Instrument Transformer Market To 2019 High Growth Opportunities, Emerging Trends, Industry Review, Global Forecast 2023
Market Research Future published a research report on “Global Instrument Transformer Market:Global Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Instrument Transformer Market – Overview
The global instrument transformer market is growing rapidly. The market growth attributes to the increasing demand for power led by the boosting industrialization, urbanization, and population worldwide. Besides, rising power utility infrastructures for rapidly increasing commercial and residential sectors drive the growth of the market. Also, increasing deployments of AC systems and the adoption of instrument transformers to measure electrical parameters escalate the Instrument Transformer Market growth.
According to Market Research Future (MRFR), the global instrumental transformer market is forecasted to grow at 2.1% during the assessment period (2017-2023). Rise in demand for long-distance power transmission drives the demand of the outdoor transformers. Increasing numbers of residential power transmission boost the demand for indoor transformers. Moreover, increasing power consumption worldwide impacts Instrument Transformer Market growth positively.
Additionally, increasing numbers of power utilities across the globe to provide electrical power facilities influence the market demand significantly. Rapid industrialization accelerates market growth, consuming enormous amounts of electricity. Also, the befits that instrument transformer offers, such as reduced capital, operational expenditures, and time and increased output, boost the growth of the market. Spurring growth in the industrial sectors accelerates the growth of the market.
Also, the proliferation of smart power grids and renewable energy plants fuel the growth of the market. Besides, substantial R & D investments in the product and technology developments increase the instrument transformer market size. Conversely, high development costs, and lack of technical expertise are significant factors projected to impede the market growth. Nevertheless, the rising demand for sub-transmission voltage would support the growth of the Instrument Transformer market throughout the assessment period.
Instrument Transformer Market – Competitive Analysis
Highly competitive, the instrument transformer market appears fragmented due to the presence of several well-established industry players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, product launch, and expansion.
Players leading the global instrument transformer market include Siemens Ltd. (Germany), ABB Group (Switzerland), General Electric Company (USA), Toshiba Corporation (Japan), Crompton Greaves Ltd. (India), Hyundai Heavy Industries Co., Ltd. (South Korea), Hyosung Corporation (South Korea), Mitsubishi Electric Corporation (Japan), Bharat Heavy Electricals Limited (India), JSHP Transformers (China), Rakesh Transformer Industries Pvt. Ltd (India), Synergy Transformers (India), SPX Transformer Solutions, Inc. (USA), and Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), among others.
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The distinguished contenders in the instrument transformer market globally are Siemens Ltd. (Germany), General Electric Company (USA), ABB Group (Switzerland), PME Power Solutions Limited (India), Crompton Greaves Ltd. (India), Hyundai Heavy Industries Co., Ltd. (South Korea), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), Synergy Transformers (India), Hyosung Corporation (South Korea), JSHP Transformers (China), Transformers & Rectifiers Ltd (India), and SPX Transformer Solutions, Inc. (U.S.A).
The segmentation of the instrument transformer market is carried out on the basis of enclosure type, rating, end-user, and region. On the basis of rating, the instrument transformer market has been segmented into sub-transmission voltage, high voltage transmission, distribution voltage, and extra high voltage transmission. The segmentation of the instrument transformer market on the basis of enclosure type comprises of outdoor transformers and indoor transformers. On the basis of end-user, the instrument transformer market has been segmented into industries & OEMS, power utilities, and others. The regions included in the instrument transformer market are North America, Asia Pacific, Europe, and Rest of the World.
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The geographical analysis of Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the APAC region dominates the market. To upgrade the existing distribution infrastructure to meet the increasing demand for electricity will result in the augmentation during the forecast period. The emerging economies of the APAC region like India, China, Japan, and Australia are the most significant markets in the APAC region. Among all, China acquires the largest Instrument Transformer market share due to rapid urbanization and industrial development. Besides, the APAC region is experiencing a rapid rise in population, economic growth, which are leading to market expansion in the region. The second position is attained by Europe. It is estimated to experience exponential growth during the forecast period. The industrial growth, the aging infrastructure are the major reason for regional growth. On the other hand, North America also plays a significant role in expanding the market. It is estimated to make significant participation during the forecast period. Among all, the U.S. is dominating the market in the North American region. The country is estimated to acquire the largest Instrument Transformer market share due to rapid industrialization and urbanization.
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