Key Highlights of the Instrument Transformer Market
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Instrument Transformer Market Overview
The instrument transformer market is expected to grow at a CAGR of more than 3.5% during the forecast period of 2020-2025. Instrument transformers provide electrical isolation in between high voltage power circuits and measuring instruments that reduce the electrical insulation requirement for measuring devices and protective circuits and assure the safety of operators. Factors such as expansion in the transmission and distribution network and growth in the renewable power generation facilities are likely to drive the market. With the rapid expansion in the power grid network across emerging energy markets, it is expected that the power utility segment is likely to dominate the market during the forecast period.
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Instrument Transformer Market – Geographical Overview
Asia-Pacific is likely to witness significant growth during the forecast period
The factors that contribute to the growth of the instrument transformer market include the expansion and up-gradation of existing power and distribution infrastructure, with modernizing measuring and monitoring equipment. With the increasing electricity demand and growing air pollution, governments are concentrating more on having renewable energy. The region has a significant number of upcoming solar, hydro, and wind projects that are likely to have various transmission lines and would help expand the instrument transformer market during the coming years.
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List of Key Players in the Instrument Transformer Market
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Mordor Intelligence has segmented the global instrument transformer market on the basis of type, end-user industry, and geography:
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