Segments - Metering Transformers Market By Type (Current Transformers (CTs), Voltage Transformers (VTs)), By Insulation (Dry Type, Oil Immersed), By Mounting (Pole, Pad), By Enclosure Type (Indoor, Outdoor), By Rating (≤ 33 kV, > 33 kV to ≤ 66 kV, > 66 kV), By End-Use (Power Utilities, Power Generation, Railways & Metros, Industries & OEMs) and By Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The Global Metering Transformers Market was valued at USD 2,045.9 Million in 2022 and is expected to reach USD 3,097.5 Million in 2031, expanding at a CAGR of 4.7% during the forecast period.
Metering transformers, also known as instrument transformers, are devices used to step-down high-voltage and high-current electrical signals to a level that can be safely measured by conventional instruments such as voltmeters, ammeters, and watt meters. These transformers are commonly used in electrical power systems to provide accurate measurements of voltage and current, which are necessary for various control and protection functions. There are two types of metering transformers current transformers (CTs) and voltage transformers (VTs).
CTs are used to step down high currents to a level that can be safely measured by ammeters. VTs, on the other hand, are used to step down high voltages to a level that can be safely measured by voltmeters. Metering transformers are designed to have a high degree of accuracy, stability, and linearity over a wide range of electrical parameters. They are typically installed in a substation or switchyard and are connected to the electrical system through a set of bushings or terminals.
Raw material prices directly affect the cost of production for metering transformers. Increasing prices of key materials such as copper, iron, steel, or insulation materials led to high production costs for transformer manufacturers. Consequently, it also affects the competitiveness of metering transformer manufacturers, especially in the global market.
Manufacturers in nations with high costs for raw materials have a competitive disadvantage over those in nations with low costs for raw materials. This influences the market dynamics and leads to shifts in manufacturing locations or supply chain strategies.
Government regulation is a crucial factor in the metering transformers market. It varies according to regional governments. For instance, in North America, government bodies such as Federal Energy Regulatory Commission and various governmental authorities in Canada oversee the regulation of metering transformers. In Europe, metering transformers are subject to industry standards and guidelines set by the European Union. Manufacturers need to comply with these standards and certifications to gain market acceptance in these regions.
The growing global demand for electricity, driven by population growth, urbanization, and industrialization, is a major driver for the metering transformers market. The need for accurate measurement and monitoring of power becomes crucial, as electricity consumption increases which leads to the demand for metering transformers.
For instance, in India which is a rapidly developing country with a rising population and increasing energy needs, the demand for metering transformers is driven by government initiatives to provide electricity access to all households. The Saubhagya scheme of the Government aims to electrify all unelectrified households in the country, which boosts the demand for metering transformers.
The deployment of smart grid infrastructure is another significant driver for the metering transformers market. Smart grids enable advanced monitoring, control, and optimization of the electricity distribution system. Metering transformers play a vital role in measuring and transmitting accurate data in smart grid networks.
For instance, Germany is known for its advanced smart grid infrastructure. The country has been actively investing in modernizing its electricity grid, incorporating renewable energy sources, and implementing advanced metering systems. This has led to an increased demand for metering transformers in the German market.
The growth of the metering transformers market is closely linked to the development of infrastructure, including power transmission and distribution networks. In regions where infrastructure development is slow or lacking, the demand for metering transformers is limited. For instance, according to the world bank, in South Sudan, only 7% of the population has access to electricity. In a developing country such as this with inadequate power infrastructure, the expansion of electricity distribution networks is slow. Therefore, the demand for metering transformers is limited, hindering market growth in that region.
The global transition towards renewable energy sources, such as solar and wind power, is driving the demand for metering transformers. These transformers help in the accurate measurement and monitoring of electricity generated from renewable sources, facilitating efficient integration into the grid.
For instance, China, a large market for renewable energy across the globe, has been rapidly expanding its renewable energy capacity. The country has set targets for renewable energy integration, such as its goal of reaching 1,200 GW of installed renewable energy capacity by 2030. This growth in renewable energy installations fuels the demand for metering transformers.
The report on the Global Metering Transformers Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Metering Transformers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
By Type (Current Transformers (CTs), Voltage Transformers (VTs)), By Insulation (Dry Type, Oil Immersed), By Mounting (Pole, Pad), By Enclosure Type (Indoor, Outdoor), By Rating (≤ 33 kV, > 33 kV to ≤ 66 kV,> 66 kV), By End-Use (Power Utilities, Power Generation, Railways & Metros, Industries & OEMs) |
Regional Scope |
Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
ABB Ltd, Amran Inc, Anderson Engineering Of New Prague, ARTECHE, CG Power & Industrial Solutions, Hitachi Energy Ltd, Instrument Transformers Limited, Magnetic Specialties, Inc, NISSIN ELECTRIC Co., Ltd., Schneider Electric, Shenzhen Chuangyin Co., Ltd, Siemens Energy |
Based on type, the Global Metering Transformers Market is segmented into Current Transformers (CTs) and Voltage Transformers (VTs). Current transformers are widely used in metering, as they make it possible to detect high currents in lines safely. Voltage Transformers can be utilized as high-voltage transformers or low-voltage transformers, depending on the application. Voltage signals are crucial for synchronizing, event logging, and recording events. They can be used as a useful tool to measure the consumed energy and a device to secure and prevent disturbances and faults from happening in the electrical systems.
Based on Insulation, the Global Metering Transformers Market is segmented into dry type and oil immersed. Dry-type insulation is a popular choice in the metering transformers market, offering several advantages, in terms of safety, environmental considerations, and ease of maintenance. Dry-type insulation is highly regarded for its excellent fire resistance properties, as it eliminates the risk of oil-related fires or leaks. Oil-immersed insulation is a widely used and reliable choice in the metering transformers market. It offers several benefits that contribute to the performance, durability, and efficiency of these transformers.
Based on mounting, the market is segmented into Pole and Pad mounting. Pole mounting is a widely used method in the metering transformers market, providing a practical and efficient solution for power distribution and accurate metering. Pad mounting is a popular method in the metering transformers market that offers a unique advantage for power distribution and metering applications.
Based on enclosure, the market is classified into indoor and outdoor. Indoor enclosures are designed to prevent the ingress of dust, dirt, and other contaminants that could adversely affect the performance and longevity of the metering transformer. Outdoor enclosures are constructed with materials that offer excellent weather resistance. They protect the metering transformer from rain, snow, UV radiation, and temperature fluctuations, ensuring its reliable operations even in harsh outdoor conditions.
Based on rating, the market is classified into ≤ 33 kV, > 33 kV to ≤ 66 kV, and > 66 kV. In this market, ratings in kilovolts (kV) are an essential parameter that indicates the voltage capacity and capabilities of the transformers. Metering transformers with less than 33kV ratings are frequently employed in distribution networks. > 33 kV to ≤ 66 kV are often utilized in transmission networks, which are responsible for transporting electricity over long distances from power plants to distribution substations. Metering transformers with ratings> 66 kV are extensively used in extra-high voltage (EHV) transmission systems.
Based on end-use, in terms of end-use industry the Global Metering Transformers Market is segmented into Power Utilities, Power Generation, Railways & Metros, and Industries & OEMs. In the industrial sector, metering transformers are employed to measure and monitor electricity usage in manufacturing plants, factories, refineries, and other industrial facilities.
Metering transformers are essential components in the power generation industry, enabling precise monitoring and control of the power generation process. Metering transformers ensure reliable and efficient power generation, facilitate accurate billing, and assist in maintaining the stability and quality of the electrical grid.
Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for a significant share of the market in 2022, due to the growth attributed to rapid industrialization and urbanization, especially in countries such as China, India, and Southeast Asia. Furthermore, The Availability of low-cost labor and raw materials, makes the region an attractive location for manufacturers and is driving the market growth.
In-depth Analysis of the Global Metering Transformers Market
Historical, Current, and Projected Market Size in Terms of Value
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints, and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Neutral Perspective on Global Metering Transformers Market Performance
Manufacturers operating in the Global Metering Transformers Market are ABB Ltd, Amran Inc, Anderson Engineering Of New Prague, ARTECHE, CG Power & Industrial Solutions, Hitachi Energy Ltd, Instrument Transformers Limited, Magnetic Specialties, Inc, NISSIN ELECTRIC Co., Ltd., Schneider Electric, Shenzhen Chuangyin Co., Ltd, and Siemens Energy.
Market players are pursuing strategies such as acquisitions, product launches, collaborations, and geographic expansion to leverage untapped opportunities in the Global Metering Transformers Market.
Additional company profiles can be provided on request. For a discussion related to above findings, click Speak to Analyst
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