Instrument Transformers Market

Instrument Transformers Market Analysis, By Product (Current, Potential), By Winding (Two Winding, Auto Transformer), By Cooling (Dry Type, Oil Immersed), By Insulation (Gas, Oil, Solid, Air), By Rating , By Mounting , Application & Region - Global Market Insights 2022-2032

Analysis of Instrument Transformers Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Instrument Transformers Market Outlook

The instrument transformers market is valued to be worth USD 3.18 billion for 2022, and during the forecast period it is anticipated to grow at a CAGR of 6%.

In 2032, the market for instrument transformers is expected to be worth USD 5.69 billion.

In order to ensure grid stability in light of the world's expanding urbanization, steps have been put in place, which leads to higher demand for instrument transformers.

The installation of effective power T&D monitoring and control systems is likely to hasten the company dynamics by increasing infrastructure fund allocation.

Additionally, as a result of changing lifestyles and improving living standards, as well as sustained economic growth, there is an increase in peak load demand that speeds up the product rollout.

The expansion of alternative energy programs, the upgrading of deteriorating power infrastructure, and large expenditures in smart grids and energy systems are the main factors driving the global adoption of instrument transformers.

The global market is boosted by an increase in the demand for electricity and growing worries about grid stability. An increase in interest in rural electrification in tandem with the repair of the current grid network is due to the authorities' assistance in including an effective monitoring and protection system.

Thus, rising end-user peak electricity demand and increasing grid complexity throughout the electric infrastructure drive the global instrument transformers market growth.

The development of smart transformers is anticipated to be fueled by government initiatives, as well as a boom in corporate investments towards the creation of smart grids in recent years.

During the assessment period, this is anticipated to have a direct impact on the expansion of the global market. Smart transformers are becoming more popular as a result of their advantageous characteristics, which include minimal greenhouse gas emissions and a considerable reduction in power usage.

Report Attributes


Market Size in 2022

USD 3.18 billion

Projected Market Value in 2032

USD 5.69 billion

Global Market Growth Rate


> 66 kV Market Growth


Asia Pacific Market CAGR


Key Companies Profiled

  • GE, ABB, Eaton,
  • Hitachi Energy Ltd.
  • Siemens Energy
  • Instrument Transformer Equipment Corporation, Inc.
  • Instrument Transformers Limited
  • CG Power & Industrial Solutions Ltd.
  • Mitsubishi Electric Corporation
  • Schneider Electric
  • Amran, Inc.
  • Mehru
  • Ritz Instruments Transformers

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Smart Transformers Lead the Future of the Instrument Transformers Market

During the projected period, technological developments are anticipated to have a significant impact on the instrument transformers market's growth. According to current trends, dry-type transformers and smart transformers with advanced technology are gradually replacing conventional oil-filled transformers.

Since ester-filled transformers have superior fire resistance, dependability, and biodegradability properties, the trend toward smart transformer technologies is predicted to fuel demand for instrument transformers during the assessment period.

Moreover, ester-filled transformers have gradually become quite popular in the industrial sector due to their capacity to shield machinery from thermal overload and increase the transmission system's overall stability.

Segmentation Analysis

Why are Oil Immersed Instrument Transformers Popular in the Market?

Due to their superior overload capability and efficient cooling capacity to reduce hot spot temperatures, the market for oil-immersed instrument transformers is expected to expand. When compared to comparable products, the effective insulation and dielectric strength have improved product deployment.

The primary criteria supporting product acceptance are the broad application across high voltage components, along with cost competitiveness. Due to their operating flexibility and higher voltage output in crucial applications throughout commercial and utility electrical networks, the units have seen substantial advancement.

The industry has seen a significant uptick in the use of air and gas-insulated instrument transformers, due to their reliable and secure operation and adaptability in terms of application.

The products haven't reached technological maturity, though, which has prevented product penetration due to the comparably higher cost compliances. A favorable industry outlook has been established by the absence of efficient and sustainable energy infrastructure in developing and underdeveloped countries, as well as a tendency to the expansion of prevalent networks.

Additionally, the adoption of cutting-edge technology items and the integration of smart systems have promoted instrument transformers market expansion.

Major Revenue Contributor- >66kV Instrument Transformers Expansion

A 6% growth rate is predicted for the > 66 kV instrument transformers market by 2032. The market is likely to increase as attitudes toward the intelligent integration of control units across utility businesses change.

Moreover, the regulatory environment is improved by schemes, tax breaks, and favorable regulatory changes that encourage the installation of environmentally friendly electrical equipment. Additionally, continuing industry participant efforts in R&D to improve material density, strength, and durability have a favorable impact on demand for instrument transformers.

Due to the numerous uses in the infrastructure sectors of power, commerce, and small-scale industry, together with the rising need for energy, the 33 kV instrument transformer segment is expected to expand.

Instrument transformers with a voltage of 33 kV are widely accepted as a result of the ongoing integration of smart energy grid networks and substantial advancements in the commercial and industrial sectors.

Additionally, network outages affecting residential, commercial, and industrial establishments, frequent power outages, and the integration of renewable technologies into the grid is raising the popularity of the instrument transformers.

Which Application has the Greatest Potential in the Instrument Transformers Industry?

The generation, transmission, and distribution of electrical energy are all part of the power utility sector. Instrument transformers are employed in these systems primarily for measurement, equipment protection, and powering protective relays, since power utility devices are susceptible to damage from changes in power quality.

Instrument transformers are utilized for revenue metering in measuring applications. For secondary equipment like meters, protection relays, bay computers, and other devices, they give precise and dependable current and voltage measurements.

Commercial and residential applications have shown multiple opportunities in the market. The primary criteria supporting product acceptance are the broad application across high voltage components, along with cost competitiveness.

Due to their operating flexibility and higher voltage output in crucial applications throughout commercial and utility electrical networks, the units have seen substantial advancement.

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Country-wise Analysis

North America Outlook

In 2021, the North American instrument transformers market generated more than USD 420 million in revenue. Due to increased funding for the construction of long-distance energy networks, the local sector has seen a rise in adoption of instrument transformers.

How is the US performing in the Instrument Transformers Market?

The provision of reliable, inexpensive power is a top priority for regulators, and this concern guides the reforms and policies implemented.

  • The US government has implemented rules and incentive programs to better conventional electrical networks in rural areas and integrate sustainable resources.
  • The expansion of the power generation and transmission industries in the US and Mexico is the main factor driving market share in this area.
  • The need to increase the current power generating and transmission capacity is a result of the rising demand for electricity brought on by the expanding population and industries.

How Europe Instrument Transformers Market Create Scope for Further Development in the Market?

The market for instrumental transformation in Europe is showing signs of a number of trends, including an increase in industry consolidation. The need to attain economies of scale, the ambition to enter new markets, and the requirement to invest in new technology are just a few of the driving forces behind this.

As the industry consolidates around a smaller number of major players, this consolidation is likely to continue in the future. The growing significance of technology is a further trend that can be seen in the European instrumental transformation market. The ambition to enter new markets, as well as the need to increase productivity and efficiency, are driving the market.

As a result, more attention is being paid to the creation of novel technologies that can assist to increase the effectiveness of the manufacturing process, such as 3D printing. The instrumental transformation market in Europe does, however, encounter some difficulties. The requirement to adhere to a variety of regulations, which can differ from country to country, is one of the largest hurdles.

How Asia Pacific Contributes to the Instrument Transformers Market?

Asia Pacific instrument transformers are expected to grow 5.3% during the forecast period. In 2019, the instrument transformers market was dominated by Asia Pacific. Over the following two decades, it is anticipated that power demand in Asia and the Pacific would treble.

By 2030, it is predicted that the region got more than 50% of all new power plant investments made worldwide. This suggests that the market for instrument transformers has a lot of potential.

China's Market Share is likely to increase due to new initiatives

2020 saw China spend approximately USD 26.8 billion on 14 UHV projects, including six ultra-HVDC transmission line projects, a back-to-back converter station, and seven ultra-HVAC transmission projects, in order to expand its UHV infrastructure.

The Australia-Asia PowerLink project, a massive solar link between Australia and Singapore, was approved by Indonesia in September 2021. The massive USD 22 billion project uses high-voltage undersea cables to transport solar-generated electricity 5000 km through Indonesian waters to Singapore.

During the forecast period, the demand for instrument transformers is anticipated to be driven by new transmission projects in developing markets like Asia-Pacific.

Comparative View of Adjacent Instrument Transformers Market

Instrument Transformers Market :


Instrument Transformers Market




Market Value


USD 5.69 billion

Growth Factor

The improvement of living standards and shifting lifestyles are fueling industry expansion.


Installation of powerful energy T&D monitoring and control systems is probably going to speed up business dynamics.

Key Trends

Advanced technology dry-type transformers and smart transformers are rapidly opening up new business opportunities.

Industrial Control Transformers Market :


Industrial Control Transformers Market




Market Value


USD 14,2014.4 Million

Growth Factor

Growing industry energy consumption fuels market demand.


The existence of numerous industrial control transformer firms is likely to accelerate market expansion.

Key Trends

The high adoption rate brought on by government initiatives expanding the possibility for growth in the ensuing years

Glass Testing Instruments Market :


Glass Testing Instruments Market




Market Value


USD 2.72 billion

Growth Factor

Growth is attributed to an increase in the use of glass testing tools by glass suppliers and construction companies.


The glass manufacturing and glass packaging sectors are anticipated to significantly benefit the global market for glass testing equipment.

Key Trends

The development of new testing methods for glass is likely to raise market demand throughout the forecast years.

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Competitive Landscape

Manufacturers must produce items that satisfy customer's needs, even if the instrument transformation market rivalry is largely controlled by the manufacturers and suppliers. Manufacturers and providers of instruments must be aware of consumer needs and offer a range of goods.

Before making a purchase, clients should also be aware of the state of the market and make the best product selections based on their own requirements.

Recent Developments :

  • General Electric Company and Elvia, one of Norway's major DSOs, entered into a contract in September 2021 for the delivery of a new substation in Heggedal, close to Oslo.
    • The new substation is also expected to be the first project for a digital substation.
    • It is anticipated to have online digital monitoring, SF6 free gas-insulated switchgear, and a process bus with digital instrument transformers.
  • The + 800kV, 6000 MW ultra-high voltage direct current (UHVDC) link between the Western (Chhattisgarh) and Southern (Tamil Nadu) grids in India was successfully implemented, according to an announcement made by Bharat Heavy Electricals Limited (BHEL) in September 2021.
    • In addition, according to BHEL, it contributed to the project by providing thyristor valves from its electronic division in Bengaluru and instrument transformers, converter transformers, filter bank capacitors, and shunt reactors from its Bhopal facility.
  • Mitsubishi Electric Corp announced the creation of the first optical receiver for use in laser communication terminals in May 2022. It has a lot of capacity and quick optical communications in space.
  • Schneider Electric introduced the first self-destructing antiviral switches in India in March 2021. It has been tested to international standards and is powered by Silver Ion technology, which has a 99.9% germ-killing efficiency.

Key segments

  • By Product :

    • Current
    • Potential
  • By Winding :

    • Two Winding
    • Auto Transformer
  • By Cooling :

    • Dry Type
    • Oil Immersed
  • By Insulation :

    • Gas
    • Oil
    • Solid
    • Air
    • Others
  • By Rating :

    • ≤ 33 kV
    • > 33 kV to ≤ 66 kV
    • > 66 kV
  • By Mounting :

    • Pad
    • Pole
    • Others
  • By Application :

    • Residential
    • Commercial & Industrial
    • Utility
  • By Region :

    • North America
    • Latin America
    • Asia Pacific
    • MEA
    • Europe

- FAQs -

How is the Instrument Transformers Market Growing?

The instrument transformation market is predicted to grow at a CAGR of 6% through 2032.

Which Region Holds the Highest Revenue Potential in the Instrument Transformers Market?

North America instrument transformation market holds the highest revenue potential.

What is the Current Instrument Transformers Market Size?

The instrument transformation market size is currently anticipated to be over USD 3.18 billion.

What is the Future Scope of Growth for the Instrument Transformers Market?

The instrument transformation market is expected to surpass USD 5.69 billion by 2032.

Instrument Transformers Market

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