PUBLISHER: The Business Research Company | PRODUCT CODE: 1650487
PUBLISHER: The Business Research Company | PRODUCT CODE: 1650487
Instrument transformers are highly precise electrical devices used to isolate or convert voltage and current levels. They play a crucial role in facilitating the safe and accurate measurement of voltage and current in high voltage or high current circuits, while simultaneously safeguarding secondary control circuits from exposure to these elevated levels.
The primary types of instrument transformers encompass current transformers, potential transformers, and combined instrument transformers. These transformers are available in indoor and outdoor enclosure variants and are designed to handle various voltage levels, including distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. Instrument transformers find applications in relaying, switchgear assemblies, metering, and protection systems, among others. They are deployed across different sectors including power utilities, power generation, various industries, as well as Original Equipment Manufacturers (OEMs).
The instrument transformers market research report is one of a series of new reports from The Business Research Company 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.
The instrument transformers market size has grown strongly in recent years. It will grow from $9.1 billion in 2024 to $9.58 billion in 2025 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to electrical grid expansion, grid reliability, renewable energy integration, digitization, industrial and commercial infrastructure.
The instrument transformers market size is expected to see strong growth in the next few years. It will grow to $13.27 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to electric vehicle charging infrastructure, environmental sustainability, energy efficiency, diagnostics and condition monitoring, rapid urbanization. Major trends in the forecast period include digital instrument transformers, compact and lightweight design, wideband and high-frequency transformers, renewable energy integration, iot and connectivity.
The instrument transformers market is poised for substantial growth, driven by a surge in electricity demand anticipated in the coming years. As a vital form of energy utilized for heating, lighting, and powering machinery, electricity demand is projected to escalate even further due to factors such as rising household incomes, increased electrification of transportation and heating systems, a growing demand for digitally connected devices, and heightened use of air conditioning. Instrument transformers, specialized devices for measuring current and voltage while keeping measurement and control equipment isolated from the primary circuit, play a crucial role in this scenario. For example, according to the World Energy Outlook, global electricity demand is projected to grow by 2.1% annually until 2040, which is twice the rate of primary energy growth. As a consequence, the share of electricity in the overall final energy demand is expected to increase by 24% by 2040. Thus, the mounting electricity demand is a key driver propelling the growth of the instrument transformers market.
The escalating demand for renewable energy sources is set to be a significant driver for the instrument transformers market. Renewable energy resources, which offer sustainable and environmentally friendly alternatives to traditional fossil fuels, rely on instrument transformers for various aspects of electrical power generation, transmission, distribution, and voltage conversion. For instance, as of June 2023, renewable energy consumption in the United States increased from 12.1 quads in 2021 to 13.2 quads in 2022, according to the Energy Information Administration. This uptick underscores the crucial role of instrument transformers in supporting the growth of renewable energy sources.
Leading companies in the instrument transformer market are concentrating on developing advanced protection solutions, such as transformers equipped with transient voltage protection technology, to improve system reliability and protect against voltage spikes. These transformers are specifically designed to safeguard electrical systems by reducing voltage surges and enhancing the overall reliability of the equipment. For instance, in November 2023, Hitachi Energy, a Switzerland-based company specializing in advanced technologies and services for power transmission, distribution, and renewable energy solutions, introduced liquid-filled transformers featuring transient voltage protection (TVP) technology. Transformers with Transient Voltage Protection (TVP) Technology are intended to prevent premature failures caused by transient voltages during electrical network switching. This advanced protection guarantees reliability for both transformers and downstream equipment, and is adaptable to various network configurations and switching frequencies. Originally proven in dry-type transformers, TVP technology is now being applied to liquid-filled transformers, boosting performance in critical sectors such as data centers and renewable energy.
The innovation remains a focal point for major companies in the instrument transformers market, with a focus on products like cycloaliphatic cast resin instrument transformers. Launched by Straton Electricals Pvt. Ltd. in June 2023, these transformers are designed to withstand extreme temperature fluctuations and harsh environmental conditions. Crafted from materials like cycloaliphatic epoxy resin, they offer exceptional insulation properties and high resistance to moisture, chemicals, and other environmental factors.
In October 2024, Power Grid Components Inc., a US-based supplier of electrical equipment, acquired Vizimax Inc. for an undisclosed sum. This acquisition is intended to expand Power Grid Components Inc.'s reach both in North America and globally, leveraging Vizimax's diverse presence in the international market. By incorporating Vizimax's specialized solutions, PGC will strengthen its capability to provide reliable, safe, and secure electrical grid solutions, in line with its core mission. Vizimax Inc. is a Canadian company dedicated to developing innovative instrument transformers and electrical monitoring solutions for power distribution systems.
Major companies operating in the instrument transformers market include ABB Ltd., Arteche Group, Bharat Heavy Electricals Limited., CG Power and Industrial Solutions Ltd., General Electric company., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, Amran Inc., Eaton Corporation plc., EMEK Group, Nissin Electric Co. Ltd., PFIFFNER Instrument Transformers Pvt. Ltd., PME Power Solutions Ltd., Rakesh Transformer Industries Pvt. Ltd., Synergy Transformers Pvt. Ltd., RITZ Instrument Transformers GmbH, KONCAR Group, Instrument Transformers Limited, KOTSONS Pvt. Ltd., BVM Technologies Pvt. Ltd., AEM Components (India) Pvt. Ltd., Crompton Greaves Ltd., J&D Electronics Co. Ltd., Kappa Electricals Pvt Ltd., Kries-Energietechnik GmbH, MBS AG, Ruhstrat GmbH, SGB-SMIT Group, TBEA Co. Ltd.
Asia-Pacific was the largest region in the instrument transformers market in 2024. 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, the Middle East, and Africa.
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 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.
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.
Instrument Transformers Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on instrument transformers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for instrument transformers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The instrument transformers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.