Instrument Transformer Market Segmentation:
Type Segment Analysis
The current transformer segment is estimated to gain the largest market share over the projected time frame, attributed to the increasing utilization of metering and protection in industries, power grids, control rooms, power plants, and switch gears. The increasing reduction of high voltage power for indoor uses and for safety determination in a current transmission line is estimated to fuel the market growth as per the market analysis. The rising demand for electricity with the rising population across the world is anticipated to drive market growth. And increasing consumption of electricity with the growing adoption of electronic devices, smartphones, televisions, and air conditioners owing to disposable income and rising living standards is estimated to have a positive impact on the overall market growth. Electricity consumption increased by 5% in the year 2021 with an over 4.5% decline in the year 2020 as per the estimations across the world.
End-user Segment Analysis
The utility segment is expected to garner a significant share. The increasing number of households and rising residential and commercial buildings is estimated to drive the segment growth in the coming years, attributed to the rising number of hospitals, educational institutions, and organizations across the world. The number of hospitals in the United States as per the estimations in 2022 was estimated to be more than 6000. The electricity used in these cases needs to be low voltage current that requires the utility transformer to step down the high voltage which rises the demand for utility transformers in residential areas. Also, the growing onsite power generation technologies along with the smart control networking is estimated to have a positive impact on market growth.
Our in-depth analysis of the global market includes the following segments:
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