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Growth in Power Consumption Expected to Drive Global Instrument Transformer Market: Ken Research

An instrument transformers is an electrical device, used to transform or isolate current and voltage levels with high accuracy.  In is used in alternate current (AC) systems for measurement of electrical parameters for instance current, power factor, voltage, energy, and frequency. It is also used for protection of power system using combination of protective relays. Its primary function is to lower the AC system’s voltage and current.

The key advantages are included reducing cost of measuring instruments, standardization of measuring instruments, easy replacement, assuring safety of operators, reducing electrical insulation requirements for measuring instruments, consumption of less power and provides multiple connections through a single transformer to power system.

According to study, “Global Instrument Transformer Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the key companies operating in the global instrument transformer market are ABB Ltd., Arteche, GE, Instrument Transformer Equipment, Mitsubishi Electric, Pfiffner Instrument Transformers, Schneider Electric, Ritz Instrument Transformers, Siemens AG, Indian Transformers Company, BHEL, Konèar-Instrument Transformers, CG Power, EMEK, Nissin Electric.

Based on type, instrument transformer market is segmented into potential transformers, current transformers and combined instrument transformers. Potential transformers include capacitive potential transformers and inductive potential transformers. Current transformers include closed and wound. Based on winding, market is segmented into auto-transfer and two-winding. Based on cooling type, market is segmented into oil immersed and dry type. Oil immersed segment includes water cooled, self-cooled and forced cool. Dry type includes air blast and self-air. Based on phase type, market is segmented into single phase and three phase. Based on dielectric medium, market is segmented into SF6 gas dielectric instrument transformers, liquid dielectric instrument transformers and soli dielectric instrument transformers. Based on voltage, market is segmented into high voltage transmission, extra high voltage transmission, ultra-high voltage transmission, sub-transmission voltage and distribution voltage. Based on enclosure type, market is segmented into outdoor instrument transformers and indoor instrument transformers. Outdoor instrument transformers segment holds major share in market owing to growth in demand for long-distance power transmission in developing nations. Based on application, market is segmented into relaying, transformers & circuit breaker bushing, metering & protection and switchgear assemblies. In addition, based on end-user, market is segmented into railways & metros, power generation, power utilities, industries & OEMs and others. Power utilities are further sub-segmented into power distribution utilities and power transmission utilities. Additionally, industries & OEMs are further sub-segmented into cement, oil & gas, iron & steel, automobiles, chemicals and industrial machinery.

The instrument transformer market is driven by growth in investments in smart grids & energy systems, followed by refurbishment of the aging power infrastructure and rise in alternative energy programs. However, delays in grid expansion projects and rise in competition from the unorganized sector may impact the market. Moreover, growth in investments in the transmission & distribution infrastructure, rise in adoption of the high voltage direct current (HVDC) technology for long distance transmission and expand in cross-border electricity trade are key opportunities for market.

Based on geography, the Asian-Pacific region dominates the instrument transformer market owing to rise in government initiatives to upsurge power generation capacity using renewable energy sources, increase in power consumption, and growth in replacement of aging power plants in the region. Whereas, the European and North-American regions are expected to exhibit considerable growth rate due to rise in industrial growth, growth in production of electricity and increase in aging infrastructure, over the forecast period. In near future, it is projected that the global market will be reached at faster pace on account of supportive regulatory concerns to strengthen grid sustainability during the forecast period.

For More Information, Click on the Link Below:-

Global Instrument Transformer Market

Related Report:-

Global Instrument Transformer Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use

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