Sellbyville, DE -- (SBWIRE) -- 10/19/2018 -- In the recent times, instrument transformer market has witnessed a meteoric rise in its revenue graph, courtesy the rising demand for electricity owing to the exponential pace of urbanization, swift technological advancements to assist an energy-efficient and sustainable grid network, growing inclination toward clean energy with massive investments in the renewable sector coupled with various government initiatives to electrify rural hinterlands across the globe. To note a few remarkable instances of government initiatives, the Indian government has resolved to provide electrical connections to over four crore households in the rural and urban areas by the end of 2018.

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The scheme, named as Pradhan Mantri Sahaj Bijli Har Ghar Yojana 'Saubhagya', aims to provide 24×7 electricity to the unserved and underserved hinterlands along with the neglected urban pockets. Citing yet another instance, the government of France has announced an enormous investment of USD 30 Billion toward its energy adaptation plan that aims to endorse clean vehicles production and energy efficient distribution system.

Apparently, the aforementioned instances of ambitious and dynamic initiatives undertaken by various governments across the globe have emerged as the principal driving force to boost the growth potential of instrument transformer market, which commanded a total valuation of over USD 3 Billion in 2016.

The leading instrument transformer market giants have been striving to come up with a range of innovative products to fulfill the burgeoning demand for energy-efficient transformers and to remain competitive in this highly combative business sphere. The existing power grids transmit energy over short distances from power stations to customers. However, the future grids would need to provide energy to major urban areas from offshore wind and solar farms with a price competitive enough for electricity traders.

To tackle the challenge of the transition to a new energy mix while enhancing the existing power grid infrastructure, Siemens AG, the leading German conglomerate partaking in instrument transformer industry, has built the world's first dynamic grid control center with its partner entities.

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The new facility, named as 'DynaGridCenter' research project would aim to ascertain the extent to which existing technologies, utilized in control centers, can accommodate new structures and functions of future power grids. Such bold instances of ingenuity consequentially would steer the growth progression of the instrument transformer market over the forthcoming years.

Speaking of the product spectrum of the instrument transformer industry, the oil immersed transformer led the overall business sphere accounting for over 50% of the global industry share in 2016. Its ease of deployment across high-voltage applications coupled with modest cost is bound to further escalate its requirement across diverse sectors, which would further contribute to the instrument transformer industry growth.

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In terms of regional industry outlook, the Asia Pacific instrument transformer market is estimated to exceed 7% growth rate in the ensuing seven years. The region has been witnessing large-scale migration across the urban centers along with the brisk expansion of utility-based electricity infrastructure, which has, in turn, favorably influenced the APAC instrument transformer industry size. Furthermore, the rising rural electrification initiatives by governments of the developing economies across the region,
augmented by significant investments by foremost financial entities such as Asian Development Bank and World Bank to restructure the existing electrical grids across the nations will further boost the instrument transformer market progression.

Concurrently, the leading companies partaking in instrument transformer market such as Siemens AG, GE, ABB, Crompton Greaves, ITL, Schneider Electric, DENT Instruments, BHEL, Toshiba, Amran Inc., have been focusing on establishing robust supply chain and expanding the current facilities to ensure economies of scale, further stepping up the commercialization potential of instrument transformer market. In terms of installations, as per a recent report published by Global Market Insights Inc., instrument transformer industry is set to exceed 50 thousand units by 2024.