InstrumentTransformers Market: Introduction
Interms of value, the global instrument transformers market is anticipated toexpand at a CAGR of 5.5% from2020 to 2030 and cross a value of US$12 Bn by 2030. Asia Pacific led the global instrument transformers market in 2019, in terms of demand.This trend is anticipated to continue between 2020 and 2030. Rise in investmentin smart grids, including digitization of substations, smart meters andmicrogrid technologies, is a key factor that is estimated to boost the globalinstrument transformers market in the near future. Instrument transformers playa vital role in power distribution and transmission network. The expansion ofthe renewable power generation capacity across the globe is estimated to drivethe global instrument transformers market during the forecast period.
InstrumentTransformers Market: Key Drivers and Restraints
Oflate, power generation and distribution companies have been investingsignificantly in the modernization of grids. According to a study published bythe International Society for Performance Improvement (ISPI), globalinvestments in grid technologies, data intelligence, and digital services stoodat US$ 35 Bn in2018. Smart meters, EV charging stations, and digital substations accounted forthe highest growth areas. Rise in investment in modernization of the agingpower grid is anticipated to drive the global instrument transformers market.Increase in emphasis on alternative energy production and surge in thecross-border electricity trade across the globe are other trends that areaugmenting the demand for instrument transformers. The installation of new gasinsulated substations (GIS) and the renovation of existing air insulatedsubstations (AIS) with GIS are also key factors projected to propel theinstrument transformers market during the forecast period.
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Thecomplexity of activities associated with power transmission and distributionprojects, including feasibility studies, project approvals, tendering &contracts, land development, design, foundation work, erection andinstallation, commissioning, and handover to the operations team, often lead todelay in projects. Delay in grid expansion projects is expected to restrain theglobal instrument transformers market during the forecast period.
TheCOVID-19 pandemic is likely to result in further delays in power projects.Governments of countries across the world are imposing new regulations to amendprivate and public power sector contracts in response to the pandemic. Forinstance, in March 2020, Brazil's Ministry of Mines and Energy announced theindefinite postponement of its energy generation and transmission auctions.
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InstrumentTransformers Market: Prominent End Users
Basedon end use, the global instrument transformers market can be broadly classifiedinto power & distribution industry, railways & metros, industrial,commercial, and others. The power & distribution industry is likely to beprime end user of the global instrument transformers market by 2030. Agingenergy generation and distribution infrastructure is one of the majorchallenges faced by developed countries. The implementation of gridmodernization initiatives by several economies has resulted in improved gridreliability, resiliency, and system efficiency. Trends such as modernization ofpower grid, electrification of rural areas and Tier3 cities, and development ofsmart cities are expected to boost the demand for instrument transformers inthe near future.
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AsiaPacific to be Highly Lucrative Region of Instrument Transformers Market
Interms of value, Asia Pacific held more than 30% share ofthe global instrument transformers market in 2019. China’s early containment ofthe pandemic is projected to augment the overall power sector in Asia Pacificthrough 2025. The upcoming railway and metro projects and steady growth in therenewable energy sector in India present immense potential for the instrumenttransformers market in the near future.
InstrumentTransformers Market: Competition Landscape
Majormanufacturers of instrument transformers include ABB, General Electric, SchneiderElectric SE, ARTECHE, NISSIN ELECTRIC Co. Ltd., and Siemens. Ahighly fragmented global instrument transformers market experienced intensecompetition from the unorganized sector in 2019. This trend is likely to continueduring the forecast period. Industry leaders have been consistently investingin technological upgrade of instrument transformer models. For instance, inSeptember 2019, General Electric launched SF6 free high-voltage solutions. Thecompany aims for SF6-free high-voltage substation equipment to include all keyhigh voltage levels by 2025.
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