Instrument Transformers Market: Introduction
In terms of value, the global instrument transformers market is anticipated to expand at a CAGR of 5.5% from 2020 to 2030 and cross a value of US$ 12 Bn by 2030. Asia Pacific led the global instrument transformers market in 2019, in terms of demand. This trend is anticipated to continue between 2020 and 2030. Rise in investment in smart grids, including digitization of substations, smart meters and microgrid technologies, is a key factor that is estimated to boost the global instrument transformers market in the near future. Instrument transformers play a vital role in power distribution and transmission network. The expansion of the renewable power generation capacity across the globe is estimated to drive the global instrument transformers market during the forecast period.
Request For Brochure :
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=35303
Instrument Transformers Market: Key Drivers and Restraints
Of late, power generation and distribution companies have been investing significantly in the modernization of grids. According to a study published by the International Society for Performance Improvement (ISPI), global investments in grid technologies, data intelligence, and digital services stood at US$ 35 Bn in 2018. Smart meters, EV charging stations, and digital substations accounted for the highest growth areas. Rise in investment in modernization of the aging power grid is anticipated to drive the global instrument transformers market. Increase in emphasis on alternative energy production and surge in the cross-border electricity trade across the globe are other trends that are augmenting the demand for instrument transformers. The installation of new gas insulated substations (GIS) and the renovation of existing air insulated substations (AIS) with GIS are also key factors projected to propel the instrument transformers market during the forecast period.
Request the Corona Virus impact analysis:
https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=35303
The complexity of activities associated with power transmission and distribution projects, including feasibility studies, project approvals, tendering & contracts, land development, design, foundation work, erection and installation, commissioning, and handover to the operations team, often lead to delay in projects. Delay in grid expansion projects is expected to restrain the global instrument transformers market during the forecast period.
Buy Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=35303<ype=S
The COVID-19 pandemic is likely to result in further delays in power projects. Governments of countries across the world are imposing new regulations to amend private and public power sector contracts in response to the pandemic. For instance, in March 2020, Brazil's Ministry of Mines and Energy announced the indefinite postponement of its energy generation and transmission auctions.
Instrument Transformers Market: Prominent End Users
Based on end use, the global instrument transformers market can be broadly classified into power & distribution industry, railways & metros, industrial, commercial, and others. The power & distribution industry is likely to be prime end user of the global instrument transformers market by 2030. Aging energy generation and distribution infrastructure is one of the major challenges faced by developed countries. The implementation of grid modernization initiatives by several economies has resulted in improved grid reliability, resiliency, and system efficiency. Trends such as modernization of power grid, electrification of rural areas and Tier3 cities, and development of smart cities are expected to boost the demand for instrument transformers in the near future.
Get Trending Report: https://www.prnewswire.com/news-releases/monoethylene-glycol-market-to-expand-at-cagr-of-6-1-during-forecast-period-notes-tmr-study-301467746.html
About Us
Transparency Market Research is a market intelligence company, providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/