Instrument Transformers Market Report 2026

The instrument transformers market size has grown strongly in recent years. It will grow from $9.42 billion in 2025 to $10.13 billion in 2026 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to rise in deployment of current and potential transformers, increasing use in power utilities and generation, expansion in industrial applications, growing adoption in switchgear and metering, increasing precision in measurement and protection systems.

The instrument transformers market size is expected to see strong growth in the next few years. It will grow to $14.1 billion in 2030 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increase in multifunction instrument transformers, rising adoption of combined current and potential transformers, expansion in ultra-high voltage applications, growth in indoor and outdoor enclosures, increase in smart metering and relaying applications. Major trends in the forecast period include integration of AI-powered instrument transformers, adoption of IoT-enabled monitoring systems, implementation of smart grid analytics, expansion of high-precision measurement solutions, deployment of multi-functional transformers.

The instrument transformers market is poised for substantial growth, driven by a surge in electricity demand anticipated in the coming years. As a vital form of energy utilized for heating, lighting, and powering machinery, electricity demand is projected to escalate even further due to factors such as rising household incomes, increased electrification of transportation and heating systems, a growing demand for digitally connected devices, and heightened use of air conditioning. Instrument transformers, specialized devices for measuring current and voltage while keeping measurement and control equipment isolated from the primary circuit, play a crucial role in this scenario. For example, according to the World Energy Outlook, global electricity demand is projected to grow by 2.1% annually until 2040, which is twice the rate of primary energy growth. As a consequence, the share of electricity in the overall final energy demand is expected to increase by 24% by 2040. Thus, the mounting electricity demand is a key driver propelling the growth of the instrument transformers market.

Leading companies in the instrument transformer market are concentrating on developing advanced protection solutions, such as transformers equipped with transient voltage protection technology, to improve system reliability and protect against voltage spikes. These transformers are specifically designed to safeguard electrical systems by reducing voltage surges and enhancing the overall reliability of the equipment. For instance, in November 2023, Hitachi Energy, a Switzerland-based company specializing in advanced technologies and services for power transmission, distribution, and renewable energy solutions, introduced liquid-filled transformers featuring transient voltage protection (TVP) technology. Transformers with Transient Voltage Protection (TVP) Technology are intended to prevent premature failures caused by transient voltages during electrical network switching. This advanced protection guarantees reliability for both transformers and downstream equipment, and is adaptable to various network configurations and switching frequencies. Originally proven in dry-type transformers, TVP technology is now being applied to liquid-filled transformers, boosting performance in critical sectors such as data centers and renewable energy.

In October 2024, Power Grid Components Inc., a US-based supplier of electrical equipment, acquired Vizimax Inc. for an undisclosed sum. This acquisition is intended to expand Power Grid Components Inc.'s reach both in North America and globally, leveraging Vizimax's diverse presence in the international market. By incorporating Vizimax’s specialized solutions, PGC will strengthen its capability to provide reliable, safe, and secure electrical grid solutions, in line with its core mission. Vizimax Inc. is a Canadian company dedicated to developing innovative instrument transformers and electrical monitoring solutions for power distribution systems.

Major companies operating in the instrument transformers market are ABB Ltd., Arteche Group, Bharat Heavy Electricals Limited., CG Power and Industrial Solutions Ltd., General Electric company., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, Amran Inc., Eaton Corporation plc., EMEK Group, Nissin Electric Co. Ltd., PFIFFNER Instrument Transformers Pvt. Ltd., PME Power Solutions Ltd., Rakesh Transformer Industries Pvt. Ltd., Synergy Transformers Pvt. Ltd., RITZ Instrument Transformers GmbH, KONCAR Group, Instrument Transformers Limited, KOTSONS Pvt. Ltd., BVM Technologies Pvt. Ltd., AEM Components (India) Pvt. Ltd., Crompton Greaves Ltd., J&D Electronics Co. Ltd., Kappa Electricals Pvt Ltd., Kries-Energietechnik GmbH, MBS AG, Ruhstrat GmbH, SGB-SMIT Group, TBEA Co. Ltd.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have significantly impacted the instrument transformer market by raising costs of current transformers, potential transformers, and combined transformers critical for power utilities, industrial OEMs, and energy generation. This has caused higher production costs and slower deployment in metering, relaying, and protection applications, particularly in Asia-Pacific, Europe, and North America. Manufacturers are addressing this by sourcing locally, investing in regional production, and innovating multifunction and high-precision transformers, improving resilience and cost efficiency in affected markets.

The instrument transformers market research report is one of a series of new reports that provides instrument transformers market statistics, including instrument transformers industry global market size, regional shares, competitors with an instrument transformers market share, detailed instrument transformers market segments, market trends and opportunities, and any further data you may need to thrive in the instrument transformers industry. This instrument transformers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Instrument transformers are highly precise electrical devices used to isolate or convert voltage and current levels. They play a crucial role in facilitating the safe and accurate measurement of voltage and current in high voltage or high current circuits, while simultaneously safeguarding secondary control circuits from exposure to these elevated levels.

The primary types of instrument transformers encompass current transformers, potential transformers, and combined instrument transformers. These transformers are available in indoor and outdoor enclosure variants and are designed to handle various voltage levels, including distribution voltage, sub-transmission voltage, high voltage transmission, extra high voltage transmission, and ultra-high voltage transmission. Instrument transformers find applications in relaying, switchgear assemblies, metering, and protection systems, among others. They are deployed across different sectors including power utilities, power generation, various industries, as well as Original Equipment Manufacturers (OEMs).Asia-Pacific was the largest region in the instrument transformers market in 2025. Europe was the second-largest market in the instrument transformers market. The regions covered in the instrument transformers market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the instrument transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The instrument transformers market consists of sales of potential transformers, current transformers, combined instrument transformers, and other instrument transformers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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