The global instrument transformers market stood at $7.6 B in 2018 and is forecast to grow at a CAGR of over 5% during 2019-2024 to reach $10.3 B by 2024, owing to the increasing demand for power, rising emphasis on alternative energy production, improving and evolving technologies, refurbishment of aging infrastructure, and investments in smart grids and energy systems according to Research and Markets.
Moreover, growing investments in transmission and distribution infrastructure and massive investments in smart grids and energy systems, globally, would further drive the global instrument transformers market during the forecast period.
The Asia-Pacific instrument transformers market accounted for a significant portion of the global market for instrument transformers in 2018 and is expected to register strong growth during forecast period as well, on the back of increasing investments in grid expansion projects by developing nations such as China and India to boost their distribution grid reliability. Among the countries in the region, China was the largest market for instrument transformers in 2018. China has the highest installed power generation and distribution capacities, which is turn is resulting in the huge demand for instrument transformers.
Some of the major companies operating in the global instrument transformers market are Siemens AG, General Electric Company, ABB Ltd, Arteche Lantegi Elkartea SA, KONAR - Elektroindustrija d.d., PFIFFNER Messwandler AG, etc.
By region, market is divided as follows: Asia-Pacific (China, India, Japan, South Korea, Australia, Thailand, Malaysia), Europe (Germany, United Kingdom, France, Italy, Spain), North America (United States, Canada, Mexico), South America (Brazil, Argentina, Colombia), Middle East & Africa (Saudi Arabia, South Africa, UAE, Iran).
Source: Yahoo! Finance