The global instrument transformers market is projected to grow to reach USD 9.06 billion by 2022, growing at a CAGR of 4.35%, from estimated USD 7.32 billion in 2017. The major drivers of the instrument transformers market include refurbishment of aging power infrastructure, increasing emphasis on alternative energy production across the globe, and huge investments in smart grids and energy systems.
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The market in the Middle East is estimated to be the fastest growing for instrument transformers from 2017 to 2022. This region is undergoing rapid electricity infrastructure development to maintain the demand-supply balance. Moreover, countries such as the UAE are investing heavily in diversifying their energy mix and are trying to tap into renewable sources. Qatar is set to be the host of the FIFA World Cup 2022 and the country needs to upgrade its infrastructure. The process of upgradation would create substantial opportunities for the suppliers of instrument transformers. Furthermore, increasing government investments in the economic and infrastructure growth are expected to boost the Middle Eastern instrument transformers market. The tremendous surge in energy demand, precipitated by the ongoing infrastructure development activities for the Dubai Expo 2020, would also drive the growth of the regional market.
The market in Saudi Arabia is expected to be the fastest in the Middle East for instrument transformers, during the forecast period. The government of Saudi Arabia is planning to restructure the country’s electricity network and has proposed to increase its electricity generating capacity to 120 GW, by 2032 to meet the rapidly growing electricity demand. The Saudi Electricity Company (SEC) plans to reduce its electricity generation from crude oil by switching to natural gas. The country also plans to add 41 GW of solar power, 18 GW of nuclear power, and 4 GW from other renewable sources to increase its generation capacity. Apart from the above-mentioned factors, the demand for instrument transformers in Saudi Arabia is driven by the increasing need for safe transmission, growing number of offshore wind projects, and rising number of underground transmission projects.
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The report segments the instrument transformers market, by application, into transformer and circuit breaker bushing, switchgear assemblies, relaying, and metering and protection. The switchgear assemblies segment is expected to grow at the highest CAGR during the forecast period.
The instrument transformers market, by voltage, is segmented into distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. The ultra-high voltage transmission segment is expected to grow at the highest CAGR during the forecast period.
The instrument transformers market, by type, is segmented into current transformers, inductive potential transformers, capacitive potential transformers, and combined instrument transformers. The capacitive potential transformer segment is expected to grow at the highest CAGR during the forecast period.
The instrument transformers market, by end-user, is segmented into power transmission utilities, power distribution utilities, power generation, railways and metros, and industries and OEMs. The power utilities segment is expected to grow at the highest CAGR during the forecast period.
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Companies, such as ABB (Switzerland), Schneider Electric (France), GE (US), and Siemens (Germany) could benefit from investing in emerging economies as there is an increase in expenditure on industrial activities in these markets. Along with it the power infrastructure in the developing countries are either old or have not been modernized, which is likely to provide opportunities for the instrument transformer companies.