Instrument Transformer Market Size, Share, Opportunities, And Trends By Type (Current Transformer, Potential Transformer), By Voltage (Low, Medium, High), By End-User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2023 To 2028

  • Published : Sep 2023
  • Report Code : KSI061615315
  • Pages : 142

The instrument transformer market is evaluated at US$4.342 billion for the year 2021 and is projected to grow at a CAGR of 6.50% to reach the market size of US$6.748 billion by the year 2028.

The adoption of instrument transformers to help with the effective monitoring and protection of power systems and ensure reliable operations is due to the rapid expansion of power transmission and distribution networks. This helps to meet the rising energy demand from residential spaces, commercial establishments, railways, metros, and other industries.

Another element driving development is the expanding renovation work being done on the current grid network as a result of the growing complexity of the electrical infrastructure and the rise in power demand from end users. As per IEA data, the industrial sector used 36.6 EJ of electricity in 2021 and is projected to use 48.9 EJ by 2030. This shows that there will be a high demand for instrument transformers in the future.

Growing Demand For Sustainable Power Transmission Solutions

Instrument transformers are gaining popularity due to the increased use of renewable energy sources, such as solar panels in residential structures, to make it easier to connect and measure the energy produced by these sources. Instrument transformers make it possible to precisely measure the voltage and current going into and out of household solar energy systems, enabling homeowners to keep track of their energy output and make the most of renewable resources.

According to the World Economic Forum data, Gujarat's residential rooftop solar capacity will expand from 0.085 GW in 2019 to 1.2 GW in 2022, fueling the demand for instrument transformers.

Further, the Centre for Sustainable Systems stated that in 2021, the residential sector consumed 3.79 trillion kWh, or 96% of all the power sold in the United States.  The International Energy Agency (IEA) predicts that by 2027, the total electricity generated by renewable sources will increase to 38.10 % of the total energy consumed from 28% in 2021 surging the demand for instrument transformers.

Furthermore, the Power Grid Corporation of India Limited stated in November 2022 that it plans to build a transmission line for roughly USD 2.43 billion to make it easier to move excess power from Raigarh, Chhattisgarh to the south. In May 2022, Hitachi Energy and Arteche announced the formation of a new joint venture (JV) called Arteche Hitachi Energy Instrument Transformers S.L. in compliance with the contract agreed in December 2021.

The United States in North America is an Expected Dominant Market

There are several factors that are driving the growth of the instrument transformer market in the USA such as the integration of renewable energy followed by smart grid implementation. The increasing focus on renewable energy sources such as wind and solar power requires advanced monitoring and control systems. Instrument transformers play a vital role in accurately measuring and managing the variable power outputs from these sources, ensuring grid stability.

As per the Center for Climate and Energy Solution, the United States consumption of renewables is anticipated to increase in the next 30 years with an average annual rate of 2.4%, which is higher than the usual growth rate of 0.5% each year. In the United States, renewables made up nearly 20% of utility-scale U.S. electricity generation in 2020 with the bulk power coming from wind power and hydropower which can be seen in the figure below.

Additionally, the transition to smart grids involves the integration of digital technologies for efficient monitoring, communication, and control of the electrical grid. Instrument transformers are crucial for providing real-time data that enables better decision-making and grid optimization.

The USA's power infrastructure has been ageing, leading to the need for upgrades and replacements. Modern instrument transformers with advanced features and technologies can improve the efficiency and reliability of the grid. Moreover, as the population grows and industrial activities expand, the demand for electricity continues to rise. This drives the need for robust and reliable power transmission and distribution infrastructure, in turn boosting the demand for instrument transformers.

Key Developments

  • In May 2022, Mitsubishi Electric Corp. introduced the first optical receiver which can be used in laser communication terminals.
  • In August 2022, under the new NMX-J-351-1-ANCE-2021 rule, HPS announced the availability of a full line of low-voltage and medium-voltage distribution transformers.
  • In February 2023, Telawne introduced its IoT-based smart transformers at ELECRAMA 2023, which are intended to give the greatest power quality. Additionally, this will assist utilities in lowering the cost of maintenance.
  • In January 2023, Franklin Electric announced the extension of its Power Grid Monitoring product range with the introduction of the INCON® Distribution Transformer Monitor (DTM). The DTM offers high-value, mission-critical, low-voltage pad mount transformers and traditional pole top transformers with meter-grade accurate performance monitoring.
  •  In July 2023, Accuenergy announced that the Minister of Industry has approved the AcuCT C for use as an Instrument Transformer.
  • In 2021, WEG acquired Balteau Produtos Elétricos Ltda., a manufacturer of instrument transformers, to improve its scope of products and solutions related to the energy generation, transmission, and distribution segment.

Instrument Transformer Market Scope:


Report Metric Details
Market Size Value in 2021
US$4.342 billion
Market Size Value in 2028
US$6.748 billion
Growth Rate CAGR of 6.50% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Billion
Segments Covered Type, Voltage, End-User, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Amran Instrument Transformers, CG Power & Industrial Solutions Ltd., General Electric, Hitachi Energy Ltd (Hitachi Group), Instrument Transformer Equipment Corporation, Inc., Meramec Instrument Transformer Co., NISSIN ELECTRIC Co., Ltd, Ritz Instrument Transformers GmbH, Schneider Electric, Vamet Industries
Customization Scope Free report customization with purchase



  • By Type
    • Current Transformer
    • Potential Transformer
  • By Voltage
    • Low
    • Medium
    • High
  • By End-User
    • Residential
    • Commercial
    • Industrial
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Others

Frequently Asked Questions (FAQs)

The global instrument transformer market is projected to grow at a CAGR of 6.50% during the forecast period.
The instrument transformer market is projected to reach a market size of US$6.748 billion by 2028.
Instrument Transformer Market was valued at US$4.342 billion in 2021.
The growing need for reliable electricity supply for residential and industrial usage is expected to boost instrument transformer market growth.
North America is expected to hold a significant share of the instrument transformer market.


1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline


2.1. Research Data

2.2. Sources

2.3. Research Design


3.1. Research Highlights


4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis


5.1. Introduction

5.2. Current Transformer

5.3. Potential Transformer


6.1. Introduction

6.2. Low

6.3. Medium

6.4. High


7.1. Introduction

7.2. Residential

7.3. Commercial

7.4. Industrial


8.1. Introduction

8.2. North America

8.2.1. By Type

8.2.2. By Voltage

8.2.3. By End-User

8.2.4. By Country United States Canada Mexico

8.3. South America

8.3.1. By Type

8.3.2. By Voltage

8.3.3. By End-User

8.3.4. By Country Brazil Argentina Others

8.4. Europe

8.4.1. By Type

8.4.2. By Voltage

8.4.3. By End-User

8.4.4. By Country Germany UK France Spain Others

8.5. Middle East and Africa

8.5.1. By Type

8.5.2. By Voltage

8.5.3. By End-User

8.5.4. By Country Saudi Arabia UAE Others

8.6. Asia Pacific

8.6.1. By Type

8.6.2. By Voltage

8.6.3. By End-User

8.6.4. By Country China Japan South Korea India Australia Others


9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix


10.1. Amran Instrument Transformers

10.2. CG Power & Industrial Solutions Ltd.

10.3. General Electric

10.4. Hitachi Energy Ltd (Hitachi Group)

10.5. Instrument Transformer Equipment Corporation, Inc.

10.6. Meramec Instrument Transformer Co.


10.8. Ritz Instrument Transformers GmbH

10.9. Schneider Electric

10.10. Vamet Industries

Amran Instrument Transformers

CG Power & Industrial Solutions Ltd.

General Electric

Hitachi Energy Ltd (Hitachi Group)

Instrument Transformer Equipment Corporation, Inc.

Meramec Instrument Transformer Co.


Ritz Instrument Transformers GmbH

Schneider Electric

Vamet Industries