Ocean View, Delaware, Nov. 01, 2017 (GLOBE NEWSWIRE) --
Instrument Transformer Market is poised to cross USD 7 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rising demand for electricity owing to rapid urbanization across the globe have instigated concerns pertaining to grid stability, which in turn will drive the instrument transformer market size. Ongoing urban migration adhered by rising infrastructural investments will further complement the deployment of effective monitoring and control T&D systems. Sustainable economic proliferation along with revamping lifestyles have led to an exponential rise in the peak load demand for energy. Hence, accruing energy demand across the globe subject to the ongoing economic and social reformation will appreciable augment the industry outlook.
France instrument transformer industry size is set to exceed USD 100 million by 2024. Stringent regulatory reforms pertaining to emissions coupled with rapid technological transitions to sustain an energy efficient grid infrastructure will comprehensively thrust the business. Inclination towards clean energy adhered by rising investments across the renewable sector will further escalate the product penetration across the country. In 2017, the French government has led forward its plan to invest over USD 20 billion toward its energy transition plan. The framework lays grounds for a segregated investment mechanism catering towards energy efficiency, renewable integration and cleaner vehicle development.
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Oil immersed in 2016, accounted for over 50% of the instrument transformer market share. Effective insulation and di-electric strength when compared to its counterparts makes its adoption preferable. Applicability across high voltage applications coupled with economical cost structure will further escalate the product penetration. The technology since inception has witnessed sheer progression owing to its higher voltage output and operational flexibility with its prime application across utility and commercial electrical networks.
Browse key industry insights spread across 800 pages with 1786 market data tables & 16 figures & charts from the report, “Instrument Transformer Market” in detail along with the table of contents:
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Rising rural electrification demand across Asia Pacific & Africa supported by accruing investments by financial institutions including the World Bank, and Asian Development Bank (ADB) will foster the market size. Re-structuring of electrical grids across war affected nations including Iraq, Syria, and Sudan will further boost the industry growth. In addition, large scale grid integration of sustainable energy sources coupled with rapid expansion of T&D networks to sustain security of supply concerns will further proliferate the industry expansion. In 2017, the World Bank declared an investment worth USD 4 million towards expansion of an effective grid infrastructure across the Pacific Island.
The U.S. instrument transformer market is projected to witness sustainable growth owing to rising demand for the upgradation of existing grid infrastructure along with rapid expansion of effective T&D networks. The transformer industry across the nation has witnessed significant upsurge on account of favorable regulatory reforms pertaining to energy efficiency and grid stability. Ongoing trends subject to the adoption of sustainable technologies along with briskly advancing monitoring & control technologies will further embellish the business outlook.
Asia Pacific instrument transformer market is set to grow over 7% by 2024. The industry in the recent years has witnessed an appreciable escalation on grounds of favorable renewable integration reforms coupled with increasing rural electrification demand. Large scale migration across urban areas along with rapid expansion of utility based electricity networks to cater the rising energy demand will comprehensively thrust the business growth.
Eminent players across the instrument transformer market include ABB, GE, Siemens, Crompton Greaves, Amran Inc, ITL, Weidmann, Raychem RPG, Meramec, ITEC, Schneider Electric, KONCAR, HEYI Electrical, EATON, Toshiba, TRENCH, BHEL, Mitsubishi, DENT Instruments, Mehru, Celme and Ruhstrat.
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