Global Instrument Transformers Market to Grow at Over 5% CAGR till 2024
Increasing demand for power coupled with technological
advancements to drive global instrument transformers market through 2024.
According to TechSci Research
report, “Global
Instrument Transformers Market By Type, By Dielectric Medium, By Voltage, By
Enclosure Type, By Application, By End Use Industry, By Region, Competition,
Forecast & Opportunities, 2024”, global instrument transformers market
is projected to grow at a CAGR of over 5% during 2019-2024, on account of increasing
installation with regard to new transformers and replacement of old
transformers with new ones. This need to expand the existing infrastructure
comes as a result of inability of the existing power stations to meet growing demand
for electricity. Moreover, increasing importance of alternative energy
production is also expected to aid the market.
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In terms of end use industry,
global instrument transformers market has been categorized into power utilities,
power generation, industries & OEMS and railways & metros. Among the
various end-use industries, the power utilities category accounted for majority
of the global instrument transformers market in 2018 and is anticipated to
remain as the largest end use industry during the forecast period as well. As instrument
transformers are a major part of the transmission and distribution
infrastructure, they are used for measurement as well as protection of the
system.
In 2018, Asia-Pacific accounted for the largest share in
global instrument transformers market, owing to growth in alternative energy
sources and large investments in smart grids and energy systems. Moreover,
developing economy in the region and leading global industries establishing
their manufacturing and production units in countries such as China, South
Korea, Japan and India are also bolstering the market. Additionally,
governments in various Asian countries are focusing on the use of renewable
energy sources for power generation and complete electrification. Among the
countries in the Asia-Pacific region, the market for instrument transformers in
China is anticipated to register the fastest growth during forecast period.
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“Over the coming years, global instrument transformers market is expected
to be driven by evolving technologies, growing importance of alternative energy
production, and increasing demand for power, globally. Moreover, surging investments
in transmission & distribution infrastructure and massive investments in
smart grids and energy systems would provide lucrative growth opportunities to instrument
transformer market players during the forecast period.”, said, Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Instrument
Transformers Market By Type, By Dielectric Medium, By Voltage, By Enclosure
Type, By Application, By End Use Industry, By Region, Competition, Forecast
& Opportunities, 2024,” has evaluated the future growth potential of
global instrument transformers market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in
global instrument transformers market.
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