Instrument Transformer Market Size

Instrument Transformer Market size was valued at USD 3.43 billion in 2024 and is poised to reach USD 8.06 billion by the end of 2037, registering around 6.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of instrument transformer is assessed at USD 3.62 billion.

The growth of the market can be attributed to the increasing usage of electricity across the world and the increasing adoption of digitalization. Rapid urbanization and increasing living standards of people across the world are estimated to upsurge the market growth in the coming years. As of 2022, more than 55% of the world’s population was living in cities which is more than 4 billion population, and was estimated to increase twice the current population by the end of 2050. The increasing number of installations of infrastructural monitoring and control systems to enhance the efficiency of the power systems is also estimated to accelerate the market growth during the forecast period.

Rising investments by government and private sectors to improve the electrification initiatives across industries are estimated to boost the market growth in the coming years. The growing need for grid safety as high-voltage electricity is released from these grids which is not reliable and safe for normal household utilization is anticipated to drive the market growth. Also, the escalating requirement for high current or high voltage networks on the industrial scale and large manufacturing units that run on electricity is estimated to fuel the market growth.  The value of high-voltage cables in the year 2021 was estimated to reach over USD 15 billion as per the estimations globally.