Transparency Market Research, New York: In terms of value, the global instrument transformers market is anticipated to expand at a CAGR of 5.5% from 2020 to 2030 and cross a value of US$ 12 Bn by 2030. Asia Pacific led the global instrument transformers market in 2019, in terms of demand. This trend is anticipated to continue between 2020 and 2030. Rise in investment in smart grids, including digitization of substations, smart meters and microgrid technologies, is a key factor that is estimated to boost the global instrument transformers market in the near future. Instrument transformers play a vital role in power distribution and transmission network. The expansion of the renewable power generation capacity across the globe is estimated to drive the global instrument transformers market during the forecast period.
Request for Covid-19 Impact Analysis on Instrument Transformers Market: https://www.transparencymarketresearch.com/Covid19.php
Instrument Transformers Market: Key Drivers and Restraints
Of late, power generation and distribution companies have been investing significantly in the modernization of grids. According to a study published by the International Society for Performance Improvement (ISPI), global investments in grid technologies, data intelligence, and digital services stood at US$ 35 Bn in 2018. Smart meters, EV charging stations, and digital substations accounted for the highest growth areas. Rise in investment in modernization of the aging power grid is anticipated to drive the global instrument transformers market. Increase in emphasis on alternative energy production and surge in the cross-border electricity trade across the globe are other trends that are augmenting the demand for instrument transformers. The installation of new gas insulated substations (GIS) and the renovation of existing air insulated substations (AIS) with GIS are also key factors projected to propel the instrument transformers market during the forecast period.
Download PDF Brochure – https://www.transparencymarketresearch.com/sample/sample.php
The complexity of activities associated with power transmission and distribution projects, including feasibility studies, project approvals, tendering & contracts, land development, design, foundation work, erection and installation, commissioning, and handover to the operations team, often lead to delay in projects. Delay in grid expansion projects is expected to restrain the global instrument transformers market during the forecast period.
The COVID-19 pandemic is likely to result in further delays in power projects. Governments of countries across the world are imposing new regulations to amend private and public power sector contracts in response to the pandemic. For instance, in March 2020, Brazil’s Ministry of Mines and Energy announced the indefinite postponement of its energy generation and transmission auctions.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/35303
Instrument Transformers Market: Prominent End Users
Based on end use, the global instrument transformers market can be broadly classified into power & distribution industry, railways & metros, industrial, commercial, and others. The power & distribution industry is likely to be prime end user of the global instrument transformers market by 2030. Aging energy generation and distribution infrastructure is one of the major challenges faced by developed countries. The implementation of grid modernization initiatives by several economies has resulted in improved grid reliability, resiliency, and system efficiency. Trends such as modernization of power grid, electrification of rural areas and Tier3 cities, and development of smart cities are expected to boost the demand for instrument transformers in the near future.
Asia Pacific to be Highly Lucrative Region of Instrument Transformers Market
In terms of value, Asia Pacific held more than 30% share of the global instrument transformers market in 2019. China’s early containment of the pandemic is projected to augment the overall power sector in Asia Pacific through 2025. The upcoming railway and metro projects and steady growth in the renewable energy sector in India present immense potential for the instrument transformers market in the near future.
Purchase Premium Research Report on Instrument Transformers Market @ https://www.transparencymarketresearch.com/checkout.php
Instrument Transformers Market: Competition Landscape
Major manufacturers of instrument transformers include ABB, General Electric, Schneider Electric SE, ARTECHE, NISSIN ELECTRIC Co. Ltd., and Siemens. A highly fragmented global instrument transformers market experienced intense competition from the unorganized sector in 2019. This trend is likely to continue during the forecast period. Industry leaders have been consistently investing in technological upgrade of instrument transformer models. For instance, in September 2019, General Electric launched SF6 free high-voltage solutions. The company aims for SF6-free high-voltage substation equipment to include all key high voltage levels by 2025.
Browse More Press Releases: https://www.transparencymarketresearch.com/press-releases.htm
Global Instrument Transformers Market: Segmentation
Instrument Transformers Market, by Product Type
Instrument Transformers Market, by Voltage Range
Instrument Transformers Market, by Rated Current Range
Instrument Transformers Market, by End Use
Instrument Transformers Market, by Region
Browse Latest Reports by TMR: https://www.transparencymarketresearch.com/latest.htm
Explore Transparency Market Research’s award-winning coverage of the global Energy & Natural Resources Industry,
Gas Turbine Services Market – The global gas turbine services market is divided on the basis of type of gas turbine into heavy duty gas turbine and aero derivatives. Currently, heavy duty type gas turbine is the leading segment owing to increase in the number of large gas fired plants. The industry can be further divided by rated capacity turbines are segmented into 1 to 40 MW, 40 to 120 MW, 120 to 300 MW, and above 300 MW. In terms of service, gas turbine services market is segmented into maintenance, repair and overhaul. Gas turbine services market is segmented on the basis of end user applications as original equipment manufacturer and non-original equipment manufacturer and in terms of application; it is segmented as oil and gas, power generation and other industries.
Variable Renewable Energy Market – Growing concerns about the environment and rising usage of clean energy substitutes are likely to be key factors driving the global variable renewable energy market during the forecast period. Electricity rates are inherently volatile. They fluctuate monthly, annually, and depending on season. Over the last decade, electricity prices have risen greatly and they are poised to increase even more during the forecast period. This, in turn, is projected to augment the demand for use of variable renewable energy in the near future.
Weather Forecasting Services Market – Increasing incidence of natural disasters due to undesired climatic changes and subsequent security concerns are propelling the weather forecasting services market. Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. Weather forecasting services are based on complex models due to which the industry requires trained meteorologists and geologist to operate the weather forecasting systems. Therefore, a dearth of trained workforce may hamper the market. However, technological advancements in computing system such as advanced data analytics, model development and machine learning tools and techniques are likely to provide new opportunities to players involved in weather forecasting services.
Diamond Mining Market – High demand for diamond jewelry from emerging markets such as China, India, Brazil, and Thailand is driving the global diamond mining market. Rising demand for diamonds for use in industrial applications also boosts the global market. Diamonds that are not of commercial quality are used in industrial applications, such as grinding wheels for drilling, cutting, polishing applications, electronic chips, and laser components. Increasing demand for high-quality products from consumers has prompted companies across different industries to adopt high-quality cutting tools in their manufacturing operations.
Explore More Upcoming Reports: https://www.transparencymarketresearch.com/upcoming.htm
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453
Press Release Source: https://www.transparencymarketresearch.com/pressrelease/instrument-transformer-market.htm