Instrument transformers have gained wide acceptance in the energy and power space over the past few years on account of the growing deployment of smart grid networks and the proliferation of smart monitoring devices. Manufacturers of instrument transformers have been actively investing in research and development to come up with innovative and more efficient solutions.
ABB, Siemens, Toshiba, Mitsubishi Electric, Raychem RPG, Eaton, Instrument Transformer Equipment Corporation, and General Electric are some of the prominent companies constituting global instrument transformers industry. These companies frequently adopt growth and expansion strategies, including mergers, acquisition, and collaborations, to gain a competitive edge. For instance, Industrial Transformer Equipment Corporation was acquired by Power Grid Component in April 2018.
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As per a research report by Global Market Insights, Inc., global instrument transformer market size is slated to surpass an annual valuation of US$8 billion by 2025. Following are some of the most crucial trends driving the industry forecast in the near future.
- Current transformers to witness substantial demand
Current transformers have increasingly gained traction in recent years on account of their ability to integrate high primary currents into a compact system. These transformers are highly reliable and efficient when it comes to measurement and protection electrical infrastructure. Ongoing technological developments to enhance performance and ensure operational feasibility will certainly propel their demand in the upcoming years.
In addition, superior electric properties of current transformers have increased their application potential in digitalization as it allows flexible configuration. Manufacturers are constantly investing in research and development to design cost-effective and energy solutions, which will foster overall business growth.
- Growing deployment of ≤250 kV instrument transformers
In terms of the voltage rating, ≤250 kV instrument transformers segment was estimated to be worth more than US$900 million in 2018. The equipment is experiencing a strong demand across utility and infrastructure sectors, which can be linked with a surging demand for electricity.
These transformers are poised to witness rapid adoption in the forthcoming years, driven by the deployment of smart grid infrastructure and integration of sustainable technologies into grid networks. The deployment of ≤250 kV instrument transformers will also be driven by frequent network fluctuations and power interruptions across residential and commercial establishments.
- Refurbishment of transmission & distribution networks
Rapid urbanization and industrial development over the past decade have significantly propelled power demand. Many countries are focusing on the renovation and refurbishment of existing transmission and distribution networks. Consequently, instrument transformers, which serve as a critical component in transmission and distribution systems, are poised to witness notable demand in the future.
Energy and power companies are consistently looking to implement energy-efficient and reliable components into transmission and distribution systems. A large number of manufacturers are expected to shift from existing technologies to more digitized monitoring and control systems in the foreseeable future.
Instrument transformers are anticipated to play a central role in the deployment of a reliable and energy-efficient electrical infrastructure in the future. Manufacturers are exploring ways to enhance equipment accuracy and precision to ensure regular current and voltage volatility across sustainable energy solutions.
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