Global instrument transformers market to reach $10 B in 2026
The global instrument transformers market is expected to grow from $7.61 B in 2021 to $8.17 B in 2022 at a CAGR of 7.4 %.
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The global instrument transformers market is expected to grow from $7.61 B in 2021 to $8.17 B in 2022 at a CAGR of 7.4 %.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $10.69 B in 2026 at a CAGR of 6.9 %.
The instrument transformers market consists of sales of instrument transformers by entities (organizations, sole traders, and partnerships) that manufacture instrument transformers. The main types of instrument transformers include current transformers, potential transformers and combined instrument transformers. The instrument transformers are used in relaying, switchgear assemblies, metering, and protection, others and implemented in different verticals such as power utilities, power generation, industries and OEMs, others.
Asia Pacific was the largest region in the instrument transformers market in 2020. Europe was the second-largest market in the instrument transformers market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing electricity demand is expected to fuel the growth of the instrument transformers market in the coming years. For instance, according to the World Energy Outlook, global electricity demand is expected to increase at 2.1 % per year until 2040, double the rate of primary energy growth. The share of electricity in the overall final energy demand is expected to 24 % in 2040 as a result of this. Therefore, the increasing electricity demand propels the growth of the instrument transformers market.
The countries covered in the Instrument Transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Source: Research and Markets