Instrument Transformer Market Share

APAC Market Statistics

The Asia Pacific instrument transformer market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing demand for electricity, backed by rapid development in the countries, such as India, China, Japan, and others. In other statistics by the IEA, in the year 2019, electricity consumption in China registered 6523 TWh. Further, India and Japan registered 1311 TWh and 928 TWh respectively. Also, the growing number of railway and metro projects is estimated to drive market growth. Further, the rising growth in the renewable energy sectors with high voltage potential is anticipated to drive the market growth in the coming years.

North American Market Forecast

The market in the North American region is estimated to witness modest growth over the forecast period on the back of changing structure of the power sector in developed countries, such as the U.S., along with the growing adoption of smart grids in the region. Moreover, increasing investment in the power sector is estimated to boost market growth. Rising investments in power plants and electricity generators and storage power stations are also estimated to have a positive impact on market growth.

Europe Market Forecast

Increasing electrification and rising electrical grids in the European region is expected to fuel market growth. The increasing automation and electrical infrastructure modernization are also anticipated to propel the growth of the regional market during the forecast period.