According to a new instrument transformer market report by Global Market Insights, rising electricity demand coupled with growing concerns over grid stability in the recent years will augment the global instrument transformer market.
Rising investments in rural electrification along with refurbishment of existing grid infrastructure will further compel authorities to integrate an effective monitoring and protection mechanisms, and integration of smart monitoring and control units coupled with briskly expanding smart grid networks will drive the market size, according to the report.
Current transformers have gained significant penetration in the market over the years due to their ability to scale down a large primary current into a smaller value.
Auto transformer accounted for over 50% of the global instrument transformer industry share in 2016. Voltage regulation and operational flexibility are some of the parameters boosting the product penetration. Oil immersed instrument transformer is projected to grow over 7% by 2024.
251 to 500 kV instrument transformer market was valued over $1 billion in 2016, and further growth is projected owing to significant growth across infrastructure and utility sectors coupled with rising electricity demand from emerging economies that will positively impact the business landscape.
Ba region, U.S. market is set to witness an annual installation of over 4,000 units by 2024.
Major participants in the market include Crompton Greaves, ITL, Amran Inc, ABB, Siemens, Weidmann, Meramec, General Electric, Raychem RPG, ITEC, HEYI Electrical, Schneider Electric, KONČAR, EATON, Toshiba, Mitsubishi, TRENCH, BHEL, DENT Instruments, Mehru, Ruhstrat, and Celme.
Source: Global market Insights