Medium Voltage Instrument Transformers Market Insights Video
According to Cognitive Market Research, the global Medium Voltage Instrument Transformers market size will be USD 13251.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 3.90% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 5300.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.1% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 3975.36 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3047.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 662.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 265.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.6% from 2024 to 2031.
The industrial application segment is the dominant category in the medium voltage instrument transformers market. This dominance is primarily due to the significant energy requirements of various industrial processes
