Instrument transformers are electrical devices that are used to isolate or transform voltage into current levels with higher degree of accuracy. These devices are also used to measure different electrical parameters, including voltage, frequency, current, and power factor in AC systems. They offer several advantages, such as standardization of measuring instruments as well as the reduction of measuring costs, assuring safety of the operators and creating multiple connections through a single transformer to the power system. Generally, three types of instrument transformers are used such as current transformer, combined transformer, and voltage transformer. Instrument transformers are a key component in the power distribution sector and also have several other industrial and commercial applications such as in the railways. 

Market scope and structure analysis:

COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the global instrument transformers market.

• The nationwide lockdowns and stringent restrictions on national and international transport imposed by different governments to contain the virus have made several commercial activities and plants to be temporarily shut down. As a result, there has been significant reduction in demand for electricity. This had direct effects on the demand for instrument transformers in the market.
• Moreover, the adverse effects on the supply chains caused by stringent regulations of lockdowns affected the power sector to a great extent as the manufacturing activities had slowed down. This has caused a steep decrease in the applications of instrument transformers in the market.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

There has been rapid technological advancements and innovations related to the upgrades of the distribution infrastructure to serve the ever-increasing demand for electricity across the globe. Such developments have played a major role in the instrument transformers market. The developments in electrical engineering and the need for sustainability in the distribution of electricity have boosted the demand for instrument transformers in the market. Currently, there is a growing trend indicating the gradual substitution of conventional oil filled transformers by dry and technologically-advanced transformers for better efficiency and reliability. The power companies are focusing on automation processes and implementation of artificial intelligence in the power sector. The governments of major countries are investing on the development of smart grid infrastructures. This is expected to provide major growth opportunities to the instrument transformer market. However, factors, such as complexity in the integrated systems, might act as a restraining factor for the market.

The Asia-Pacific region accounts for a significant share of the global instrument transformers market due to rapid developments of modern power generation projects in the emerging economies of the region. The market in Europe and North America is also expected to grow at a significant pace, owing to rapid advancement and innovations in the power generating sector in developed economies such as the U.S.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global instrument transformers market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global instrument transformers market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global instrument transformers market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.