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Impact of Covid-19 on Digital Instrument Transformer Market

 

Digital Instrument Transformer: Introduction

·         Digital instrument transformer refers to electronic transformation of optical signals in digital measurements that are directly usable by digital intelligent electronic devices in digital substations. Digital instrument transformer includes current transformer optical unit, voltage transformer optical unit, and combined (current and voltage) measurement optical unit.

·         Digital instrument transformer differs from conventional instrument transformers, as it cannot provide low-voltage analog output to secondary devices

 

Key Drivers and Restraints of Digital Instrument Transformer Market

·         Rise in demand for electricity, primarily in developing countries such as India and China, due to rapid industrialization & urbanization, and increase in concern to maintain grid stability are expected to drive the global digital instrument transformer market. Digital instrument transformer is used in AC and DC systems for measurement of electrical parameters such as power factor, frequency, voltage, current, and energy.

·         Conventional instrument transformer is delicate in design. A complex industrial process is required to ensure its quality. The complexity associated with instrument transformer has increased the attention of manufacturers in designing cost-effective instrument transformers. This is projected to stimulate the global digital instrument transformer market between 2020 and 2030.

·         Investment in upgrade & replacement of aging distribution infrastructure is expected to propel the global digital instrument transformer market during the forecast period. Furthermore, introduction of several rural electrification program is anticipated to boost the market in the near future.

COVID-19 Impact Analysis on Power Demand

·         Governments of various countries have restricted the movement of goods & individuals and halted operations of production facilities as part of measures to limit the spread of the COVID-19 pandemic. This has hampered the consumption of electricity across the world. For instance, according to the short-term outlook of the U.S. Energy Information Administration (EIA), electricity consumption in the U.S. is expected to decrease by a record 4.6% by the end of 2020, as businesses have shut down temporarily due to government lockdowns to reduce the spread of the coronavirus.

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Power Utility and Industries & OEM End-user Segments Expected to Hold Prominent Share of Global Market

·         The global digital instrument transformer market can be segmented based on end-user and region

·         Based on end-user, the global digital instrument transformer market can be segregated into power utility, railway, industries & OEMs, and others. The power utility segment is anticipated to expand significantly due to the increase in investments in development of power generation facilities in order to meet the rising demand for electricity.

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North America Expected to Constitute Major Share of Global Digital Instrument Transformer Market

·         In terms of region, the global digital instrument transformer market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America

·         North America is projected to dominate the digital instrument transformer market during the forecast period. This can be ascribed to the rise in investment in refurbishment of existing power grid infrastructure to improve the quality of power supply and to carry out efficient operations across transmission and distribution networks.

·         The digital instrument transformer market in Asia Pacific is expected to expand at a significant pace during the forecast period due to the introduction of rural electrification program. Strong economic growth, rapid industrialization, and improvement in standard of living are some of the prominent factors driving the demand for electricity across the region, majorly in developing nations.

·         Europe is also projected to hold vital share of the global digital instrument transformer market during the forecast period due to ongoing investments in development of renewable technologies, such as solar, wind, and hydro, to meet the continuously rising demand for electricity across the region

·         The digital instrument transformer market in Latin America and Middle East & Africa is anticipated to expand during the forecast period due to ongoing investment in development of hydropower plant across the region

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Major Players Operating in Global Market

Leading companies operating in the global digital instrument transformer market include:

·         General Electric Company

·         Trench Group

·         W.W. Grainger, Inc.

·         ABB

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