Instrument transformers market to surpass $8.9 B by 2031
The global instrument transformers market is forecast to grow at a CAGR of 7.7 % from 2023 to 2031, reaching $ 8.9 B by 2031.
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According to a Transparency Market Research report, the global instrument transformers market was valued at $ 4.7 B in 2022 and is forecast to grow at a CAGR of 7.7 % from 2023 to 2031, reaching an estimated $ 8.9 B by 2031.
This growth is driven by increased investments in modernizing aging power grids, rising electricity demand in rural areas, and the enhanced need for accurate electrical measurement in power generation, transmission, and distribution.
With many power grids aging beyond 25 years, utilities are making significant capital investments-exceeding $50 B in some regions-to upgrade and modernize their networks. Advanced instrument transformers play a vital role in these modernization efforts by ensuring accurate measurement and control.
Asia Pacific dominated the global instrument transformers market in 2022 with a share of 56.1 %, driven by rapid industrial growth, increasing power consumption, and significant investments in rural electrification in countries like China, India, and Southeast Asian nations. North America is also poised for robust growth, supported by grid modernization initiatives and the rising need for renewable energy integration. Europe’s market is buoyed by a strong focus on energy efficiency, stringent environmental regulations, and the ongoing deployment of advanced power distribution technologies, making it a key region for instrument transformer demand. Latin America, Middle East and Africa, and other regions continue to offer growth opportunities, particularly as emerging markets expand their electrical infrastructure and invest in grid reliability.
The key players in the market: PFIFFNER, Ritz Instrument Transformers GmbH, General Electric, ABB Ltd., Siemens Energy, Sieyuan Electric Co., Ltd., Arteche, Balteau Produtos Eletricos, Schneider Electric SE, Takaoka Toko Co., Ltd., BHEL, Nissin Electric Co., Ltd., Mitsubishi Electric Corporation, etc.
Source: Open PR
#Asia-Pacific#CAGR#Europe#grid modernization#instrument transformers market#Latin America#Middle East and Africa#Power demand#renewable energy#Rural Electrification