Market Size of India Instrument Transformer Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Instrument Transformer Market Analysis
The India instrument transformer market is expected to register a CAGR of greater than 3.5% during the forecast period of 2021 - 2026. Due to the COVID-19 pandemic, the country, in 2020, witnessed a frequent disturbance in the supply chain. With COVID-19 spread, the country-imposed lockdown and restrictions in several phases, which has affected the power sector and renewable energy businesses in the country. Factors such as expansion and up-gradation of existing power and distribution infrastructure, with modernizing measuring and monitoring equipment is expected to drive the instrument transformer market in India during the forecast period. On the other hand, the inability of instrument transformers to be used in AC systems is expected to hinder the growth of the market during the forecast period.
- Current transformer type is expected to witness significant growth during the forecast period, owing to its advantages like easy maintenance and installation, safe measurement, etc.
- Integration of advanced technologies such as artificial intelligence (AI), and internet of things (IoT) along with the ongoing research and developements (R&D) are expected to create immense opportunities in the coming years.
- Expanding grid infrastructure to propel the demand for instrument transformers are expected to drive the market in India during the forecast period.
