Instrument Transformer Market Size to grow at CAGR of 7.43% To 2023
As per the research by Market Research Future Reports (MRFR), the global instrument transformer market size is estimated to value 64, 5149 million by 2023 with a CAGR of 7.43% during the review period. The rising transmission & distribution infrastructure investments are likely to be the most significant factor in expanding the global transformer market 2020. The market is estimated to be a very dynamic market is estimated to display exponential growth during the forecast period. The constant developments made in the renewable energy sector is another factor that propels the market. The expansion of the market can be acknowledged to transformer systems operations, which is a very effective transmission and distribution equipment. The market is highly fragmented and witnessed a very competitive environment. The market players adopt several tactics to sustain market pressure. Mergers and acquisition, partnership are few of the most used tactic. On the other hand, the expansion of the market can be hindered by the high capital cost of the transformer, and the hesitation of implementation among the authority.
However, Due to the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report.
The global instruments transformer market can be classified on the basis of power rating, cooling type, insulation, type, end-user, and the region.
On the basis of power rating, the global instruments transformer market can be classified into distribution voltage, sub-transmission voltage, high voltage transmission, and extra high voltage transmission.
On the basis of enclosure type, the global instrument transformer market can be classified into indoor transformers and outdoor transformers.
On the basis of end-user, the global instrument transformer market can be classified into industries & O.E.M.s, power utilities, and others.
On the basis of region, the global instrument transformer market trends can be classified into Asia-Pacific, North America, Europe, and the Rest of the World (RoW).
The geographical analysis of Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the APAC region dominates the market. To upgrade the existing distribution infrastructure to meet the increasing demand for electricity will result in the augmentation during the forecast period. The emerging economies of the APAC region like India, China, Japan, and Australia are the most significant markets in the APAC region. Among all, China acquires the largest market share due to rapid urbanization and industrial development. Besides, the APAC region is experiencing a rapid rise in population, economic growth, which are leading to market expansion in the region. The second position is attained by Europe. It is estimated to experience exponential growth during the forecast period. The industrial growth, the aging infrastructure are the major reason for regional growth. On the other hand, North America also plays a significant role in expanding the market. It is estimated to make significant participation during the forecast period. Among all, the U.S. is dominating the market in the North American region. The country is estimated to acquire the largest market share due to rapid industrialization and urbanization.
The global forefront players of the instrument transformer are S.P.X. Transformer Solutions, Inc. (U.S.A). Siemens Ltd. (Germany), ABB Group (Switzerland), General Electric Company (U.S.A.), Toshiba Corporation (Japan), Crompton Greaves Ltd. (India), Hyundai Heavy Industries Co., Ltd. (South Korea), Hyosung Corporation (South Korea), Mitsubishi Electric Corporation (Japan), Rakesh Transformer Industries Pvt. Ltd (India), Bharat Heavy Electricals Limited (India), JSHP Transformers (China), Transformers & Rectifiers Ltd (India), Synergy Transformers (India), and P.M.E. Power Solutions Limited (India).
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