| A10491 | Pages: 336 | Sep 2021 | 2734 Views | ||
| Author(s) : Anil Chaudhary , Eswara Prasad | Tables: 156 | Charts: 79 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Instrument Transformers Market
Request Now !The global instrument transformers market was valued at $7.0 billion in 2020, and is projected to reach $13.0 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030. Instrument transformers are electrical appliances that are used to alter or isolate current or voltage levels with very high accuracy. They are used in AC (alternate current) systems for measurement of electrical parameters such as current, voltage, energy, power factor, and frequency. Primary function of instrument transformer is to lower than current and voltage of AC systems. Measuring instruments generally have low measuring quantities, about 5A to 110A; however, with use of instrument transformers, measurement of large electrical quantities becomes possible by coupling instrument transformers with general electrical measuring devices. An instrument transformer is capable of withstanding high levels of stress in all climatic conditions.
COVID-19 pandemic outbreak across the globe has halted the industrial manufacturing activities amid government imposed lock down measures owing to which the demand for electricity has been declined significantly thereby restraining the demand of instrument transformers. This is expected to hamper the growth of instrument transformers market in coming years.
The global demand for instrument transformers market is primarily driven by rise in alternative energy programs, refurbishment of aging power infrastructure, and huge investments in smart grids and energy systems. Rise in need for electricity, coupled with increasing concerns pertaining to grid stability boosts the global market. Growth in interest toward rural electrification in line with renovation of existing grid network, owing a favor toward authorities to incorporate an efficient protection and monitoring mechanism. Thus, increase in grid complexities across electric infrastructure in conjunction with emerging peak electricity demand from end-users propel the global instrument transformers market growth.
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However, increase in competition from unorganized sectors of the instrument transformer market is expected to hamper growth of the market during the forecast period. Furthermore, rise in investments in transmission & distribution infrastructure is expected to provide growth opportunities for the instrument transformers market during the forecast period.
The global instrument transformers market size is segmented on the basis of type, voltage, application, end-user, and region. By type, it is analyzed across current transformers, potential transformers, and combined instrument transformers. By voltage, it is segmented into distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. By application, it is divided into transformer and circuit breaker bushing, switchgear assemblies, relaying, and metering and protection. By end-user, it is segmented into power utilities, power generation, railways and metros, industries and OEMs. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global instrument transformers industry include ABB, General Electric, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd, Mitsubishi Electric Corporation, Instrument Transformer Equipment Corporation, Arteche, Nissin Electric, and Bharat Heavy Electrical Limited. Other players operating in this market include Raychem RPG Private Limited, Mehru, and Celme S.r.l.
Asia-Pacific accounted for a major market share in 2020, owing to increased power consumption, government initiatives to increase power generation capacity using renewable energy sources, and replacement of aging power plants are expected to drive the market in the region.
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The current transformers segment accounted for a major share in the instrument transformers market in 2020. Current transformers are used to measure current in the electrical circuit with a magnitude of more than 5A. These are regarded as transformers that operate under short circuit condition and carries full rated current of electrical network on primary side. The devices connected to the secondary side of current transformers are series-connected. Secondary side of current transformers has several secondary windings with mechanical cores of identical or different characteristics. A current transformer can have two measuring cores of different accuracy classes on its secondary side or can be designed with an identical accuracy class measuring and protection cores. Design of this equipment is purely based on type of application required in the electrical circuit. Most current transformers connected to medium voltage electrical networks are three-phase, while single-phase current transformers are used for high voltage applications.
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The high voltage transmission segment accounted for a major share in the instrument transformers market in 2020 as instrument transformers offers electrical protection against overload currents, insulation failure, and emergency switching for residential and commercial infrastructure.
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The metering & protection segment accounted for a major share in the instrument transformers market in 2020, owing to growth in investments in renewable power generation, electrification of transport systems, and expansion of electrical transmission and distribution systems boost demand for metering & protection applications.
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The power utilities segment accounted for a major instrument transformers market share in 2020. Power utilities take care of maintenance, operation, and installation of grid infrastructure, coupled with realization of consumed electricity and energy efficiency projects. This fuels demand for the power utilities segment.
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Governments of various countries have restricted movement of goods & individuals and halted operations of production facilities as part of measures to limit the spread of the COVID-19 pandemic. This has hampered consumption of electricity across the world. For instance, according to the short-term outlook of the U.S. Energy Information Administration (EIA), electricity consumption in the U.S. is expected to decrease by a record 4.6% by the end of 2020, as businesses have shut down temporarily, owing to government lockdowns to reduce spread of the coronavirus. Hence, this demand and production of instrument transformers across the globe is expected to decline.
Key benefits for stakeholders
Key market segments
By Type
By Voltage
By Application
By End-User
By Region
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According to the analyst, the global instrument transformers market is anticipated to witness growth during the forecast period, driven by rapid expansion in power grid network across emerging energy markets and growth in renewable power generation facilities are expected to drive the market. A number of governments of both emerging and underdeveloped nations across the world are increasingly focusing on expanding their power grid network toward rural areas. Regions such as Africa that have low access to electricity have initiated various road maps to lay down electricity grid toward its remote places. Power Africa, an initiative led by the U.S., is planning to have 30.0 GW of electricity generation by 2030 and is expected to provide electricity to around 60.0 million homes in the remote areas of the region. Such a step is likely to create ample opportunity for the instrument transformer companies to expand its business in the near future.
However, increase in competition from the unorganized sector of the instrument transformer market is expected to hamper growth of the instrument transformers market during the forecast period. Furthermore, rise in investments in the transmission & distribution infrastructure is expected to provide growth opportunities for the instrument transformers market during the forecast period.
A. Rise in alternative energy programs, refurbishment of the aging power infrastructure, huge investments in smart grids and energy systems, increasing investments in the transmission & distribution infrastructure, and adoption of the HVDC technology for long distance transmission are the driving factors and opportunities in the instrument transformers market.
A. Mergers & acquisitions, and product launch are the key growth strategies of instrument transformers market players.
A. The report sample for global instrument transformers market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. Asia-Pacific region will provide more business opportunities for solar PV module players in future.
A. ABB, General Electric, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd, Mitsubishi Electric Corporation, Instrument Transformer Equipment Corporation, Arteche, Nissin Electric, and Bharat Heavy Electrical Limited are the leading global players in the instrument transformers market.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. Power utilities segment holds the maximum share of the instrument transformers market.
A. Power utilities, power generation, railways & metros, manufacturing industries across the globe are the potential customers of instrument transformers industry.
A. The global instrument transformers market was valued at $7.0 billion in 2020, and is projected to reach $13.0 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
A. The global instrument transformers market analysis covers in-depth information of major industry participants, Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building, major countries have been mapped according to their individual revenue contribution to the regional market, the report provides in-depth analysis of the global instrument transformers market forecast for the period 2021–2030, the report outlines the current global instrument transformers market trends and future scenario of the global instrument transformers market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets, and key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global instrument transformers market study.
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