Global Instrument Transformers Market to Surpass $ 10 Billion by 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 Dielectric Medium, By Voltage, By Application, By
End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”,
global instrument transformers market is projected to reach $ 10.3 billion by 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 distribution
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.
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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 maximum
share in the region during forecast period.
“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 Dielectric Medium, By Voltage, 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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