Instrument Transformer Market Research Report: Size & Share, Key Players, Growth Strategies till 2032
The global instrument Transformer market size was USD 8.4 Billion in 2022 and is expected to reach USD 13.96 Billion in 2032, and register a rapid revenue CAGR of 5% during the forecast period. Global market revenue growth is primarily driven by a rapidly growing global population, rapid urbanization, increase in industrial operations, and an exponential increase in electricity & power consumption, as well as increasing residential, industrial, and commercial energy usage. A number of key factors contributing to this industry's revenue growth include increased government investments in the power and energy sector, increasing power generation activities, an increase in oil & gas production & exploration, and rapid adoption of renewable and sustainable energy resources, which have become increasingly popular in manufacturing, transportation, healthcare, information technology, and agriculture.
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