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Mar 15, 2023
" - https://www.reportlinker.com/p06248532/?utm_source=GNW , Ltd., PFIFFNER instrument transformers, PME Power Solutions Limited, Rakesh Transformer Industries Pvt. The global instrument transformers market grew from $8.11 billion in 2022 to $8.61 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The instrument transformers market is expected to grow to $11.34 billion in 2027 at a CAGR of 7.2%. The instrument transformers market consists of sales of potential transformers, current transformers, combined instrument transformers, and other instrument transformers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Instrument transformers are defined as electrical devices of high precision that are used to isolate or convert voltage or current levels. Instrument transformers are most often used to run instruments or metering from high voltage or high current circuits while securely disconnecting secondary control circuits from high voltages or currents. Asia-Pacific was the largest region in the instrument transformers market in 2022.Europe was the second-largest market in the instrument transformers market. The regions covered in the instrument transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The main types of instrument transformers include current transformers, potential transformers, and combined instrument transformers.These transformers contain indoor and outdoor enclosure types and are used to transform different voltages such as distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. 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. The increasing electricity demand is expected to fuel the growth of the instrument transformers market in the coming years.Electricity is a form of energy that can be transmitted through wires and is used for heating, lighting, and machine power. As a result of increased household incomes, electrification of transportation and heat, surging demand for digitally connected devices and air conditioning, the electricity demand is expected to propel even further.Instrument transformers are specialized transformers that are used to test current and voltage while keeping measurement and control equipment isolated from the primary circuit. 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 rise from 19% in 2018 to 24% in 2040 as a result of this. Therefore, the increasing electricity demand propels the growth of the instrument transformers market. Technological advancement is shaping the instrument transformers market.Major companies operating in the instrument transformers field are focused on developing technological solutions for instrument transformers. For instance, in September 2020, Hitachi ABB Power Grids, a Switzerland-based company that offers instrument transformers introduced TXpert Ecosystem for the digitalization of transformers. The ecosystem is intended to support data-driven knowledge and decision-making in transformer and power grid operations and maintenance. In March 2021, Siemens AG, a German-based company acquired C&S Electric Limited for $285.4 million. The acquisition will enable Siemens AG to take up the competitive infrastructure low-voltage market in India while creating a manufacturing hub for sourcing low-voltage products for export to global markets. C&S Electric Limited is an India-based electrical equipment manufacturer. The countries covered in the Instrument Transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The instrument transformers market research report is one of a series of new reports that provides instrument transformers market statistics, including instrument transformers industry global market size, regional shares, competitors with an instrument transformers market share, detailed instrument transformers market segments, market trends and opportunities, and any further data you may need to thrive in the instrument transformers industry. This instrument transformers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.