世界各国のリアルタイムなデータ・インテリジェンスで皆様をお手伝い

計器用変圧器の市場：タイプ別（電流、電位、複合）、設置場所別（液体、SF6ガス、固体）、エンクロージャ別（屋内、屋外）、電圧別、エンドユーザー別、地域別（北米、欧州、APAC、中南米、MEA） - 2030年までの世界予測


Instrument Transformers Market by Type (Current, potential, and combined), Installation (liquid, SF6 gas, solid), Enclosure (indoor and outdoor), Voltage, End-User, and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2030

計器用変圧器の世界市場は、2023年の推定71億米ドルから顕著な伸びを示し、2023年から2030年までのCAGRは5.8%と安定しており、2030年には106億米ドルに達する勢いである。計器用変圧器は、電圧と電流を測定するた... もっと見る

　

　

出版社 出版年月 電子版価格 ページ数 図表数 言語
MarketsandMarkets
マーケッツアンドマーケッツ 		2024年2月8日 US$4,950
シングルユーザライセンス
ライセンス・価格情報・注文方法はこちら 		305 381 英語

日本語のページは自動翻訳を利用し作成しています。


　

サマリー

計器用変圧器の世界市場は、2023年の推定71億米ドルから顕著な伸びを示し、2023年から2030年までのCAGRは5.8%と安定しており、2030年には106億米ドルに達する勢いである。計器用変圧器は、電圧と電流を測定するために電力システムで使用される装置である。電力系統の安全で正確な監視、保護、制御を確保する上で重要な役割を果たしている。計器用変圧器には、電流変圧器（CT）、電圧変圧器（VT）、電位変圧器（PT）、複合計器用変圧器の3種類がある。CTは、電力系統の大電流を測定および保護装置に適したレベルまで降圧するために使用されます。CTは、一次電流の数分の一の比例電流出力を提供し、電力系統の安全で正確な測定と保護を可能にします。VTは、電力系統の高電圧を測定および保護装置に適したレベルまで降圧します。CTと同様に、VTは一次電圧を正確に表すスケールダウンされた電圧出力を提供します。この電圧は、計測、保護リレー、制御システムなど、さまざまな目的に使用されます。計器用変圧器は、課金や監視の目的で正確な電圧と電流の測定を行うために極めて重要です。変圧器は、保護リレーに信号を供給することで、電力系統の保護に重要な役割を果たし、系統の故障や異常状態を検出して分離することができます。計器用変圧器からのスケールダウンされた信号は、電力系統の望ましい運転条件を維持するための制御システムでよく使用されます。計器用変圧器は、発電、送電、配電、産業システムなど、さまざまな用途で使用されている。「誘電体媒体別では、液体誘電体が2023年から2030年にかけて最大の成長市場に」液体誘電体変圧器は、再生可能エネルギー発電が世界のエネルギーミックスの大部分を占めるようになるにつれ、予測不能で断続的な性質を制御するために必要とされる。世界の電力産業、特に新興国における投資の増加は送電・配電網の拡大に役立ち、それが液体誘電変圧器の必要性を高めている。エネルギー効率に対する意識の高まりは、より優れた絶縁材料と設計を備えた液体誘電体トランスの開発を促進し、送電中のエネルギー損失を低減しています。これらが、液体誘電体セグメントの成長の原動力となっている。「2023年から2030年にかけて、エンドユーザー別では電力ユーティリティ分野が最大市場に」変圧器は、太陽光や風力などの再生可能エネルギーに重点が移行する中で、効率的な配電に必要とされる。これらの変圧器は、再生可能エネルギーを既存の電力システムに統合する上で重要な部品である。多くの国が、信頼性と効率を高めるために、古い電力インフラの近代化に投資している。変圧器は、効率を高めることによってエネルギー伝送を近代化する上で重要な役割を果たしている。変圧器の需要は、特に新興国における送電プロジェクトへの投資の増加によって牽引されている。変圧器は、長距離を効率的に電力を輸送するために不可欠である。"ヨーロッパは計器用変圧器市場で2番目に大きな地域になる"2022年、欧州は計器用変圧器市場で2位の地位を確保し、市場評価額18億3,210万米ドルで26.4％のシェアを占めている。欧州の計器用変圧器市場はさらに、英国、ドイツ、フランス、イタリア、スペイン、スウェーデン、ノルウェー、ロシア、その他欧州など、国別に分けられている。欧州におけるスマートグリッドの導入は、効率性と応答性を高める革新的な技術の統合を通じて、既存の配電網を変革することを目指す戦略的な取り組みである。スマートグリッドは、デジタル接続とリアルタイムのモニタリングを利用して、電力網のインテリジェンスを向上させる。スマートグリッドは、徹底したデータ収集と分析を可能にする。スマートグリッドの計器用変圧器には、電圧、電流、その他の重要な特性に関するリアルタイムのデータを提供するセンサーと通信機能が装備されています。このデータは、電気ネットワークを正確に監視するために使用される。欧州では、さまざまな取り組みを通じて地域電力ネットワークの統合を重視しており、完璧な送電を実現するための計器用変圧器導入の可能性が広がっている。相互接続構想は、欧州全域のさまざまな地域の電力ネットワークをつなごうとするものです。この接続により、電力資源をプールすることが可能になり、需給のバランスがとれ、全体的な送電網の安定性が向上する。電力インフラを統合することで、欧州は電力供給の信頼性を向上させることができる。ある場所で停電や電力供給停止が発生した場合、リンクされたネットワークは、電力が余っている場所から電力を転送することで支援することができる：主要な業界関係者、専門家、主要市場プレーヤーのCレベル幹部、業界コンサルタント、その他の専門家との詳細なインタビューを実施し、重要な定性的・定量的情報を入手・検証するとともに、将来の市場展望を評価した。一次インタビューは以下のように配分された：ティア1-41％、ティア2-37％、ティア3-22％：Cレベル-44%、Dレベル-31%、その他-25%地域別：注：「その他」には、セールスマネジャー、マーケティングマネジャー、プロダクトマネジャー、エンジニアが含まれる企業の階層は、2021年時点の総収入に基づいて定義されている：ティア1：10億米ドル超、ティア2：5億～10億米ドル、ティア3：5億米ドル未満。計器用変圧器市場は複数の著名なプレーヤーで構成されている。計器用変圧器市場の注目すべきプレーヤーには、ABB（スイス）、ゼネラル・エレクトリック（米国）、三菱電機（日本）、シーメンス・エナジー（ドイツ）、シュナイダー・エレクトリック（フランス）、Arteche（スペイン）、Bharat Heavy Electricals Limited（BHEL）（インド）、CG Power（インド）、日新電機（日本）、EMEK（日本）、EMEK（日本）、EMEK（日本）が含まれる。(日本）、EMEK（トルコ）、Indian Transformers and Electricals Pvt. Ltd（インド）、Mehru（インド）、Končar-Instrument Transformers Inc.（クロアチア）、Pfiffner Group（スイス）、RITZ Instrument Transformers GmbH（ドイツ）など。調査範囲：この調査レポートは、計器用変圧器市場を、タイプ別（電流、電位、複合）、設置場所別（液体、SF6ガス、固体）、エンクロージャー別（屋内、屋外）、電圧別、エンドユーザー別、地域別（アジア太平洋、北米、欧州、中東・アフリカ、南米）などの様々なパラメータに基づいて包括的に定義、説明、予測しています。また当レポートは、計器用変圧器市場の質的・量的な徹底的な分析も行っており、主要な市場促進要因、制限、機会、課題などを包括的に検証しています。さらに、競合状況の評価、市場ダイナミクスの分析、価値ベースの市場予測、計器用変圧器市場の将来動向など、市場の重要な側面をカバーしています。レポート購入の主な利点本レポートは、計器用変圧器市場の既存業界リーダーと新規参入者の双方に有益となるよう配慮して作成されています。市場全体だけでなく、個々のサブセグメントについても信頼性の高い収益予測を提供しています。このデータは利害関係者にとって貴重な資料であり、競争状況を包括的に理解し、ビジネスのための効果的な市場戦略を策定することを可能にします。さらに、当レポートは関係者が市場の現状を把握するためのチャネルとして機能し、市場促進要因、限界、課題、成長機会に関する本質的な洞察を提供します。これらの洞察を取り入れることで、関係者は十分な情報に基づいた意思決定を行うことができ、常に進化し続ける計器用変圧器業界のダイナミクスについて常に情報を得ることができます。主な推進要因の分析：（電力需要の増加、送電網の近代化、再生可能エネルギー統合への重点の高まり）、阻害要因（計器用変圧器の初期コストの高さ、銅や鋼鉄などの原材料価格の変動）、機会（デジタル化とスマートセンサー、計器用変圧器の新興市場）、計器用変圧器市場の成長を促進する課題（サイバーセキュリティの脅威、環境問題）：市場の多角化：計器用変圧器市場における市場の多角化とは、新しい地域、産業、製品セグメントに参入することで、市場範囲を拡大し、リスクを軽減する戦略を指す。多角化には、収益源の拡大、市場変動への耐性の向上、幅広い顧客基盤など、いくつかのメリットがある。計器用変圧器メーカーは、新興市場やエネルギー・インフラのニーズが高まっている地域を開拓するために、さまざまな国や地域での事業機会を模索することがある。地理的に多角化する場合、各国の規制要件を理解し遵守することが極めて重要である。計器用変圧器は、発電（再生可能および従来型）、送電、配電など、さまざまなエネルギー関連部門で使用されている。これらのセクターに分散することで、企業は特定セグメントの変動に伴うリスクを軽減することができる。製造業、鉱業、石油・ガスなどの産業部門への応用を模索することで、さらなる収益源を提供することができる。計器用変圧器へのデジタル技術の統合は、市場拡大の新たな可能性を提供する成長トレンドである。伝統的な顧客には公益企業や電力会社が含まれる。産業施設、データセンター、再生可能エネルギープロジェクトなど、さまざまなタイプの顧客との機会を探ることは、多様化に貢献することができる。EPC（設計・調達・建設）請負業者と提携することは、新たなプロジェクトや顧客を開拓する戦略的アプローチとなり得る。多角化は、企業が景気サイクルや業界特有の変動を乗り切るのに役立つ：製品開発／技術革新：計器用変圧器業界は、製品開発と技術革新に重点を置き、常に進化している。ABB、シーメンス、シュナイダーエレクトリック、ゼネラルエレクトリックといった業界をリードする企業は、変化するニーズや環境問題に対応する新製品ソリューション開発の最前線にいる。計器用変圧器のインテリジェンスを高める傾向は顕著である：市場展開：計器用変圧器市場は、いくつかの促進要因によって牽引されている。世界の電力消費量は2030年までに劇的に増加すると予想され、Stated Policies Scenario（STEPS）では5,900テラワット時（TWh）、Announced Pledges Scenario（APS）では7,000TWh以上の増加が見込まれる。この急増は、米国と欧州連合の現在の需要レベルを合わせたようなものである。先進国では、電気自動車の普及がエネルギー消費増加の主要因であり、2021年の市場シェア約8％から、2030年にはSTEPSで32％、APSで50％超へと大幅に増加する。スマートグリッドは、情報と電力の双方向の移動を促進し、エネルギー使用を最適化し、再生可能エネルギー源の導入を簡素化する。近代化には、重要インフラをサイバー攻撃から守るための通信プロトコルとサイバー防御のアップグレードが必要である。2022年末、欧州委員会は「エネルギーシステムのデジタル化」と名付けられたEU行動計画を発表した。欧州委員会は、2030年までに欧州の電気インフラへの投資総額が約5,840億ユーロ（6,330億米ドル）に達するなど、大幅な拡大を見込んでいる：競合評価：計器用変圧器市場における主要企業の市場プレゼンス、成長戦略、サービス内容を精査するため、包括的な評価を実施した。これらの著名なプレーヤーには、ABB（スイス）、GE（米国）、三菱電機（日本）、シーメンス・エナジー（ドイツ）、シュナイダーエレクトリック（フランス）などが含まれる。この分析では、これらの主要企業の競争上の地位、市場成長を推進するためのアプローチ、計器用変圧器市場内で提供するサービスの範囲について、詳細な洞察を提供します。

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目次

1 INTRODUCTION 44
1.1 STUDY OBJECTIVES 44
1.2 MARKET DEFINITION 44
1.3 INCLUSIONS AND EXCLUSIONS 45
1.3.1 INSTRUMENT TRANSFORMER MARKET, BY TYPE 45
1.3.2 INSTRUMENT TRANSFORMER MARKET, BY A DIELECTRIC MEDIUM 45
1.3.3 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE 45
1.3.4 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE 45
1.3.5 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION 46
1.3.6 INSTRUMENT TRANSFORMER MARKET, BY END USER 46
1.3.7 INSTRUMENT TRANSFORMER MARKET, BY REGION 46
1.4 STUDY SCOPE 47
1.4.1 MARKETS COVERED 47
FIGURE 1 INSTRUMENT TRANSFORMER MARKET SEGMENTATION 47
1.4.2 REGIONAL SCOPE 48
FIGURE 2 COUNTRIES COVERED 48
1.4.3 YEARS CONSIDERED 48
1.5 CURRENCY CONSIDERED 49
1.6 UNITS CONSIDERED 49
1.7 LIMITATIONS 49
1.8 STAKEHOLDERS 49
1.9 SUMMARY OF CHANGES 50
2 RESEARCH METHODOLOGY 51
2.1 RESEARCH DATA 51
FIGURE 3 INSTRUMENT TRANSFORMER MARKET: RESEARCH DESIGN 52
2.2 DATA TRIANGULATION 53
FIGURE 4 DATA TRIANGULATION 53
2.2.1 SECONDARY DATA 54
TABLE 1 LIST OF MAJOR SECONDARY SOURCES 54
2.2.1.1 Key data from secondary sources 54
2.2.2 PRIMARY DATA 55
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 55
2.2.2.1 Key data from primary sources 55
2.2.2.2 Breakdown of primaries 56
FIGURE 5 BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, AND REGION 56
2.3 MARKET SIZE ESTIMATION 57
2.3.1 BOTTOM-UP APPROACH 57
FIGURE 6 INSTRUMENT TRANSFORMER MARKET: BOTTOM-UP APPROACH 57
2.3.2 TOP-DOWN APPROACH 58
FIGURE 7 INSTRUMENT TRANSFORMER MARKET: TOP-DOWN APPROACH 58
2.3.3 DEMAND-SIDE ANALYSIS 59
2.3.4 DEMAND-SIDE METRICS 59
FIGURE 8 METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR INSTRUMENT TRANSFORMERS 59
2.3.5 DEMAND-SIDE ASSUMPTIONS 59
2.3.6 DEMAND-SIDE CALCULATIONS 60
2.3.7 SUPPLY-SIDE ANALYSIS 61
FIGURE 9 METRICS CONSIDERED TO ASSESS SUPPLY OF INSTRUMENT TRANSFORMERS 61
FIGURE 10 INSTRUMENT TRANSFORMER MARKET: SUPPLY-SIDE ANALYSIS 62
2.3.8 SUPPLY-SIDE ASSUMPTIONS 62
2.3.9 SUPPLY-SIDE CALCULATIONS 62
2.3.10 PARAMETERS CONSIDERED TO ANALYZE GROWTH TRENDS 62
2.4 RISK ASSESSMENT 63
2.5 IMPACT OF RECESSION 63
3 EXECUTIVE SUMMARY 64
TABLE 3 INSTRUMENT TRANSFORMER MARKET SNAPSHOT, 2023 VS. 2030 65
FIGURE 11 ASIA PACIFIC DOMINATED INSTRUMENT TRANSFORMER MARKET IN 2022 66
FIGURE 12 CURRENT TRANSFORMERS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 66
FIGURE 13 OUTDOOR ENCLOSURES TO ACCOUNT FOR LARGER MARKET SHARE IN 2023 67
FIGURE 14 DISTRIBUTION SEGMENT TO HOLD LARGEST SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2023 67
FIGURE 15 TRANSFORMER & CIRCUIT BREAKER BUSHING APPLICATION TO LEAD INSTRUMENT TRANSFORMER MARKET IN 2023 68
FIGURE 16 POWER UTILITIES TO LEAD INSTRUMENT TRANSFORMER MARKET THROUGHOUT FORECAST PERIOD 68
FIGURE 17 LIQUID DIELECTRIC INSTRUMENT TRANSFORMERS TO CAPTURE LARGEST MARKET SHARE IN 2023 69
4 PREMIUM INSIGHTS 70
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN INSTRUMENT TRANSFORMER MARKET 70
FIGURE 18 SURGING DEMAND FOR ELECTRICITY TO BOOST ADOPTION OF INSTRUMENT TRANSFORMERS IN COMING YEARS 70
4.2 INSTRUMENT TRANSFORMER MARKET, BY REGION 71
FIGURE 19 INSTRUMENT TRANSFORMER MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 71
4.3 INSTRUMENT TRANSFORMER MARKET IN ASIA PACIFIC, BY ENCLOSURE TYPE AND COUNTRY, 2022 72
FIGURE 20 OUTDOOR SEGMENT AND CHINA ACCOUNTED FOR LARGEST SHARES OF INSTRUMENT TRANSFORMER MARKET IN ASIA PACIFIC IN 2022 72
4.4 INSTRUMENT TRANSFORMER MARKET, BY TYPE 73
FIGURE 21 CURRENT TRANSFORMERS TO HOLD LARGEST SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2030 73
4.5 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE 73
FIGURE 22 OUTDOOR ENCLOSURES TO ACCOUNT FOR LARGER SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2030 73
4.6 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE 74
FIGURE 23 DISTRIBUTION SEGMENT TO CAPTURE LARGEST SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2030 74
4.7 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION 74
FIGURE 24 TRANSFORMER & CIRCUIT BREAKER BUSHING SEGMENT TO DOMINATE INSTRUMENT TRANSFORMER MARKET IN 2030 74
4.8 INSTRUMENT TRANSFORMER MARKET, BY END USER 75
FIGURE 25 POWER UTILITIES SEGMENT LED INSTRUMENT TRANSFORMER MARKET IN 2030 75
4.9 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM 75
FIGURE 26 LIQUID SEGMENT TO LEAD INSTRUMENT TRANSFORMER MARKET IN 2030 75
5 MARKET OVERVIEW 76
5.1 INTRODUCTION 76
TABLE 4 COMPARISON OF CURRENT AND POTENTIAL TRANSFORMERS 76
5.2 MARKET DYNAMICS 77
FIGURE 27 INSTRUMENT TRANSFORMERS: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND THREATS 77
5.2.1 DRIVERS 77
5.2.1.1 Rising demand for electricity 77
TABLE 5 GLOBAL ELECTRICITY DEMAND AND SUPPLY, BY SCENARIO (TWH) 78
5.2.1.2 Strategic focus on grid modernization 79
FIGURE 28 GLOBAL INVESTMENTS IN POWER GRIDS, 2015–2022 80
5.2.1.3 High emphasis on integrating renewable energy sources into power grids 80
FIGURE 29 GLOBAL RENEWABLE ELECTRICITY CAPACITY EXPANSION, 2005–2028 81
5.2.2 RESTRAINTS 81
5.2.2.1 Substantial upfront cost associated with instrument transformers 81
5.2.2.2 Fluctuating raw material prices 82
FIGURE 30 AVERAGE ANNUAL PRICE OF COPPER, 2017–2023 (USD/KG) 82
5.2.3 OPPORTUNITIES 82
5.2.3.1 Growing use of digital technologies and smart sensors in instrument transformers 82
FIGURE 31 CUMULATIVE ENERGY SAVINGS IN BUILDINGS IN SELECTED COUNTRIES, 2017–2040 83
5.2.3.2 Rapid economic development and population growth in emerging markets 83
FIGURE 32 ENERGY INVESTMENTS IN EMERGING MARKETS, BY SOURCE TYPE, 2019 AND 2022 84
5.2.4 CHALLENGES 84
5.2.4.1 Lack of standardized cybersecurity protocols 84
5.2.4.2 Environmental concerns associated with manufacturing, use, and disposal of instrument transformers 85
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 85
5.3.1 TRENDS INFLUENCING CUSTOMER BUSINESS 85
FIGURE 33 TRENDS INFLUENCING CUSTOMER BUSINESS 86
5.4 VALUE CHAIN ANALYSIS 87
FIGURE 34 VALUE CHAIN ANALYSIS: INSTRUMENT TRANSFORMER MARKET 87
5.4.1 RAW MATERIAL SUPPLIERS 87
5.4.2 COMPONENT MANUFACTURERS 87
5.4.3 INSTRUMENT TRANSFORMER MANUFACTURERS 88
5.4.4 DISTRIBUTORS 88
5.4.5 END USERS 88
5.4.6 POST-SALES SERVICE PROVIDERS 88
5.5 ECOSYSTEM ANALYSIS 89
FIGURE 35 INSTRUMENT TRANSFORMER BUSINESS ECOSYSTEM 89
TABLE 6 ROLE OF KEY COMPANIES IN ECOSYSTEM 90
5.6 TECHNOLOGY TRENDS 91
5.6.1 ADOPTION OF DIGITAL AND SMART GRID TECHNOLOGIES 91
5.6.2 USE OF ADVANCED MATERIALS AND 3D PRINTING TECHNOLOGY 91
5.7 PATENT ANALYSIS 92
FIGURE 36 INSTRUMENT TRANSFORMER MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2013–2023 92
TABLE 7 INSTRUMENT TRANSFORMER MARKET: INNOVATIONS AND PATENT REGISTRATIONS, MARCH 2021–DECEMBER 2023 93
5.8 TRADE ANALYSIS 93
5.8.1 IMPORT SCENARIO 93
TABLE 8 IMPORT SCENARIO FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND ) 94
FIGURE 37 IMPORT VALUE OF HS CODE 8504-COMPLIANT PRODUCTS IN TOP 5 COUNTRIES, 2018–2022 (USD THOUSAND) 94
5.8.2 EXPORT SCENARIO 95
TABLE 9 EXPORT SCENARIO FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 95
FIGURE 38 EXPORT VALUE OF HS CODE 8504-COMPLIANT PRODUCTS IN TOP 5 COUNTRIES, 2018–2022 (USD THOUSAND) 96
5.9 KEY CONFERENCES AND EVENTS, 2024–2025 96
TABLE 10 INSTRUMENT TRANSFORMERS MARKET: LIST OF KEY CONFERENCES AND EVENTS 96
5.10 TARIFF AND REGULATORY LANDSCAPE 98
5.10.1 TARIFF ANALYSIS 98
TABLE 11 COUNTRY-WISE IMPORT TARIFF FOR HS CODE 8504-COMPLIANT PRODUCTS, 2022 98
5.10.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 99
TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 99
TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 100
TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 101
TABLE 15 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 102
5.10.3 REGULATORY FRAMEWORK 102
TABLE 16 INSTRUMENT TRANSFORMER MARKET: CODES AND REGULATIONS 102
5.11 PRICING ANALYSIS 104
5.11.1 AVERAGE SELLING PRICE TREND, BY REGION 105
FIGURE 39 AVERAGE SELLING PRICE OF INSTRUMENT TRANSFORMERS, BY REGION, 2019–2030 (USD/UNIT) 105
5.11.2 INDICATIVE PRICING ANALYSIS, BY VOLTAGE 105
5.12 PORTER’S FIVE FORCES ANALYSIS 106
FIGURE 40 INSTRUMENT TRANSFORMER MARKET: PORTER’S FIVE FORCES ANALYSIS 106
TABLE 17 INSTRUMENT TRANSFORMER MARKET: PORTER’S FIVE FORCES ANALYSIS 106
5.12.1 THREAT OF NEW ENTRANTS 106
5.12.2 BARGAINING POWER OF SUPPLIERS 107
5.12.3 BARGAINING POWER OF BUYERS 107
5.12.4 THREAT OF SUBSTITUTES 108
5.12.5 INTENSITY OF COMPETITIVE RIVALRY 108
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 108
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 108
FIGURE 41 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR END USERS 108
TABLE 18 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR END USERS 109
5.13.2 BUYING CRITERIA 109
FIGURE 42 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR END USERS 109
TABLE 19 KEY BUYING CRITERIA FOR END USERS 109
6 INSTRUMENT TRANSFORMER MARKET, BY TYPE 110
6.1 INTRODUCTION 111
FIGURE 43 INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2022 111
TABLE 20 INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 111
TABLE 21 INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 112
6.2 CURRENT 112
6.2.1 ABILITY TO MEASURE CURRENTS WITH HIGH ACCURACY TO BOOST DEMAND 112
TABLE 22 CURRENT: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 112
TABLE 23 CURRENT: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 113
6.3 POTENTIAL 113
6.3.1 UTILIZATION IN METERING, PROTECTION, AND CONTROL OF POWER SYSTEMS TO FUEL SEGMENTAL GROWTH 113
TABLE 24 POTENTIAL: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 113
TABLE 25 POTENTIAL: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 114
6.3.2 INDUCTIVE 114
6.3.3 CAPACITIVE 114
6.4 COMBINED 115
6.4.1 REDUCED TOTAL COST, LOWER MATERIAL COSTS, AND LESS SPACE REQUIREMENT TO ACCELERATE DEMAND 115
TABLE 26 COMBINED: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 115
TABLE 27 COMBINED: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 116
7 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE 117
7.1 INTRODUCTION 118
FIGURE 44 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023 118
TABLE 28 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 118
TABLE 29 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 118
7.2 INDOOR 119
7.2.1 PROTECTION AGAINST ACCIDENTAL CONTACT WITH HAZARDOUS INTERNAL COMPONENTS, DRIPPING WATER, AND FIBERS TO BOOST DEMAND 119
TABLE 30 INDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 119
TABLE 31 INDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 119
7.3 OUTDOOR 120
7.3.1 NEED TO PROTECT TRANSFORMERS FROM HARSH ENVIRONMENTAL CONDITIONS AND POSSIBLE CONTAMINATION TO FUEL DEMAND 120
TABLE 32 OUTDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 120
TABLE 33 OUTDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 120
8 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM 121
8.1 INTRODUCTION 122
FIGURE 45 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023 122
TABLE 34 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 122
TABLE 35 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 123
8.2 LIQUID 123
8.2.1 HIGH-VOLTAGE APPLICATIONS TO DRIVE MARKET 123
TABLE 36 LIQUID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 123
TABLE 37 LIQUID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 124
8.3 SF6 GAS 124
8.3.1 LESS SPACE REQUIREMENTS TO BOOST DEMAND 124
TABLE 38 SF6 GAS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 39 SF6 GAS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 125
8.4 SOLID 125
8.4.1 HIGH MECHANICAL STRENGTH, RESISTANCE TO AGING AND CHEMICAL DEGRADATION, AND LOW MOISTURE ABSORPTION FEATURES TO BOOST DEMAND 125
TABLE 40 SOLID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 125
TABLE 41 SOLID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 126
9 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE 127
9.1 INTRODUCTION 128
FIGURE 46 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023 128
TABLE 42 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 128
TABLE 43 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 129
9.2 DISTRIBUTION 129
9.2.1 NEED FOR ACCURATE MEASUREMENT AND MONITORING OF ELECTRICAL PARAMETERS TO FUEL DEMAND 129
TABLE 44 DISTRIBUTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 129
TABLE 45 DISTRIBUTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 130
9.3 SUB-TRANSMISSION 130
9.3.1 INCREASING USE IN SUBSTATIONS AND SWITCHYARDS OF CAPTIVE POWER PLANTS TO FOSTER SEGMENTAL GROWTH 130
TABLE 46 SUB-TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 130
TABLE 47 SUB-TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 131
9.4 HV TRANSMISSION 131
9.4.1 NEED TO TRANSMIT POWER OVER LONG DISTANCES TO BOOST INSTRUMENT TRANSFORMER DEMAND 131
TABLE 48 HV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 131
TABLE 49 HV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 132
9.5 EHV TRANSMISSION 132
9.5.1 IMPLEMENTATION OF CAPACITIVE POTENTIAL TRANSFORMERS IN EHV TRANSMISSION SYSTEMS TO ACCELERATE MARKET GROWTH 132
TABLE 50 EHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 51 EHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 133
9.6 UHV TRANSMISSION 133
9.6.1 RISING USE OF CAPACITIVE POTENTIAL TRANSFORMERS IN UHV TRANSMISSION GRIDS TO DRIVE MARKET 133
TABLE 52 UHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 133
TABLE 53 UHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 134
10 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION 135
10.1 INTRODUCTION 136
FIGURE 47 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023 136
TABLE 54 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 136
TABLE 55 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 137
10.2 TRANSFORMER & CIRCUIT BREAKER BUSHING 137
10.2.1 IMPROVED PERFORMANCE, RELIABILITY, AND DURABILITY BENEFITS TO DRIVE MARKET 137
TABLE 56 TRANSFORMER & CIRCUIT BREAKER BUSHING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 137
TABLE 57 TRANSFORMER & CIRCUIT BREAKER BUSHING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 138
10.3 SWITCHGEAR ASSEMBLIES 138
10.3.1 INCREASING NEED FOR ACCURATE MONITORING, CONTROL, AND PROTECTION OF ELECTRICAL POWER SYSTEMS TO BOOST DEMAND 138
TABLE 58 SWITCHGEAR ASSEMBLIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 138
TABLE 59 SWITCHGEAR ASSEMBLIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 139
10.4 RELAYING 139
10.4.1 RISING FOCUS OF HEAVY INDUSTRIES ON PROTECTING CRITICAL ELECTRICAL EQUIPMENT TO PROPEL MARKET 139
TABLE 60 RELAYING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 139
TABLE 61 RELAYING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 140
10.5 METERING & PROTECTION 140
10.5.1 SURGING DEMAND FOR PRECISE MEASUREMENT AND MONITORING OF ELECTRICAL PARAMETERS IN POWER SYSTEMS TO DRIVE MARKET 140
TABLE 62 METERING & PROTECTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 141
TABLE 63 METERING & PROTECTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 141
10.6 PRIMARY METERING UNITS 141
10.6.1 PRESSING NEED FOR ACCURATE MEASUREMENT OF HIGH INCOMING VOLTAGE TO BOOST DEMAND 141
TABLE 64 PRIMARY METERING UNITS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 142
TABLE 65 PRIMARY METERING UNITS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 142
11 INSTRUMENT TRANSFORMER MARKET, BY END USER 143
11.1 INTRODUCTION 144
FIGURE 48 INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023 144
TABLE 66 INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 144
TABLE 67 INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 145
11.2 POWER UTILITIES 145
11.2.1 INCREASING FOCUS OF POWER UTILITIES ON EFFICIENT ENERGY MANAGEMENT TO BOOST DEMAND 145
TABLE 68 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 146
TABLE 69 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 146
TABLE 70 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY UTILITY TYPE, 2019–2022 (USD MILLION) 146
TABLE 71 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY UTILITY TYPE, 2023–2030 (USD MILLION) 147
11.3 TRANSMISSION UTILITIES 147
11.3.1 NEED TO TRANSMIT ELECTRICITY OVER LONG DISTANCES WITH MINIMAL POWER LOSSES TO BOOST DEMAND 147
11.4 DISTRIBUTION UTILITIES 148
11.4.1 RISING USE OF INSTRUMENT TRANSFORMERS TO ENSURE ACCURATE MEASUREMENT AND MONITORING OF ELECTRICAL PARAMETERS IN HIGH-VOLTAGE SYSTEMS TO DRIVE MARKET 148
11.5 POWER GENERATION PLANTS 148
11.5.1 INCREASING EMPHASIS ON REFURBISHING AGING POWER INFRASTRUCTURE TO FUEL MARKET GROWTH 148
TABLE 72 POWER GENERATION PLANTS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 149
TABLE 73 POWER GENERATION PLANTS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 149
11.6 RAILWAYS & METROS 149
11.6.1 GROWING INVESTMENTS IN RAIL INFRASTRUCTURE EXPANSION TO BOOST DEMAND 149
TABLE 74 RAILWAYS & METROS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 150
TABLE 75 RAILWAYS & METROS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 150
11.7 INDUSTRIES & OEMS 150
11.7.1 NEED TO PREVENT DAMAGE TO EXPENSIVE MACHINERY IN MANUFACTURING PLANTS TO ACCELERATE DEMAND 150
TABLE 76 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 151
TABLE 77 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY INDUSTRY, 2023–2030 (USD MILLION) 151
TABLE 78 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 151
TABLE 79 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 152
11.7.2 OIL & GAS 152
11.7.3 CEMENT 152
11.7.4 CHEMICALS 153
11.7.5 AUTOMOTIVE 153
11.7.6 INDUSTRIAL MACHINERY 153
12 INSTRUMENT TRANSFORMER MARKET, BY REGION 154
12.1 INTRODUCTION 155
FIGURE 49 INSTRUMENT TRANSFORMER MARKET SHARE, BY REGION, 2023 155
FIGURE 50 ASIA PACIFIC TO WITNESS HIGHEST CAGR IN INSTRUMENT TRANSFORMER MARKET DURING FORECAST PERIOD 156
TABLE 80 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 156
TABLE 81 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 157
TABLE 82 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (THOUSAND UNITS) 157
TABLE 83 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (THOUSAND UNITS) 157
12.2 ASIA PACIFIC 158
12.2.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 158
FIGURE 51 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET SNAPSHOT 159
12.2.2 BY TYPE 159
TABLE 84 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 159
TABLE 85 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 160
12.2.3 BY DIELECTRIC MEDIUM 160
TABLE 86 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 160
TABLE 87 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 160
12.2.4 BY VOLTAGE 161
TABLE 88 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 161
TABLE 89 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 161
12.2.5 BY ENCLOSURE TYPE 161
TABLE 90 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 161
TABLE 91 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 162
12.2.6 BY APPLICATION 162
TABLE 92 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 162
TABLE 93 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 162
12.2.7 BY END USER 163
TABLE 94 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 163
TABLE 95 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 163
12.2.8 BY COUNTRY 163
TABLE 96 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 163
TABLE 97 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 164
12.2.8.1 China 164
12.2.8.1.1 Rising investments in clean energy products to fuel market growth 164
TABLE 98 CHINA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 164
TABLE 99 CHINA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 165
TABLE 100 CHINA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 165
TABLE 101 CHINA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 165
12.2.8.2 India 166
12.2.8.2.1 Government initiatives in electrification projects to stimulate market growth 166
TABLE 102 INDIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 166
TABLE 103 INDIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 167
TABLE 104 INDIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 167
TABLE 105 INDIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 167
12.2.8.3 Japan 168
12.2.8.3.1 Need to upgrade aging infrastructure to boost demand 168
TABLE 106 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 168
TABLE 107 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 168
TABLE 108 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 169
TABLE 109 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 169
12.2.8.4 South Korea 169
12.2.8.4.1 Rapid transition toward renewable energy sources to accelerate demand 169
TABLE 110 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 170
TABLE 111 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 170
TABLE 112 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 171
TABLE 113 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 171
12.2.8.5 Australia 171
12.2.8.5.1 Electrification projects by railway industry to create lucrative opportunities for instrument transformer manufacturers 171
TABLE 114 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 172
TABLE 115 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 172
TABLE 116 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 173
TABLE 117 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 173
12.2.8.6 Rest of Asia Pacific 173
TABLE 118 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 174
TABLE 119 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 174
TABLE 120 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 174
TABLE 121 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 175
12.3 EUROPE 175
12.3.1 RECESSION IMPACT ON MARKET IN EUROPE 175
FIGURE 52 EUROPE: INSTRUMENT TRANSFORMER MARKET SNAPSHOT 176
12.3.2 BY TYPE 176
TABLE 122 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 176
TABLE 123 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 177
12.3.3 BY DIELECTRIC MEDIUM 177
TABLE 124 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 177
TABLE 125 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 177
12.3.4 BY VOLTAGE 178
TABLE 126 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 178
TABLE 127 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 178
12.3.5 BY ENCLOSURE TYPE 178
TABLE 128 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 178
TABLE 129 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 179
12.3.6 BY APPLICATION 179
TABLE 130 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 179
TABLE 131 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 179
12.3.7 BY END USER 180
TABLE 132 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 180
TABLE 133 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 180
12.3.8 BY COUNTRY 180
TABLE 134 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 180
TABLE 135 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 181
12.3.8.1 Germany 181
12.3.8.1.1 Significant focus on expanding grid infrastructure and power transmission network to drive market 181
TABLE 136 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 182
TABLE 137 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 182
TABLE 138 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 182
TABLE 139 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 183
12.3.8.2 UK 183
12.3.8.2.1 Increasing focus on renewable energy sources to propel market 183
TABLE 140 UK: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 183
TABLE 141 UK: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 184
TABLE 142 UK: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 184
TABLE 143 UK: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 184
12.3.8.3 France 185
12.3.8.3.1 Smart grid development projects to provide growth opportunities 185
TABLE 144 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 185
TABLE 145 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 185
TABLE 146 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 186
TABLE 147 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 186
12.3.8.4 Spain 186
12.3.8.4.1 Prominent presence of international players, including ABB, GE, and Siemens, to stimulate demand 186
TABLE 148 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 187
TABLE 149 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 187
TABLE 150 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 187
TABLE 151 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 188
12.3.8.5 Sweden 188
12.3.8.5.1 Rapid transition toward smart grid technology to boost demand 188
TABLE 152 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 189
TABLE 153 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 189
TABLE 154 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 189
TABLE 155 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 190
12.3.8.6 Norway 190
12.3.8.6.1 Growing focus on improving hydropower expertise to fuel market growth 190
TABLE 156 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 190
TABLE 157 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 191
TABLE 158 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 191
TABLE 159 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 191
12.3.8.7 Russia 192
12.3.8.7.1 Geopolitical tensions to impact market growth 192
TABLE 160 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 192
TABLE 161 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 193
TABLE 162 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 193
TABLE 163 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 193
12.3.8.8 Rest of Europe 194
TABLE 164 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 194
TABLE 165 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 194
TABLE 166 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 195
TABLE 167 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 195
12.4 NORTH AMERICA 195
12.4.1 BY TYPE 196
TABLE 168 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 196
TABLE 169 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 196
12.4.2 BY DIELECTRIC MEDIUM 196
TABLE 170 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 196
TABLE 171 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 197
12.4.3 BY VOLTAGE 197
TABLE 172 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 197
TABLE 173 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 197
12.4.4 BY ENCLOSURE TYPE 198
TABLE 174 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 198
TABLE 175 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 198
12.4.5 BY APPLICATION 198
TABLE 176 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 198
TABLE 177 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 199
12.4.6 BY END USER 199
TABLE 178 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 199
TABLE 179 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 199
12.4.7 BY COUNTRY 200
TABLE 180 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 200
TABLE 181 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 200
12.4.7.1 US 200
12.4.7.1.1 Pressing need to shift from aging coal-fired power plants to gas-fired flexible power plants to boost demand 200
TABLE 182 US: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 201
TABLE 183 US: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 201
TABLE 184 US: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 201
TABLE 185 US: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 202
12.4.7.2 Canada 202
12.4.7.2.1 Growing implementation of captive power plants to stimulate market growth 202
TABLE 186 CANADA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 202
TABLE 187 CANADA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 203
TABLE 188 CANADA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 203
TABLE 189 CANADA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 203
12.4.7.3 Mexico 204
12.4.7.3.1 Increasing investments in power infrastructure to boost demand 204
TABLE 190 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 204
TABLE 191 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 204
TABLE 192 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 205
TABLE 193 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 205

　

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Summary

The global market for instrument transformers is on a trajectory to reach USD 10.6 billion by 2030, a notable increase from the estimated USD 7.1 billion in 2023, with a steady CAGR of 5.8% spanning the period from 2023 to 2030. Instrument transformers are devices used in electrical power systems to measure voltage and current. They play a crucial role in ensuring the safe and accurate monitoring, protection, and control of power systems. There are three main types of instrument transformers: current transformers (CTs) and voltage transformers (VTs), also known as potential transformers (PTs), and combined instrument transformers. CTs are used to step down high currents in power systems to levels suitable for measurement and protection devices. They provide a proportional current output that is a fraction of the primary current, allowing safe and accurate measurement and protection of the power system. VTs step down high voltages in power systems to levels suitable for measurement and protection devices. Similar to CTs, VTs provide a scaled-down voltage output that accurately represents the primary voltage. This voltage is used for various purposes, including metering, protective relaying, and control systems. Instrument transformers are crucial for providing accurate voltage and current measurements for billing and monitoring purposes. They play a vital role in power system protection by providing signals for protective relays, which can detect and isolate faults or abnormal conditions in the system. The scaled-down signals from instrument transformers are often used in control systems to maintain the desired operating conditions in the power system. Instrument transformers are used in various applications, including power generation, transmission, distribution, and industrial systems.“Liquid dielectric, by dielectric medium, to be largest growing market from 2023 to 2030.”Liquid dielectric transformers are required to control the unpredictable and intermittent nature of renewable power generation as it becomes a larger part of the global energy mix. Increased investments in the global power industry, particularly in emerging nations, help to expand transmission and distribution networks, which boosts the need for liquid dielectric transformers. The growing awareness of energy efficiency is driving the development of liquid dielectric transformers with better insulating materials and design, which reduces energy losses during power transmission. These are the drivers responsible for the growth of liquid dielectric segment. “Power utilities segment, by End-User, to be the largest market from 2023 to 2030.”Transformers are required for efficient power distribution as the emphasis shifts toward renewable energy sources such as solar and wind. These transformers are critical components in integrating renewable energy into existing power systems. Many countries are investing in modernizing their old electricity infrastructure to increase reliability and efficiency. Transformers play an important role in modernizing energy transmission by increasing efficiency. Transformer demand is being driven by increased investment in power transmission projects, particularly in emerging countries. Transformers are vital for effectively transporting power across great distances.“Europe to be second-largest region in instrument transformers market.” In 2022, Europe secured the second-largest position in the instrument transformers market, holding a share of 26.4% with a market valuation of USD 1,832.1 million. The European instrument transformers market is further divided by country, including the UK, Germany, France, Italy, Spain, Sweden, Norway, Russia, and the Rest of Europe.Smart grid deployment in Europe is a strategic endeavor aiming at transforming existing power distribution networks via the integration of innovative technology for increased efficiency and responsiveness. Smart grids use digital connectivity and real-time monitoring to improve the intelligence of the electrical grid. Smart grids allow for thorough data collecting and analysis. Instrument transformers in a smart grid are outfitted with sensors and communication capabilities that offer real-time data on voltage, current, and other vital characteristics. This data is then used to precisely monitor the electrical network. Europe's emphasis on integrating regional power networks through various initiatives opens up potential for instrument transformer deployment to ensure flawless power transfer. Interconnection initiatives seek to link the electrical networks of various areas across Europe. This connection enables the pooling of power resources, which balances supply and demand and improves overall grid stability. By integrating power infrastructure, Europe may improve its electrical supply dependability. In the case of a power outage or interruption in one location, linked networks can assist by transferring power from places with excess electricity.Breakdown of Primaries: In-depth interviews with key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, were conducted to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The primary interviews were distributed as follows:By Company Type: Tier 1-41%, Tier 2-37%, and Tier 3-22%By Designation: C-Level-44%, D-Level-31%, and Others-25%By Region: North America–32%, Europe–21%, Asia Pacific–26%, South America–5% and Middle East–11% and Africa–5%.Note: “Others” includes sales managers, marketing managers, product managers, and engineersThe tiers of the companies are defined based on their total revenue as of 2021: Tier 1: >USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:

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Table of Contents

1 INTRODUCTION 44
1.1 STUDY OBJECTIVES 44
1.2 MARKET DEFINITION 44
1.3 INCLUSIONS AND EXCLUSIONS 45
1.3.1 INSTRUMENT TRANSFORMER MARKET, BY TYPE 45
1.3.2 INSTRUMENT TRANSFORMER MARKET, BY A DIELECTRIC MEDIUM 45
1.3.3 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE 45
1.3.4 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE 45
1.3.5 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION 46
1.3.6 INSTRUMENT TRANSFORMER MARKET, BY END USER 46
1.3.7 INSTRUMENT TRANSFORMER MARKET, BY REGION 46
1.4 STUDY SCOPE 47
1.4.1 MARKETS COVERED 47
FIGURE 1 INSTRUMENT TRANSFORMER MARKET SEGMENTATION 47
1.4.2 REGIONAL SCOPE 48
FIGURE 2 COUNTRIES COVERED 48
1.4.3 YEARS CONSIDERED 48
1.5 CURRENCY CONSIDERED 49
1.6 UNITS CONSIDERED 49
1.7 LIMITATIONS 49
1.8 STAKEHOLDERS 49
1.9 SUMMARY OF CHANGES 50
2 RESEARCH METHODOLOGY 51
2.1 RESEARCH DATA 51
FIGURE 3 INSTRUMENT TRANSFORMER MARKET: RESEARCH DESIGN 52
2.2 DATA TRIANGULATION 53
FIGURE 4 DATA TRIANGULATION 53
2.2.1 SECONDARY DATA 54
TABLE 1 LIST OF MAJOR SECONDARY SOURCES 54
2.2.1.1 Key data from secondary sources 54
2.2.2 PRIMARY DATA 55
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 55
2.2.2.1 Key data from primary sources 55
2.2.2.2 Breakdown of primaries 56
FIGURE 5 BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, AND REGION 56
2.3 MARKET SIZE ESTIMATION 57
2.3.1 BOTTOM-UP APPROACH 57
FIGURE 6 INSTRUMENT TRANSFORMER MARKET: BOTTOM-UP APPROACH 57
2.3.2 TOP-DOWN APPROACH 58
FIGURE 7 INSTRUMENT TRANSFORMER MARKET: TOP-DOWN APPROACH 58
2.3.3 DEMAND-SIDE ANALYSIS 59
2.3.4 DEMAND-SIDE METRICS 59
FIGURE 8 METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR INSTRUMENT TRANSFORMERS 59
2.3.5 DEMAND-SIDE ASSUMPTIONS 59
2.3.6 DEMAND-SIDE CALCULATIONS 60
2.3.7 SUPPLY-SIDE ANALYSIS 61
FIGURE 9 METRICS CONSIDERED TO ASSESS SUPPLY OF INSTRUMENT TRANSFORMERS 61
FIGURE 10 INSTRUMENT TRANSFORMER MARKET: SUPPLY-SIDE ANALYSIS 62
2.3.8 SUPPLY-SIDE ASSUMPTIONS 62
2.3.9 SUPPLY-SIDE CALCULATIONS 62
2.3.10 PARAMETERS CONSIDERED TO ANALYZE GROWTH TRENDS 62
2.4 RISK ASSESSMENT 63
2.5 IMPACT OF RECESSION 63
3 EXECUTIVE SUMMARY 64
TABLE 3 INSTRUMENT TRANSFORMER MARKET SNAPSHOT, 2023 VS. 2030 65
FIGURE 11 ASIA PACIFIC DOMINATED INSTRUMENT TRANSFORMER MARKET IN 2022 66
FIGURE 12 CURRENT TRANSFORMERS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 66
FIGURE 13 OUTDOOR ENCLOSURES TO ACCOUNT FOR LARGER MARKET SHARE IN 2023 67
FIGURE 14 DISTRIBUTION SEGMENT TO HOLD LARGEST SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2023 67
FIGURE 15 TRANSFORMER & CIRCUIT BREAKER BUSHING APPLICATION TO LEAD INSTRUMENT TRANSFORMER MARKET IN 2023 68
FIGURE 16 POWER UTILITIES TO LEAD INSTRUMENT TRANSFORMER MARKET THROUGHOUT FORECAST PERIOD 68
FIGURE 17 LIQUID DIELECTRIC INSTRUMENT TRANSFORMERS TO CAPTURE LARGEST MARKET SHARE IN 2023 69
4 PREMIUM INSIGHTS 70
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN INSTRUMENT TRANSFORMER MARKET 70
FIGURE 18 SURGING DEMAND FOR ELECTRICITY TO BOOST ADOPTION OF INSTRUMENT TRANSFORMERS IN COMING YEARS 70
4.2 INSTRUMENT TRANSFORMER MARKET, BY REGION 71
FIGURE 19 INSTRUMENT TRANSFORMER MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 71
4.3 INSTRUMENT TRANSFORMER MARKET IN ASIA PACIFIC, BY ENCLOSURE TYPE AND COUNTRY, 2022 72
FIGURE 20 OUTDOOR SEGMENT AND CHINA ACCOUNTED FOR LARGEST SHARES OF INSTRUMENT TRANSFORMER MARKET IN ASIA PACIFIC IN 2022 72
4.4 INSTRUMENT TRANSFORMER MARKET, BY TYPE 73
FIGURE 21 CURRENT TRANSFORMERS TO HOLD LARGEST SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2030 73
4.5 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE 73
FIGURE 22 OUTDOOR ENCLOSURES TO ACCOUNT FOR LARGER SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2030 73
4.6 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE 74
FIGURE 23 DISTRIBUTION SEGMENT TO CAPTURE LARGEST SHARE OF INSTRUMENT TRANSFORMER MARKET IN 2030 74
4.7 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION 74
FIGURE 24 TRANSFORMER & CIRCUIT BREAKER BUSHING SEGMENT TO DOMINATE INSTRUMENT TRANSFORMER MARKET IN 2030 74
4.8 INSTRUMENT TRANSFORMER MARKET, BY END USER 75
FIGURE 25 POWER UTILITIES SEGMENT LED INSTRUMENT TRANSFORMER MARKET IN 2030 75
4.9 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM 75
FIGURE 26 LIQUID SEGMENT TO LEAD INSTRUMENT TRANSFORMER MARKET IN 2030 75
5 MARKET OVERVIEW 76
5.1 INTRODUCTION 76
TABLE 4 COMPARISON OF CURRENT AND POTENTIAL TRANSFORMERS 76
5.2 MARKET DYNAMICS 77
FIGURE 27 INSTRUMENT TRANSFORMERS: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND THREATS 77
5.2.1 DRIVERS 77
5.2.1.1 Rising demand for electricity 77
TABLE 5 GLOBAL ELECTRICITY DEMAND AND SUPPLY, BY SCENARIO (TWH) 78
5.2.1.2 Strategic focus on grid modernization 79
FIGURE 28 GLOBAL INVESTMENTS IN POWER GRIDS, 2015–2022 80
5.2.1.3 High emphasis on integrating renewable energy sources into power grids 80
FIGURE 29 GLOBAL RENEWABLE ELECTRICITY CAPACITY EXPANSION, 2005–2028 81
5.2.2 RESTRAINTS 81
5.2.2.1 Substantial upfront cost associated with instrument transformers 81
5.2.2.2 Fluctuating raw material prices 82
FIGURE 30 AVERAGE ANNUAL PRICE OF COPPER, 2017–2023 (USD/KG) 82
5.2.3 OPPORTUNITIES 82
5.2.3.1 Growing use of digital technologies and smart sensors in instrument transformers 82
FIGURE 31 CUMULATIVE ENERGY SAVINGS IN BUILDINGS IN SELECTED COUNTRIES, 2017–2040 83
5.2.3.2 Rapid economic development and population growth in emerging markets 83
FIGURE 32 ENERGY INVESTMENTS IN EMERGING MARKETS, BY SOURCE TYPE, 2019 AND 2022 84
5.2.4 CHALLENGES 84
5.2.4.1 Lack of standardized cybersecurity protocols 84
5.2.4.2 Environmental concerns associated with manufacturing, use, and disposal of instrument transformers 85
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 85
5.3.1 TRENDS INFLUENCING CUSTOMER BUSINESS 85
FIGURE 33 TRENDS INFLUENCING CUSTOMER BUSINESS 86
5.4 VALUE CHAIN ANALYSIS 87
FIGURE 34 VALUE CHAIN ANALYSIS: INSTRUMENT TRANSFORMER MARKET 87
5.4.1 RAW MATERIAL SUPPLIERS 87
5.4.2 COMPONENT MANUFACTURERS 87
5.4.3 INSTRUMENT TRANSFORMER MANUFACTURERS 88
5.4.4 DISTRIBUTORS 88
5.4.5 END USERS 88
5.4.6 POST-SALES SERVICE PROVIDERS 88
5.5 ECOSYSTEM ANALYSIS 89
FIGURE 35 INSTRUMENT TRANSFORMER BUSINESS ECOSYSTEM 89
TABLE 6 ROLE OF KEY COMPANIES IN ECOSYSTEM 90
5.6 TECHNOLOGY TRENDS 91
5.6.1 ADOPTION OF DIGITAL AND SMART GRID TECHNOLOGIES 91
5.6.2 USE OF ADVANCED MATERIALS AND 3D PRINTING TECHNOLOGY 91
5.7 PATENT ANALYSIS 92
FIGURE 36 INSTRUMENT TRANSFORMER MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2013–2023 92
TABLE 7 INSTRUMENT TRANSFORMER MARKET: INNOVATIONS AND PATENT REGISTRATIONS, MARCH 2021–DECEMBER 2023 93
5.8 TRADE ANALYSIS 93
5.8.1 IMPORT SCENARIO 93
TABLE 8 IMPORT SCENARIO FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND ) 94
FIGURE 37 IMPORT VALUE OF HS CODE 8504-COMPLIANT PRODUCTS IN TOP 5 COUNTRIES, 2018–2022 (USD THOUSAND) 94
5.8.2 EXPORT SCENARIO 95
TABLE 9 EXPORT SCENARIO FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 95
FIGURE 38 EXPORT VALUE OF HS CODE 8504-COMPLIANT PRODUCTS IN TOP 5 COUNTRIES, 2018–2022 (USD THOUSAND) 96
5.9 KEY CONFERENCES AND EVENTS, 2024–2025 96
TABLE 10 INSTRUMENT TRANSFORMERS MARKET: LIST OF KEY CONFERENCES AND EVENTS 96
5.10 TARIFF AND REGULATORY LANDSCAPE 98
5.10.1 TARIFF ANALYSIS 98
TABLE 11 COUNTRY-WISE IMPORT TARIFF FOR HS CODE 8504-COMPLIANT PRODUCTS, 2022 98
5.10.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 99
TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 99
TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 100
TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 101
TABLE 15 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 102
5.10.3 REGULATORY FRAMEWORK 102
TABLE 16 INSTRUMENT TRANSFORMER MARKET: CODES AND REGULATIONS 102
5.11 PRICING ANALYSIS 104
5.11.1 AVERAGE SELLING PRICE TREND, BY REGION 105
FIGURE 39 AVERAGE SELLING PRICE OF INSTRUMENT TRANSFORMERS, BY REGION, 2019–2030 (USD/UNIT) 105
5.11.2 INDICATIVE PRICING ANALYSIS, BY VOLTAGE 105
5.12 PORTER’S FIVE FORCES ANALYSIS 106
FIGURE 40 INSTRUMENT TRANSFORMER MARKET: PORTER’S FIVE FORCES ANALYSIS 106
TABLE 17 INSTRUMENT TRANSFORMER MARKET: PORTER’S FIVE FORCES ANALYSIS 106
5.12.1 THREAT OF NEW ENTRANTS 106
5.12.2 BARGAINING POWER OF SUPPLIERS 107
5.12.3 BARGAINING POWER OF BUYERS 107
5.12.4 THREAT OF SUBSTITUTES 108
5.12.5 INTENSITY OF COMPETITIVE RIVALRY 108
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 108
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 108
FIGURE 41 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR END USERS 108
TABLE 18 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR END USERS 109
5.13.2 BUYING CRITERIA 109
FIGURE 42 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR END USERS 109
TABLE 19 KEY BUYING CRITERIA FOR END USERS 109
6 INSTRUMENT TRANSFORMER MARKET, BY TYPE 110
6.1 INTRODUCTION 111
FIGURE 43 INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2022 111
TABLE 20 INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 111
TABLE 21 INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 112
6.2 CURRENT 112
6.2.1 ABILITY TO MEASURE CURRENTS WITH HIGH ACCURACY TO BOOST DEMAND 112
TABLE 22 CURRENT: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 112
TABLE 23 CURRENT: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 113
6.3 POTENTIAL 113
6.3.1 UTILIZATION IN METERING, PROTECTION, AND CONTROL OF POWER SYSTEMS TO FUEL SEGMENTAL GROWTH 113
TABLE 24 POTENTIAL: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 113
TABLE 25 POTENTIAL: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 114
6.3.2 INDUCTIVE 114
6.3.3 CAPACITIVE 114
6.4 COMBINED 115
6.4.1 REDUCED TOTAL COST, LOWER MATERIAL COSTS, AND LESS SPACE REQUIREMENT TO ACCELERATE DEMAND 115
TABLE 26 COMBINED: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 115
TABLE 27 COMBINED: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 116
7 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE 117
7.1 INTRODUCTION 118
FIGURE 44 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023 118
TABLE 28 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 118
TABLE 29 INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 118
7.2 INDOOR 119
7.2.1 PROTECTION AGAINST ACCIDENTAL CONTACT WITH HAZARDOUS INTERNAL COMPONENTS, DRIPPING WATER, AND FIBERS TO BOOST DEMAND 119
TABLE 30 INDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 119
TABLE 31 INDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 119
7.3 OUTDOOR 120
7.3.1 NEED TO PROTECT TRANSFORMERS FROM HARSH ENVIRONMENTAL CONDITIONS AND POSSIBLE CONTAMINATION TO FUEL DEMAND 120
TABLE 32 OUTDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 120
TABLE 33 OUTDOOR: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 120
8 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM 121
8.1 INTRODUCTION 122
FIGURE 45 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023 122
TABLE 34 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 122
TABLE 35 INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 123
8.2 LIQUID 123
8.2.1 HIGH-VOLTAGE APPLICATIONS TO DRIVE MARKET 123
TABLE 36 LIQUID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 123
TABLE 37 LIQUID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 124
8.3 SF6 GAS 124
8.3.1 LESS SPACE REQUIREMENTS TO BOOST DEMAND 124
TABLE 38 SF6 GAS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 39 SF6 GAS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 125
8.4 SOLID 125
8.4.1 HIGH MECHANICAL STRENGTH, RESISTANCE TO AGING AND CHEMICAL DEGRADATION, AND LOW MOISTURE ABSORPTION FEATURES TO BOOST DEMAND 125
TABLE 40 SOLID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 125
TABLE 41 SOLID: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 126
9 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE 127
9.1 INTRODUCTION 128
FIGURE 46 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023 128
TABLE 42 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 128
TABLE 43 INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 129
9.2 DISTRIBUTION 129
9.2.1 NEED FOR ACCURATE MEASUREMENT AND MONITORING OF ELECTRICAL PARAMETERS TO FUEL DEMAND 129
TABLE 44 DISTRIBUTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 129
TABLE 45 DISTRIBUTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 130
9.3 SUB-TRANSMISSION 130
9.3.1 INCREASING USE IN SUBSTATIONS AND SWITCHYARDS OF CAPTIVE POWER PLANTS TO FOSTER SEGMENTAL GROWTH 130
TABLE 46 SUB-TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 130
TABLE 47 SUB-TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 131
9.4 HV TRANSMISSION 131
9.4.1 NEED TO TRANSMIT POWER OVER LONG DISTANCES TO BOOST INSTRUMENT TRANSFORMER DEMAND 131
TABLE 48 HV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 131
TABLE 49 HV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 132
9.5 EHV TRANSMISSION 132
9.5.1 IMPLEMENTATION OF CAPACITIVE POTENTIAL TRANSFORMERS IN EHV TRANSMISSION SYSTEMS TO ACCELERATE MARKET GROWTH 132
TABLE 50 EHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 51 EHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 133
9.6 UHV TRANSMISSION 133
9.6.1 RISING USE OF CAPACITIVE POTENTIAL TRANSFORMERS IN UHV TRANSMISSION GRIDS TO DRIVE MARKET 133
TABLE 52 UHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 133
TABLE 53 UHV TRANSMISSION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 134
10 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION 135
10.1 INTRODUCTION 136
FIGURE 47 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023 136
TABLE 54 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 136
TABLE 55 INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 137
10.2 TRANSFORMER & CIRCUIT BREAKER BUSHING 137
10.2.1 IMPROVED PERFORMANCE, RELIABILITY, AND DURABILITY BENEFITS TO DRIVE MARKET 137
TABLE 56 TRANSFORMER & CIRCUIT BREAKER BUSHING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 137
TABLE 57 TRANSFORMER & CIRCUIT BREAKER BUSHING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 138
10.3 SWITCHGEAR ASSEMBLIES 138
10.3.1 INCREASING NEED FOR ACCURATE MONITORING, CONTROL, AND PROTECTION OF ELECTRICAL POWER SYSTEMS TO BOOST DEMAND 138
TABLE 58 SWITCHGEAR ASSEMBLIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 138
TABLE 59 SWITCHGEAR ASSEMBLIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 139
10.4 RELAYING 139
10.4.1 RISING FOCUS OF HEAVY INDUSTRIES ON PROTECTING CRITICAL ELECTRICAL EQUIPMENT TO PROPEL MARKET 139
TABLE 60 RELAYING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 139
TABLE 61 RELAYING: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 140
10.5 METERING & PROTECTION 140
10.5.1 SURGING DEMAND FOR PRECISE MEASUREMENT AND MONITORING OF ELECTRICAL PARAMETERS IN POWER SYSTEMS TO DRIVE MARKET 140
TABLE 62 METERING & PROTECTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 141
TABLE 63 METERING & PROTECTION: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 141
10.6 PRIMARY METERING UNITS 141
10.6.1 PRESSING NEED FOR ACCURATE MEASUREMENT OF HIGH INCOMING VOLTAGE TO BOOST DEMAND 141
TABLE 64 PRIMARY METERING UNITS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 142
TABLE 65 PRIMARY METERING UNITS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 142
11 INSTRUMENT TRANSFORMER MARKET, BY END USER 143
11.1 INTRODUCTION 144
FIGURE 48 INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023 144
TABLE 66 INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 144
TABLE 67 INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 145
11.2 POWER UTILITIES 145
11.2.1 INCREASING FOCUS OF POWER UTILITIES ON EFFICIENT ENERGY MANAGEMENT TO BOOST DEMAND 145
TABLE 68 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 146
TABLE 69 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 146
TABLE 70 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY UTILITY TYPE, 2019–2022 (USD MILLION) 146
TABLE 71 POWER UTILITIES: INSTRUMENT TRANSFORMER MARKET, BY UTILITY TYPE, 2023–2030 (USD MILLION) 147
11.3 TRANSMISSION UTILITIES 147
11.3.1 NEED TO TRANSMIT ELECTRICITY OVER LONG DISTANCES WITH MINIMAL POWER LOSSES TO BOOST DEMAND 147
11.4 DISTRIBUTION UTILITIES 148
11.4.1 RISING USE OF INSTRUMENT TRANSFORMERS TO ENSURE ACCURATE MEASUREMENT AND MONITORING OF ELECTRICAL PARAMETERS IN HIGH-VOLTAGE SYSTEMS TO DRIVE MARKET 148
11.5 POWER GENERATION PLANTS 148
11.5.1 INCREASING EMPHASIS ON REFURBISHING AGING POWER INFRASTRUCTURE TO FUEL MARKET GROWTH 148
TABLE 72 POWER GENERATION PLANTS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 149
TABLE 73 POWER GENERATION PLANTS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 149
11.6 RAILWAYS & METROS 149
11.6.1 GROWING INVESTMENTS IN RAIL INFRASTRUCTURE EXPANSION TO BOOST DEMAND 149
TABLE 74 RAILWAYS & METROS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 150
TABLE 75 RAILWAYS & METROS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 150
11.7 INDUSTRIES & OEMS 150
11.7.1 NEED TO PREVENT DAMAGE TO EXPENSIVE MACHINERY IN MANUFACTURING PLANTS TO ACCELERATE DEMAND 150
TABLE 76 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 151
TABLE 77 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY INDUSTRY, 2023–2030 (USD MILLION) 151
TABLE 78 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 151
TABLE 79 INDUSTRIES & OEMS: INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 152
11.7.2 OIL & GAS 152
11.7.3 CEMENT 152
11.7.4 CHEMICALS 153
11.7.5 AUTOMOTIVE 153
11.7.6 INDUSTRIAL MACHINERY 153
12 INSTRUMENT TRANSFORMER MARKET, BY REGION 154
12.1 INTRODUCTION 155
FIGURE 49 INSTRUMENT TRANSFORMER MARKET SHARE, BY REGION, 2023 155
FIGURE 50 ASIA PACIFIC TO WITNESS HIGHEST CAGR IN INSTRUMENT TRANSFORMER MARKET DURING FORECAST PERIOD 156
TABLE 80 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (USD MILLION) 156
TABLE 81 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (USD MILLION) 157
TABLE 82 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2019–2022 (THOUSAND UNITS) 157
TABLE 83 INSTRUMENT TRANSFORMER MARKET, BY REGION, 2023–2030 (THOUSAND UNITS) 157
12.2 ASIA PACIFIC 158
12.2.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 158
FIGURE 51 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET SNAPSHOT 159
12.2.2 BY TYPE 159
TABLE 84 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 159
TABLE 85 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 160
12.2.3 BY DIELECTRIC MEDIUM 160
TABLE 86 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 160
TABLE 87 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 160
12.2.4 BY VOLTAGE 161
TABLE 88 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 161
TABLE 89 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 161
12.2.5 BY ENCLOSURE TYPE 161
TABLE 90 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 161
TABLE 91 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 162
12.2.6 BY APPLICATION 162
TABLE 92 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 162
TABLE 93 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 162
12.2.7 BY END USER 163
TABLE 94 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 163
TABLE 95 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 163
12.2.8 BY COUNTRY 163
TABLE 96 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 163
TABLE 97 ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 164
12.2.8.1 China 164
12.2.8.1.1 Rising investments in clean energy products to fuel market growth 164
TABLE 98 CHINA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 164
TABLE 99 CHINA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 165
TABLE 100 CHINA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 165
TABLE 101 CHINA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 165
12.2.8.2 India 166
12.2.8.2.1 Government initiatives in electrification projects to stimulate market growth 166
TABLE 102 INDIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 166
TABLE 103 INDIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 167
TABLE 104 INDIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 167
TABLE 105 INDIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 167
12.2.8.3 Japan 168
12.2.8.3.1 Need to upgrade aging infrastructure to boost demand 168
TABLE 106 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 168
TABLE 107 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 168
TABLE 108 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 169
TABLE 109 JAPAN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 169
12.2.8.4 South Korea 169
12.2.8.4.1 Rapid transition toward renewable energy sources to accelerate demand 169
TABLE 110 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 170
TABLE 111 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 170
TABLE 112 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 171
TABLE 113 SOUTH KOREA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 171
12.2.8.5 Australia 171
12.2.8.5.1 Electrification projects by railway industry to create lucrative opportunities for instrument transformer manufacturers 171
TABLE 114 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 172
TABLE 115 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 172
TABLE 116 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 173
TABLE 117 AUSTRALIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 173
12.2.8.6 Rest of Asia Pacific 173
TABLE 118 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 174
TABLE 119 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 174
TABLE 120 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 174
TABLE 121 REST OF ASIA PACIFIC: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 175
12.3 EUROPE 175
12.3.1 RECESSION IMPACT ON MARKET IN EUROPE 175
FIGURE 52 EUROPE: INSTRUMENT TRANSFORMER MARKET SNAPSHOT 176
12.3.2 BY TYPE 176
TABLE 122 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 176
TABLE 123 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 177
12.3.3 BY DIELECTRIC MEDIUM 177
TABLE 124 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 177
TABLE 125 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 177
12.3.4 BY VOLTAGE 178
TABLE 126 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 178
TABLE 127 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 178
12.3.5 BY ENCLOSURE TYPE 178
TABLE 128 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 178
TABLE 129 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 179
12.3.6 BY APPLICATION 179
TABLE 130 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 179
TABLE 131 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 179
12.3.7 BY END USER 180
TABLE 132 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 180
TABLE 133 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 180
12.3.8 BY COUNTRY 180
TABLE 134 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 180
TABLE 135 EUROPE: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 181
12.3.8.1 Germany 181
12.3.8.1.1 Significant focus on expanding grid infrastructure and power transmission network to drive market 181
TABLE 136 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 182
TABLE 137 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 182
TABLE 138 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 182
TABLE 139 GERMANY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 183
12.3.8.2 UK 183
12.3.8.2.1 Increasing focus on renewable energy sources to propel market 183
TABLE 140 UK: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 183
TABLE 141 UK: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 184
TABLE 142 UK: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 184
TABLE 143 UK: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 184
12.3.8.3 France 185
12.3.8.3.1 Smart grid development projects to provide growth opportunities 185
TABLE 144 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 185
TABLE 145 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 185
TABLE 146 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 186
TABLE 147 FRANCE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 186
12.3.8.4 Spain 186
12.3.8.4.1 Prominent presence of international players, including ABB, GE, and Siemens, to stimulate demand 186
TABLE 148 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 187
TABLE 149 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 187
TABLE 150 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 187
TABLE 151 SPAIN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 188
12.3.8.5 Sweden 188
12.3.8.5.1 Rapid transition toward smart grid technology to boost demand 188
TABLE 152 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 189
TABLE 153 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 189
TABLE 154 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 189
TABLE 155 SWEDEN: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 190
12.3.8.6 Norway 190
12.3.8.6.1 Growing focus on improving hydropower expertise to fuel market growth 190
TABLE 156 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 190
TABLE 157 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 191
TABLE 158 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 191
TABLE 159 NORWAY: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 191
12.3.8.7 Russia 192
12.3.8.7.1 Geopolitical tensions to impact market growth 192
TABLE 160 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 192
TABLE 161 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 193
TABLE 162 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 193
TABLE 163 RUSSIA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 193
12.3.8.8 Rest of Europe 194
TABLE 164 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 194
TABLE 165 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 194
TABLE 166 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 195
TABLE 167 REST OF EUROPE: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 195
12.4 NORTH AMERICA 195
12.4.1 BY TYPE 196
TABLE 168 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 196
TABLE 169 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 196
12.4.2 BY DIELECTRIC MEDIUM 196
TABLE 170 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2019–2022 (USD MILLION) 196
TABLE 171 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY DIELECTRIC MEDIUM, 2023–2030 (USD MILLION) 197
12.4.3 BY VOLTAGE 197
TABLE 172 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2019–2022 (USD MILLION) 197
TABLE 173 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY VOLTAGE, 2023–2030 (USD MILLION) 197
12.4.4 BY ENCLOSURE TYPE 198
TABLE 174 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2019–2022 (USD MILLION) 198
TABLE 175 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY ENCLOSURE TYPE, 2023–2030 (USD MILLION) 198
12.4.5 BY APPLICATION 198
TABLE 176 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 198
TABLE 177 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 199
12.4.6 BY END USER 199
TABLE 178 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2019–2022 (USD MILLION) 199
TABLE 179 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY END USER, 2023–2030 (USD MILLION) 199
12.4.7 BY COUNTRY 200
TABLE 180 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 200
TABLE 181 NORTH AMERICA: INSTRUMENT TRANSFORMER MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 200
12.4.7.1 US 200
12.4.7.1.1 Pressing need to shift from aging coal-fired power plants to gas-fired flexible power plants to boost demand 200
TABLE 182 US: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 201
TABLE 183 US: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 201
TABLE 184 US: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 201
TABLE 185 US: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 202
12.4.7.2 Canada 202
12.4.7.2.1 Growing implementation of captive power plants to stimulate market growth 202
TABLE 186 CANADA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 202
TABLE 187 CANADA: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 203
TABLE 188 CANADA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 203
TABLE 189 CANADA: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 203
12.4.7.3 Mexico 204
12.4.7.3.1 Increasing investments in power infrastructure to boost demand 204
TABLE 190 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2019–2022 (USD MILLION) 204
TABLE 191 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY TYPE, 2023–2030 (USD MILLION) 204
TABLE 192 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 205
TABLE 193 MEXICO: INSTRUMENT TRANSFORMER MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 205

　

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