Instrument Transformers Global Market Report 2024

Instrument transformers are highly precise electrical devices used to isolate or convert voltage and current levels. They play a crucial role in facilitating the safe and accurate measurement of voltage and current in high voltage or high current circuits, while simultaneously safeguarding secondary control circuits from exposure to these elevated levels.

The primary types of instrument transformers encompass current transformers, potential transformers, and combined instrument transformers. These transformers are available in indoor and outdoor enclosure variants and are designed to handle various voltage levels, including distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. Instrument transformers find applications in relaying, switchgear assemblies, metering, and protection systems, among others. They are deployed across different sectors including power utilities, power generation, various industries, as well as Original Equipment Manufacturers (OEMs).

The instrument transformers market research report is one of a series of new reports that provides instrument transformers market statistics, including instrument transformers industry global market size, regional shares, competitors with an instrument transformers market share, detailed instrument transformers market segments, market trends and opportunities, and any further data you may need to thrive in the instrument transformers industry. This instrument transformers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The instrument transformers market size has grown strongly in recent years. It will grow from $8.65 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to several factors. These include the expansion of electrical grids to meet increasing demand, efforts to enhance grid reliability, the integration of renewable energy sources, advancements in digitization technologies for grid management, and developments in industrial and commercial infrastructure. These factors collectively contributed to the growth of the instrument transformer industry during that period.

The instrument transformers market size is expected to see strong growth in the next few years. It will grow to $12.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected growth in the forecast period can be attributed to factors such as the expansion of electric vehicle charging infrastructure, an increased focus on environmental sustainability, a growing emphasis on energy efficiency, advancements in diagnostics and condition monitoring technologies, and the ongoing trend of rapid urbanization. The notable trends expected in the forecast period encompass the adoption of digital instrument transformers for enhanced performance and functionality, the development of compact and lightweight designs for improved efficiency, the utilization of wideband and high-frequency transformers for specialized applications, the integration of renewable energy sources into existing grids, and the incorporation of Internet of Things (IoT) and connectivity features for seamless monitoring and control. These trends are anticipated to shape the future of the instrument transformer industry.

The instrument transformers market is poised for substantial growth, driven by a surge in electricity demand anticipated in the coming years. As a vital form of energy utilized for heating, lighting, and powering machinery, electricity demand is projected to escalate even further due to factors such as rising household incomes, increased electrification of transportation and heating systems, a growing demand for digitally connected devices, and heightened use of air conditioning. Instrument transformers, specialized devices for measuring current and voltage while keeping measurement and control equipment isolated from the primary circuit, play a crucial role in this scenario. For example, according to the World Energy Outlook, global electricity demand is projected to grow by 2.1% annually until 2040, which is twice the rate of primary energy growth. As a consequence, the share of electricity in the overall final energy demand is expected to increase by 24% by 2040. Thus, the mounting electricity demand is a key driver propelling the growth of the instrument transformers market.

The escalating demand for renewable energy sources is set to be a significant driver for the instrument transformers market. Renewable energy resources, which offer sustainable and environmentally friendly alternatives to traditional fossil fuels, rely on instrument transformers for various aspects of electrical power generation, transmission, distribution, and voltage conversion. For instance, as of June 2023, renewable energy consumption in the United States increased from 12.1 quads in 2021 to 13.2 quads in 2022, according to the Energy Information Administration. This uptick underscores the crucial role of instrument transformers in supporting the growth of renewable energy sources.

Leading companies in the instrument transformers market are prioritizing product innovation, exemplified by offerings like transformers tailored for floating offshore wind power applications. In June 2021, Hitachi Energy Ltd introduced specialized transformers designed to withstand the demanding conditions of floating wind turbines and substations in challenging offshore environments. These transformers, which include collector step-up transformers, earthing transformers, and shunt reactors, are crucial components for floating substations.

The innovation remains a focal point for major companies in the instrument transformers market, with a focus on products like cycloaliphatic cast resin instrument transformers. Launched by Straton Electricals Pvt. Ltd. in June 2023, these transformers are designed to withstand extreme temperature fluctuations and harsh environmental conditions. Crafted from materials like cycloaliphatic epoxy resin, they offer exceptional insulation properties and high resistance to moisture, chemicals, and other environmental factors.

In March 2021, Siemens AG acquired C and S Electric Limited for $285.4 million, a move aimed at bolstering Siemens' presence in the competitive low-voltage infrastructure market in India, while also establishing a manufacturing hub for exporting low-voltage products to global markets. C and S Electric Limited, an India-based electrical equipment manufacturer, was a strategic acquisition for Siemens AG.

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.

Asia-Pacific was the largest region in the instrument transformers market in 2023. Europe was the second-largest market in the instrument transformers market. The regions covered in the instrument transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the Instrument Transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The instrument transformers market consists of sales of potential transformers, current transformers, combined instrument transformers, and other instrument transformers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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