Instrument Transformer Market Worth USD 532.91 Million, at 4% CAGR During 2019-2023 | Technavio
According to Technavio Research Report, "Instrument Transformer Market by application (protection and measurement) and geographic regions (APAC, North America, Europe, MEA, and South America) is witnessed to grow USD 532.91 million, at a CAGR of 4% from 2019 to 2023."
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Technavio has published a new market research report on the global instrument transformer market from 2019-2023. (Graphic: Business Wire)
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Global Instrument Transformer Market: CBM of instrument transformers
Instrument transformers are being widely used in power systems as they are relatively low-priced equipment. However, any fault in instrument transformer can cause damage and injury to capital-intensive electrical equipment and people. Therefore, end-users of instrument transformers have started to focus on condition-based monitoring (CBM) of instrument transformers. Some of these tests include measurement of excitation levels, the resistance of windings and turn-ratios, and accuracy of voltage and current. Thus, vendors of instrument transformers are expected to offer their products with features that allow CBM of instrument transformers.
“Apart from the introduction of instrument transformers that allow CBM, other factors such as the growing use of 3D printing technology to manufacture transformers, and the introduction of IoT features in transformers will have a significant impact on the growth of the instrument transformer market size during the forecast period,” says a senior analyst at Technavio.
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Global Instrument transformer market: Segmentation analysis
This market research report segments the global instrument transformer market by application (protection, and measurement) and geographic regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the instrument transformer market in 2018, followed by North America, Europe, MEA, and South America respectively. The demand for electricity from industries in APAC is growing faster than in other regions. This is because most of the industries are focusing on making India, Bangladesh, and Vietnam manufacturing hubs as a significant workforce is available in these countries at a far lower cost than developed countries. Therefore, the growing consumption of electricity in residential and industrial sectors is expected to fuel the growth of the instrument transformer market in APAC during the forecast period.
Global Instrument Transformer market: Growing investments in electric power systems
Most of the developed, as well as developing countries, are investing significantly in electric power systems and renewable energy power generation plants. The electric power systems are prone to witness faults and abnormalities that deviate electrical quantities such as current, voltage, or frequency from the standard operating range. These deviations are detected by protective relays, which send input signals to circuit breakers when a fault occurs. As protective relays cannot be directly connected to the main electricity lines, it requires instrument transformers to protect power systems. Therefore, the growing investments in electric power systems are expected to boost the instrument transformer market growth during the forecast period.
Few Major Vendors in the Instrument Transformer Market are:
- ABB
- CG Power and Industrial Solutions Ltd.
- General Electric Co.
- Schneider Electric SE
- Siemens AG
Browse Industries Reports @ Electrical Equipment
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