Global Instrument Transformers Market Trends And Strategies Of Major Players In The Instrument Transformers Market 2021-2030
21 Jul, 2021
The instrument transformers market consists of sales of instrument transformers by entities (organizations, sole traders, and partnerships) that manufacture instrument transformers. Instrument transformers are electrical devices of high precision that are used to isolate or convert the voltage or current levels. Instrument transformers are most often used to run instruments or metering from high voltage or high current circuits while securely disconnecting secondary control circuits from high voltages or currents.
Global Instrument Transformers Market Size And Drivers:
The global instrument transformers market is expected to grow from $7.01 billion in 2020 to $7.61 billion in 2021 at a compound annual growth rate (CAGR) of 8.47%. The growth in the instrument transformers market is mainly due to the growing demand for electricity, fuel by growing reliance on electrical devices in the forecast period. The market is expected to reach $9.69 billion in 2025 at a CAGR of 6.23%. The increasing electricity demand is expected to fuel the growth of the instrument transformers market in the coming years.
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Trends In The Global Instrument Transformers Market
Technological advancement is shaping the instrument transformers market. Major companies operating in the instrument transformers field are focused on developing technological solutions for instrument transformers. For instance, in September 2020, Hitachi ABB Power Grids, a Switzerland-based company that offers instrument transformers introduced TXpert Ecosystem for the digitalization of transformers. The ecosystem is intended to support data-driven knowledge and decision-making in transformer and power grid operations and maintenance.
Global Instrument Transformers Market Segments:
The global instrument transformers market is further segmented based on type, enclosure type, voltage, application, end user and geography.
By Type: Current Transformers, Potential Transformers, Combined Instrument Transformers
By Enclosure Type: Indoor, Outdoor
By Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission
By Application: Relaying, Switchgear Assemblies, Metering And Protection, Others
By End-User: Power Utilities, Power Generation, Industries And OEMs, Others
By Geography: The global instrument transformers market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the instrument transformers market in 2020.
Read More On The Report For The Global Instrument Transformers Market At:https://www.thebusinessresearchcompany.com/report/instrument-transformers-global-market-report
Instrument Transformers Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides instrument transformers market overviews, analyzes and forecasts market size and growth for the global instrument transformers market, instrument transformers market share, instrument transformers market players, instrument transformers market segments and geographies, instrument transformers market’s leading competitors’ revenues, profiles and market shares. The instrument transformers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.