Global Instrument Transformers Market Forecast 2023-2032

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The Instrument Transformers Global Market Report 2023 by The Business Research Company, provides instrument transformers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Instrument Transformers Global Market Report 2023, the market size grew from $8.11 billion in 2022 to $8.61 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global instrument transformers is expected to grow to $11.34 billion in 2027 at a CAGR of 7.2%.

The increasing electricity demand is expected to fuel the growth of the instrument transformers market in the coming years. Electricity is a form of energy that can be transmitted through wires and is used for heating, lighting, and machine power. As a result of increased household incomes, electrification of transportation and heat, surging demand for digitally connected devices and air conditioning, the electricity demand is expected to propel even further. Instrument transformers are specialized transformers that are used to test current and voltage while keeping measurement and control equipment isolated from the primary circuit.

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The instrument transformers market is segmented:

1) By Type: Current Transformers, Potential Transformers, Combined Instrument Transformers

2) By Enclosure Type: Indoor, Outdoor

3) By Voltage: Distribution Voltage, Sub-Transmission Voltage, High Voltage Transmission, Extra High Voltage transmission, Ultra-High Voltage Transmission

4) By Application: Relaying, Switchgear Assemblies, Metering And Protection, Other Applications

5) By End-User: Power Utilities, Power Generation, Industries and OEMs, Other End-Users

Technological advancement is shaping the instrument transformers market. Major companies operating in the instrument transformers field are focused on developing technological solutions for instrument transformers. For instance, in September 2020, Hitachi ABB Power Grids, a Switzerland-based company that offers instrument transformers introduced TXpert Ecosystem for the digitalization of transformers. The ecosystem is intended to support data-driven knowledge and decision-making in transformer and power grid operations and maintenance.

The instrument transformers market report table of contents includes: