In This Article:
Dublin, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The "Instrument Transformers Market by Type, Voltage, Application and End-User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global instrument transformers market was valued at $7.0 billion in 2020, and is projected to reach $13.0 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Growth in demand for electricity along with rising concerns pertaining to grid stability boost the global market. An increase in fund flow toward rural electrification in line with the renovation of the existing grid network has further obligated authorities to incorporate an efficient protection and monitoring mechanism. Therefore, the rise in grid complexities across the electric infrastructure in conjunction with emerging peak electricity demand from end users comprehensively augment the industry landscape.
The adoption of smart monitoring units, coupled with rapidly developing smart grid networks is expected to stimulate the market share. Prominent industry participants have consistently been allocating funds toward the expansion of energy efficient and cost-effective units. Furthermore, escalating equipment precision to endure frequent current and voltage volatility across sustainable electricity networks is also expected to propel product adoption.
However, an increase in competition from the unorganized sector of the instrument transformer market is expected to hamper the growth of the instrument transformers market during the forecast period. Furthermore, increasing investments in transmission & distribution infrastructure are expected to provide growth opportunities for the instrument transformers market during the forecast period.
Companies Mentioned:
The major key players operating in the global instrument transformers market include
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ABB
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General Electric
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Schneider Electric
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Siemens
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CG Power and Industrial Solutions Ltd
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Mitsubishi Electric Corporation
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Instrument Transformer Equipment Corporation
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Arteche
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Nissin Electric
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Bharat Heavy Electrical Limited
COVID-19 Analysis:
Governments of various countries have restricted the movement of goods & individuals and halted operations of production facilities as part of measures to limit the spread of the COVID-19 pandemic. This has hampered the consumption of electricity across the world. For instance, according to the short-term outlook of the U.S. Energy Information Administration (EIA), electricity consumption in the U.S. is expected to decrease by a record 4.6% by the end of 2020, as businesses have shut down temporarily due to government lockdowns to reduce the spread of the coronavirus. Due to this the demand and production of instrument transformers across the globe is expected to decline.