The report published by MarketsandMarkets™, "Instrument Transformers Market by Type (Current, Potential, and Combined Instrument Transformers), Enclosure Type (Indoor and Outdoor), Dielectric Medium (Solid, Liquid, and SF6 Gas), Voltage, Application, End-User, and Region - Global Forecast to 2022", indicates the market is expected to grow from an estimated USD 7.32 Billion in 2017 to USD 9.06 Billion by 2022, registering a CAGR of 4.35% during the forecast period.
This growth is primarily due to the increasing emphasis on alternative energy production, refurbishment of aging infrastructure, and huge investments in smart grids and energy systems across the world.
The power utilities segment led the Instrument Transformers Market in 2016, and is projected to dominate the market during the forecast period. The total investment in the transmission and distribution infrastructure over 2014 to 2035 is expected to be USD 6.8 trillion, according to the International Energy Agency. Approximately, 56% of the total energy investment accounts for transmission and distribution.
Refurbishment and replacement of existing assets contribute 40% and the grid integration of renewables accounts for 4%. Instrument transformers are a major part of the transmission and distribution infrastructure, used for measurement as well as protection of the system. Approximately 10% of the total substation cost is dedicated to procurement and installation of instrument transformers. With the increasing investments in the power infrastructure, the market for instrument transformers tends to grow.
With regard to the type segment, capacitive potential transformers are expected to constitute the fastest growing market from 2017 to 2022. Capacitive potential transformers are used to measure voltages above 66 kV.
In this report, the Instrument Transformers Market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to account for the largest market share of 36% in the global Instrument Transformers Market.
Report includes the profiles of some of the top players in the Instrument Transformers Market. These players include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and GE (US).