What Factors Propelled The Growth Of The Instrument Transformers Market In The Past?
The instrument transformers market has seen considerable growth due to a variety of factors.
• The market size for instrument transformers has been experiencing robust expansion in the past few years. The market, which was valued at $9.1 billion in 2024, is projected to increase to $9.58 billion in 2025, representing a compound annual growth rate (CAGR) of 5.3%.
The surge in growth during the historic period can be linked to factors such as the expansion of the electrical grid, grid reliability, integration of renewable energy, digitization, as well as industrial and commercial infrastructure.
What Is The Projected Growth And Market Size For The Instrument Transformers Sector?
The instrument transformers market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of instrument transformers is predicted to experience substantial growth in the coming years, with the value reaching $13.27 billion in 2029 at an 8.5% Compound Annual Growth Rate (CAGR).
This growth within the forecast period is largely due to factors such as the development of electric vehicle charging systems, focus on environmental sustainability, energy efficiency, diagnostics and condition monitoring, and swift urbanization. Key trends anticipated during the forecast period encompass the use of digital instrument transformers, compact and lightweight design, wideband and high-frequency transformers, integration of renewable energy, and Internet of Things (IoT) connectivity.
Which Factors Are Boosting Growth In The Instrument Transformers Market?
The growth of the instrument transformers market is anticipated to be fuelled by the rising demand for electricity in the forthcoming years. Electricity, a form of energy transmitted through wires and utilized for purposes such as heating, lighting, and powering machinery, is expected to experience heightened demand. This demand surge is likely to be attributed to factors such as increased household incomes, electrification of transportation and heat, a rising call for digitally connected appliances, and air conditioning. Instrument transformers, which are uniquely designed transformers employed for testing current and voltage while maintaining measurement and control devices separate from the main circuit, will thus find increased use. For example, the World Energy Outlook reports that the global electricity demand is projected to grow at an annual rate of 2.1% until 2040, a rate twice as fast as that of primary energy growth. Consequently, this growth will result in an estimated 24% increase of electricity's share in overall energy demand by 2040. Thus, the expanded electricity demand is set to spur the growth of the instrument transformers market.
What Key Areas Define The Segmentation Of The Global Instrument Transformers Market?
The instrument transformers market covered in this report is segmented –
1) By Type: Current Transformers, Potential Transformers, Combined Instrument Transformers
2) By Enclosure Type: Indoor, Outdoor
3) By Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission
4) By Application: Relaying, Switchgear Assemblies, Metering And Protection, Other Applications
5) By End-User: Power Utilities, Power Generation, Industries and OEMs, Other End-Users
Subsegments:
1) By Current Transformers: Measurement Current Transformers, Protection Current Transformers, Summation Current Transformers
2) By Potential Transformers: Measurement Potential Transformers, Protection Potential Transformers, Capacitive Potential Transformers
3) By Combined Instrument Transformers: Combined Current and Potential Transformers, Multifunction Instrument Transformers, Integrated Instrument Transformers
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How Are Emerging Trends Reshaping The Dynamics Of The Instrument Transformers Market?
Key players in the instrument transformer market are concentrating their efforts on creating innovative protection solutions such as transformers equipped with transient voltage protection technology to improve system dependability and protect against voltage surges. Transformers incorporating Transient Voltage Protection Technology are built to shield electrical systems by reducing voltage surges and boosting general equipment dependability. For instance, in November 2023, Hitachi Energy, a Switzerland-based company specializing in advanced technologies and services for power transmission, distribution, and renewable energy solutions, introduced liquid-filled transformers utilizing transient voltage protection (TVP) technology. These TVP technology-integrated transformers are engineered to guard against premature failures resulting from transient voltages during the switching processes within electrical networks. This sophisticated protection ensures reliability for transformers and downstream equipment, capable of adapting to any network set-up or switching frequency. First demonstrated in dry-type transformers, TVP technology is now being implemented into liquid-filled transformers, improving performance in key sectors like data centers and renewable energy.
Who Are the Key Players in the Instrument Transformers Market?
Major companies operating in the instrument transformers market include:
• ABB Ltd.
• Arteche Group
• Bharat Heavy Electricals Limited.
• CG Power and Industrial Solutions Ltd.
• General Electric company.
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Siemens AG
• Toshiba Corporation
• Amran Inc.
• Eaton Corporation plc.
• EMEK Group
• Nissin Electric Co. Ltd.
• PFIFFNER Instrument Transformers Pvt. Ltd.
• PME Power Solutions Ltd.
• Rakesh Transformer Industries Pvt. Ltd.
• Synergy Transformers Pvt. Ltd.
• RITZ Instrument Transformers GmbH
• KONCAR Group
• Instrument Transformers Limited
• KOTSONS Pvt. Ltd.
• BVM Technologies Pvt. Ltd.
• AEM Components (India) Pvt. Ltd.
• Crompton Greaves Ltd.
• J&D Electronics Co. Ltd.
• Kappa Electricals Pvt Ltd.
• Kries-Energietechnik GmbH
• MBS AG
• Ruhstrat GmbH
• SGB-SMIT Group
• TBEA Co. Ltd.
What Is The Most Dominant Region In The Instrument Transformers Market?
Asia-Pacific was the largest region in the instrument transformers market in 2024. Europe was the second-largest market in the instrument transformers market. The regions covered in the instrument transformers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
