Instrument transformers market to hit $17.2 B by 2032
The instrument transformers market is projected to reach $17.2 B by 2032 growing at a CAGR of 6.1 % from 2023 to 2032.
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According to a recent report by Allied Market Research, the instrument transformers market size was valued at $9.6 B in 2022 and is projected to reach $17.2 B by 2032, growing at a CAGR of 6.1 % from 2023 to 2032.
Instrument transformers are critical in power systems, converting high voltage and current into standardised values for accurate measurement and protection. They enable real-time monitoring of key parameters like voltage, current, and power factor.
In 2022, Asia-Pacific led the global market due to rising investments in renewables, growing power demand, and aging infrastructure replacement. North America is expected to drive growth through renewable integration, smart grids, and infrastructure upgrades. Europe is also seeing steady demand for grid automation and protection.
Global electricity demand, rural electrification, and data centre expansion are boosting the need for reliable, high-voltage transformers. Government spending on transmission and distribution, especially in emerging economies, further supports market growth.
With increased use of solar and wind energy, grid modernisation and smart transformers are essential. IoT and AI adoption is driving demand for advanced features like real-time analysis, remote monitoring, and predictive maintenance.
Key players in the market include ABB Ltd., General Electric, Siemens AG, Schneider Electric, CG Power and Industrial Solutions, Mitsubishi Electric Corporation, Hitachi Ltd., Ritz Instrument Transformers, Pfiffner Group, Bharat Heavy Electricals Limited (BHEL), among others.
Source: EIN Presswire
#Allied Market Research#instrument transformers market#market report
