformer, Combined Transformer), By Installation (Outdoor, Indoor), By Power Rating (Less than 250kV, 250kV to 500kV, Above 500kV), By Cooling (Dry Type, Oil Immersed), By Phase (Single, Three), By End-Users (Residential & Commercial, Industrial, Utility) and Regional Forecast, 2024-2032

Stable operation of the electrical grid is necessary to fulfill the electricity demands of billions of people on earth. Any faults in the electrical grid can result in power loss for people, damage to expensive electrical equipment in the grid, and sometimes result in catastrophic damage to the electrical infrastructure. To avoid any such scenarios, instrument transformers are used for safety and cost-effective automation and control system.

Instrument Transformers are the select type of transformers used for measurement of voltage, frequency, current, energy, and power. They are used in conjunction with instruments such as ammeters, voltmeters, wattmeters, and energy meters. The primary function of Instrument Transformers is to step down the AC system voltage and current. The voltage and current level of the power system is very high. It is complicated and costly to design the measuring instruments for the measurement of such high-level voltage and current. Instrument transformer provides isolation from the system to the electrical measuring instruments. It is also used with protection relays for protection of power system.

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On the basis of type, the instrument transformer can be divided into a current transformer, potential transformer, and a combined instrument transformer. On the basis of installation, it can be segmented into an outdoor instrument transformer and indoor instrument transformer. The instrument transformer market can also be segmented on the basis of end-user like residential & commercial, industrial, and utility. The power generators and power distribution firms play a dominating role in the current scenario of the instrument transformer market. The instrument transformer market can also be segmented based on the cooling method such as dry type and oil immersed.

The major market driver for the global instrument transformer market is the increasing demand for stable and continuous electrical energy around the world. Many developed countries are now focusing on the refurbishment of aging power infrastructure. Development of smart grids will spur demand for I.O.T. compatible instrument transformer. Automation of the electric grid will increase the demand for a modern instrument transformer.

The key market restraint for the market is the limited availability of low-cost instrument transformer for small scale industries. Manufacturing of instrument transformer from the unorganized sector will disrupt the market share of existing companies. Slow modernization of existing electrical infrastructure will have a negative impact on the demand of the instrument transformer.

Key Players Covered

Some of the major companies that are present in the instrument transformer market are ABB Kuhlman, Siemens, Schneider Electric, G.E., Eaton, B.H.E.L., Toshiba, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, Amran Inc, Instrument Transformer Equipment Corporation, Mehru Electrical & Mechanical Engineers (P) Ltd, Trench Group, Indian Transformers Company Ltd, EMEK Electrical Industry Inc. and PFIFFNER Instrument Transformers Ltd.

SEGMENTATION

Regional Analysis

The demand for instrument transformer is dominated by the Asia-Pacific region followed by North America, Europe, Middle-East and Africa, and Latin America. Increase in manufacturing activity and electrification initiatives in Asian countries like India, Bangladesh, Vietnam is a significant driver for instrument transformer market. Electrification of the African continent in the upcoming decade will fuel demand for instrument transformers in forthcoming decades. Integration of renewable energy in the electrical grid in developed countries and developing countries can result in faults and abnormalities that deviate electrical quantities such as current or voltage from standard operating conditions. This will result in an increase in investment in the electrical power system and boost the instrument transformer market. Automation and modernization of electrical infrastructure in the North American and European regions will stimulate demand of instrument transformer.

Key Industry Developments

• Tunisia has secured USD 131.7 Mn funding for its ambitious smart electrification project from French Development Agency
• Singapore is planning to create what it calls a Grid 2.0 power system for gas, solar and thermal energy. Singapore is allocating S$375 million into energy research. A central focus of the plan would be to make the energy grid cleaner and more reliant on renewable energy.