Digital instrument transformer market to reach nearly $940 M by 2031
The digital instrument transformer market is projected to reach $940 M growing at a CAGR of 7.5 % from 2023 to 2031.
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According to a report by Transparency Market Research, Inc, the global digital instrument transformer market, which was valued at $490.5 M in 2022, is poised for significant growth. Driven by the increasing demand for accurate and reliable power system measurements, the rising adoption of smart grid technologies, and the limitations of traditional analogue transformers, the market is estimated to expand at a CAGR of 7.5 % from 2023 to 2031, reaching $938.2 M by the end of 2031.
The global digital instrument transformer market is set to gain momentum as utilities and power system operators increasingly adopt smart grid solutions to enhance grid efficiency and asset management. Advanced features such as condition-based maintenance, remote monitoring, and real-time diagnostics enable early fault detection and proactive system management. With the push for renewable energy integration and the need for improved data accuracy, digital instrument transformers are rapidly supplanting traditional analogue systems. Companies are capitalising on these trends by investing in R&D and forming strategic partnerships to expand their product offerings and increase market share.
Key players: General Electric, ARTECHE, ABB, Siemens, Schneider Electric SE, RITZ Instrument, Transformers GmbH, Takaoka Toko Co. Ltd., Sieyuan Electric Co. Ltd., BHEL, Nissin Electric Co. Ltd.
Source: Open PR
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