ALBANY, N.Y., Nov. 11, 2020
- Escalating concerns about grid stability across the electronic infrastructure will bring immense growth opportunities for the instrument transformers market during 2020-2030
- Looking at the growth prospects surrounding the instrument transformers market, it is expected to expand at a CAGR of 5.5 percent across the assessment period of 2020-2030
ALBANY, N.Y., Nov. 11, 2020 /PRNewswire/ -- Instrument transformers are prominently used for measuring electrical quantities like current, power, frequency, voltage, and power. These transformers are often used with relays for protecting the power system. The overwhelming demand for instrument transformers due to electrification initiatives taken across various countries may bring positive growth aspects during the assessment period of 2020-2030.
Instrument transformers reduce the voltage and current of the AC system as their levels are high in a power system. This factor may add extra stars of growth to the instrument transformers market. Expanding investments in smart meters, substation digitalization, and microgrid technologies bring extensive growth prospects for the instrument transformers market.
A thorough and detailed analysis of all the factors related to growth by the researchers at Transparency Market Research (TMR) concludes that the global instrument transformers market may expand at a CAGR of 5.5 percent during the assessment period of 2020-2030. The instrument transformers market is expected to account for a value of US$ 12 bn by 2030.
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Grid modernization initiatives carried out by numerous electrical distribution companies and installation and renovation of new gas-insulated substations (GIS) may prove to be game-changers for the growth of the instrument transformers market. The heightening influence of renewable energy utilization across numerous countries may invite positive growth for the instrument transformers market.
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Instrument Transformers Market: Transparency Expert Diagnosis
The analysts at Transparency Market Research credit the growth of the instrument transformers market to factors like magnifying investments in novel technological developments, rapidly growing industrial and commercial sectors, and the evolving regulatory landscape as prominent reasons for growth across the instrument transformers market. The analysts also highlight the heightening demand for sustainable power transmission as a significant factor that will invite intensive growth prospects.
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Instrument Transformers Market: Key Revelations
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Instrument Transformers Market: Growth Accelerators
The diverse benefits etched to the instrument transformers may bring tremendous growth prospects.
How is India's Role Crucial in Shaping Growth of Instrument Transformers Market?
The schemes and initiatives related to electrification are being supported greatly by the Government of India. The schemes by the Government of India in recent years have resulted in 99 percent electrification across the country in 2018. Nearly 100 mn people received electricity in India in 2018. This aspect invites great growth prospects for the instrument transformers market in India.
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Instrument Transformers Market: Segmentation
By Product Type
By Voltage Range
By Rated Current Range
By End Use
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