The global instrument transformers market size was estimated at US$ 6.9 billion in 2020. The global instrument transformers market is projected to reach US$13.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2021 to 2030. Instrument transformers are electrical devices that alter or isolate current. The appliances measure an electric parameter in AC (alternate current) systems. These parameters include current, voltage, energy, power factor, and frequency. Moreover, an instrument transformer can efficiently work even under high levels of stress in all climatic conditions.
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Increasing renewable power plants worldwide would fuel the growth of the global instrument transformers market.
Governments of various developing and underdeveloped nations have been focusing on extending the power grid and including rural areas in the project. Such initiatives are forecast to accelerate the market growth during the analysis period. Africa has been witnessing poor electricity connectivity. The authorities of the nation have introduced various roadmaps for the grid to its remote locations. In addition, Power Africa, a US-led project, is anticipated to provide 30 GW of power by 2030. The initiative will provide electricity to around 60 million households.
The installation of the instrument transformers would increase with the expansion or construction of new distribution and transmission networks. In 2018, transmission network investments were around 100 billion dollars, compared to 70 billion dollars in 2012. Furthermore, investment is likely to increase in the coming years, particularly in developing and impoverished countries. With a US$ 5 billion investment and the potential to generate two million households in Southern Virginia, the Atlantic Wind Connection project will be one of the prominent transmission projects in the world in the future. As a result, the global instrument transformers market would grow during the analysis period.
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Due to the onset of COVID-19 impact, governments of various countries have restricted the movement of goods & individuals. The companies, in turn, had to halt operations of production. As a result, it slowed down the necessity for electricity across the world. U.S. Energy Information Administration (EIA) indicates that electricity consumption in the United States decreased by 4.6% during the pandemic period.
Asia-Pacific held the maximum market share in 2020 and is forecast to lead during the analysis period. The growing population has led to rapidly rising power consumption in the region. As a result, government initiatives to enhance power generation capacity would drive the growth of the global instrument transformers market.
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