As per a new report published by Report Ocean, the global instrument transformers market is likely to rise at a CAGR of nearly 4.35% between 2020 and 2027. The report is titled as “Global Instrument Transformers Market Size study, by Enclosure Type (Indoor Transformers and Outdoor Transformers), By Rating (Distribution Voltage, Sub-Transmission Voltage, High-Voltage Transmission, Extra- High Voltage Transmission and Others), By End-user (Power Utilities, Industries & OEMS and Others) and Regional Forecasts 2020-2027.” In 2019, the market reported an overall value of US$8.10 Bn.
Over the last few years, the global instrument transformer market has been witnessing a significant rise in its value, thanks to the increase in alternative energy programs. Various governments are investing huge amounts in smart grids and energy systems and are focusing on the refurbishment of old power infrastructure. For instance, the government of China government plans to construct three major transmission lines, each projected to reach 20GW of transmission capacity by 2020. The project is named West-East Electricity Transfer Project. This project is expected to offer flexibility and an increased system-wide generation capacity to meet the electricity shortage in the country. The Chinese government invested funds of nearly US$101 bn in 2015 and these funds are dedicated to developing smart grid technology. Resultantly, the demand for instrument transformer is anticipated to increase, owing to the augmenting interest in rural electrification in line with the refurbishment of the existing grid network. However, dearth of a skilled workforce, complex integrated systems, and absence of appropriate infrastructure are some factors, which may hamper the growth of this market in the years to come, states the research report.
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Asia Pacific to Lead Global Instrument Transformers Market
Asia Pacific has been leading the global instrument transformers market over the last few years. The increasing demand for electricity and the rising awareness regarding alternative energy have been boosting the demand for instrument transformers in this region. Experts suggest that the demand for power in Asia Pacific is likely to witness a twofold increase in the years to come. This, in turn, is expected to propel the market for instrument transformers in Asia Pacific over the next few years, reports the research study.
Impact of COVID 19 on Global Instrument Transformers Market
The coronavirus pandemic has a significant impact on almost all the markets and the global instrument transformers market is one of them. Especially the second and third quarter of 2020 were quite troublesome for this market as, due to the lockdown imposed by various governments, a number of manufacturing units were closed, which reflected negatively on this market.
- North America and Asia Pacific are the key regional instrument transformers markets and are expected to remain dominating over the next few years.
- Outdoor transformers have a bigger market than indoor transformers.
- Industries and OEMs have surfaced as the key end users of instrument transformers across the world.
The Global Instrument Transformers Market is segmented into:
By Enclosure Type
- Indoor Transformers
- Outdoor Transformers
- Distribution Voltage
- Sub-transmission Voltage
- High-voltage Transmission
- Extra-high Voltage Transmission
By End User
- Power Utilities
- Industries & OEMS
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- ABB Group
- Siemens Ltd.
- General Electric Company
- Crompton Greaves Ltd.
- Toshiba Corporation
- Hyundai Heavy Industries Co. Ltd.
- Mitsubishi Electric Corp.
- Hyosung Corporation
- Bharat Heavy Electricals Limited
- Rakesh Transformer Industries Pvt. Ltd.
Asia-Pacific is the leading/significant region due to the government initiatives to increase power generation capacity using renewable energy sources, increased power consumption, and replacement of aging power plants.
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