Instrument Transformers Market to Surpass 12.37 Billion by 2030 Drives Due to Rise in Alternative Energy Programs
SkyQuest projects that the instrument transformers market will attain a value of USD 12.37 billion by 2030, with a CAGR of 5.72% over the forecast period (2023-2030). Several key factors primarily fuel the global demand for instrument transformers market. The rise in alternative energy programs, such as renewable energy sources such as solar and wind power, has led to increased installations of instrument transformers to support the integration of these energy sources into the existing power grid.
Westford, USA, Aug. 16, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the global demand for the instrument transformers market is primarily driven by several key factors. One of the significant drivers is the rise in alternative energy programs, particularly the growing adoption of renewable energy sources such as solar and wind power. There has been a surge in installations of instrument transformers to support the integration of these renewable energy sources into the existing power grid as the world shifts towards cleaner and more sustainable energy solutions.
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· Pages - 157
· Tables - 180
· Figures – 79
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Instrument transformers are essential electrical devices designed to isolate or transform voltage and current levels with a higher degree of accuracy in the instrument transformers market. As a result, they play a crucial role in electrical systems, allowing for measuring various electrical parameters in AC systems.
*Prominent Players in Instrument Transformers Market*
· ABB Ltd.
· Siemens AG
· General Electric Company
· Schneider Electric SE
· Mitsubishi Electric Corporation
· Trench Group
· CG Power and Industrial Solutions Limited
· Amran Instrument Transformers
· Crompton Greaves Ltd.
· Arteche Group
· BHEL
· Nissin Electric Co., Ltd.
· Instrument Transformers, Inc.
· KONCAR - Electrical Industry Inc.
· Mehru Electrical & Mechanical Engineers Pvt. Ltd.
· Ritz Instrument Transformers GmbH
· Pfiffner Instrument Transformers Ltd.
· Emek Electrical Industry and Trade Inc.
· Pfiffner Messwandler AG
· ITL Group
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*Distribution Voltage Segment is Expected to Dominate the Market Due to the Increasing Commercial Infrastructure*
The distribution voltage segment is anticipated to exhibit the fastest growth rate in the instrument transformers market during the forecast period. Instrument transformers are crucial in this segment as they are extensively utilized for various purposes, including electrical protection against overload currents and insulation failure. They also enable emergency switching for residential and commercial infrastructures in the distribution voltage segment.
The markets in the North America generated a revenue exceeding USD 420 million in instrument transformers market. The region has experienced significant demand for instrument transformers owing to increased investments in developing long-distance electricity networks.
*Metering and Protection Segment is Expected to Grow the Market Due to* *the* *Increasing Investments in Renewable Power*
The metering and protection segment played a significant role in driving the growth of the instrument transformers market. This can be attributed to the increasing investments in renewable power generation, the electrification of transport systems, and the expansion of electrical transmission and distribution systems.
Regional markets in the Asia-Pacific emerged as significant players in the instrument transformers market, driven by various factors. One key factor is the increasing power consumption in the region owing to rapid industrialization, urbanization, and population growth. This rising demand for electricity has prompted governments to focus on expanding their power generation capacity, often incorporating renewable energy sources.
A comprehensive analysis of the major players in the instrument transformers market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
*Key Developments in Instrument Transformers Market*
· Recently, Power Grid Corporation of India Limited (PGCIL) revealed its ambitious plan to establish a transmission corridor with an estimated value of approximately USD 2.43 billion. This transmission corridor is intended to facilitate the efficient transfer of surplus power from Raigarh in Chhattisgarh, a state in central India, to the country's southern region.
· In 2023, Power Grid Corporation of India, announced that it successfully secured five inter-state electricity transmission projects through competitive bidding. Under these projects, the company will establish transmission systems on a build, own, operate, and transfer (BOOT) basis.
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*Key Questions Answered in Instrument Transformers Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· List the top companies in the market and explain how they have achieved their positions of influence.
· In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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