Increasing demand for power coupled with technological advancements to drive global instrument transformers market through 2024
According to TechSci Research report, “Global Instrument Transformers Market By Dielectric Medium, By Voltage, By Application, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global instrument transformers market is projected to reach $ 10.3 billion by 2024, on account of increasing installation with regard to new transformers and replacement of old transformers with new ones. This need to expand the existing infrastructure comes as a result of inability of the existing power stations to meet growing demand for electricity. Moreover, increasing importance of alternative energy production is also expected to aid the market.
In terms of end use industry, global instrument transformers market has been categorized into power utilities, power generation, industries & OEMS and railways & metros. Among the various end-use industries, the power distribution category accounted for majority of the global instrument transformers market in 2018 and is anticipated to remain as the largest end use industry during the forecast period as well. As instrument transformers are a major part of the transmission and distribution infrastructure, they are used for measurement as well as protection of the system.
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In 2018, Asia-Pacific accounted for the largest share in global instrument transformers market, owing to growth in alternative energy sources and large investments in smart grids and energy systems. Moreover, developing economy in the region and leading global industries establishing their manufacturing and production units in countries such as China, South Korea, Japan and India are also bolstering the market. Additionally, governments in various Asian countries are focusing on the use of renewable energy sources for power generation and complete electrification. Among the countries in the Asia-Pacific region, the market for instrument transformers in China is anticipated to register the maximum share in the region during forecast period.
“Over the coming years, global instrument transformers market is expected to be driven by evolving technologies, growing importance of alternative energy production, and increasing demand for power, globally. Moreover, surging investments in transmission & distribution infrastructure and massive investments in smart grids and energy systems would provide lucrative growth opportunities to instrument transformer market players during the forecast period.”, said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Instrument Transformers Market By Dielectric Medium, By Voltage, By Application, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of global instrument transformers market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global instrument transformers market.
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