Instrument Transformers Market Size

Instrument Transformers Market Size

Instrument Transformers Market size exceeded USD 4.3 billion in 2023 and is projected to expand at over 8.3% CAGR from 2024 to 2032. The rising electricity demand owing to rapid urbanization globally has established measures to ensure grid stability, which in turn, will boost the market growth.

Elevating infrastructural fund allocation for the installation of potential and efficient monitoring & control of power T&D systems will accelerate the business dynamics. Moreover, sustainable growth in the economies coupled with changing lifestyles and rising living standards have further instilled an upsurge in peak load demand that will augment the product deployment. Global dry type transformer industry is likely to cross USD 34 Billion by 2032.
 

The COVID-19 crisis has hampered the overall instrument transformers market operations globally as the pandemic resulted in ceased manufacturing operations, manpower shortages, and disruptions in supply chain networks. However, the upliftment of several restrictive protocols by the respective governments for global movement together with the introduction of numerous vaccination drives has preceded the business operations back to normalcy. In addition, the need for electricity supply during emergencies across healthcare & critical energy generation facilities has positively stimulated the industry dynamics.