Bar Type Current Transformer Market Size - By Cooling (Dry Type, Oil Immersed), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), Growth Prospects, Regional Outlook & Global Forecast, 2024 – 2032

Bar Type Current Transformer Market Size

Bar Type Current Transformer Market size was valued at USD 600 million in 2023 and is projected to grow at a CAGR of over 7% between 2024 and 2032. The escalating demand for electricity, fueled by urbanization and industrialization, is driving the need for efficient power transmission and distribution systems, leading to an increased demand for current transformers. Furthermore, the growing focus on grid transformation with smart and innovative technologies and the integration of renewable energy sources like solar and wind power are driving market growth.
 

In 2022, the Japanese government announced a substantial USD 155 billion investment in decarbonization initiatives, emphasizing the development of advanced smart technologies such as smart grids and automation in power utilities and industries. This commitment to technological advancement and sustainable energy solutions is expected to boost the demand for precise current measurement technologies like bar-type current transformers as Japan undergoes a comprehensive overhaul of its energy infrastructure. The adoption of smart grids and automation in Japan will significantly contribute to the demand for reliable current transformers, driving growth in this bar-type current transformers market segment.
 

Additionally, stringent regulatory requirements for monitoring and controlling power consumption, coupled with advancements improving the accuracy and reliability of current transformers, are contributing to the expansion of this market. Collectively, these factors are fostering the growth of the bar-type current transformer market by addressing the increasing demands for precise and reliable current measurement in various applications across industries.
 

COVID-19 Impact

The COVID-19 pandemic disrupted global supply chains and caused economic uncertainties, impacting the bar-type current transformer industry. Delays in manufacturing, supply chain disruptions, and reduced industrial activities during lockdowns led to a temporary slowdown in demand. However, as economies recover and industries resume operations, the market is expected to regain momentum, driven by the ongoing need for efficient power systems and advancements in renewable energy integration.
 

Bar Type Current Transformer Market Trends

The bar-type current transformer industry is currently undergoing substantial shifts driven by technological advancements, particularly the incorporation of smart features. The industry is placing a significant emphasis on elevating accuracy, reliability, and efficiency in power measurement and monitoring systems, prompting manufacturers to engineer bar-type current transformers with improved insulation and enhanced precision capabilities. There is a discernible surge in the desire for smaller, more compact designs that do not compromise performance, reflecting the industry's overarching push towards miniaturization and space optimization, thus propelling the industry growth.
 

The increasing demand for renewable energy sources and the expansion of smart grid infrastructure are propelling the widespread adoption of these transformers across diverse utility and industrial applications. For instance, In the year 2021, Europe allocated more than USD 3 billion to propel research and development initiatives in the smart grid network sector, predominantly driven by significant projects focused on smart metering. This considerable investment is expected to play a pivotal role in fostering innovation and technological advancements within the smart grid landscape.
 

As a consequence, the bar-type current transformer market stands to benefit from this substantial financial commitment, as the advancements in smart grid infrastructure are likely to fuel the demand for more sophisticated and technologically integrated current transformers. This investment underscores a strategic move towards a modernized electrical grid, providing a conducive environment for the growth and adoption of advanced technologies, including smart features in bar-type current transformers.
 

Bar Type Current Transformer Market Analysis

Based on cooling, oil-immersed current transformers segment accounted for 75% of the market share in 2023 and is set to witness 6.5% CAGR through 2032. Oil-immersed bar-type current transformers offer several advantages compared to alternative technologies. Their robust design ensures durability and reliability in challenging environments, making them well-suited for heavy-duty applications. The utilization of oil as a coolant enhances their thermal conductivity, facilitating efficient heat dissipation during operation and preventing overheating. This design also enables higher insulation levels, providing enhanced protection against electrical faults.
 

Additionally, oil-immersed transformers demonstrate excellent accuracy in current measurement, delivering precise readings even in fluctuating electrical conditions. Their longevity, resilience, and accuracy collectively position them as a reliable choice for precise current measurement in various industrial settings.
 

The bar-type current transformers market from ≤ 33 kV segment held over USD 550 million revenue in 2023 and is anticipated to demonstrate a substantial CAGR of over 7% till 2032. The increasing global demand for electricity, propelled by factors such as population growth, urbanization, and industrialization, has significantly contributed to the market prominence of bar-type current transformers. The demand for these transformers within the ≤ 33 kV voltage range is driven by the expansion of power distribution and infrastructure.
 

As nations invest in upgrading their transmission networks, the necessity for low-voltage bar-type current transformers is expected to escalate. These transformers play a crucial role in medium-voltage distribution systems, ensuring a dependable and efficient electricity supply. Furthermore, with the integration of renewable energy sources like solar and wind power, precise current measurement and monitoring become imperative, underscoring the vital role of ≤ 33 kV bar-type current transformers in facilitating grid integration and regulating power flow in renewable energy projects.
 

The technology of bar-type current transformers is applied across various sectors, including power distribution and manufacturing industries. Among these sectors, the power distribution industry stands out as a key catalyst for the expansion of the bar-type current transformer market. As the demand for efficient and reliable energy distribution grows, these transformers play a crucial role in measuring and monitoring the flow of current. The drive to modernize existing power infrastructure and incorporate renewable energy sources further propels this market growth.
 

With technological advancements, these transformers are evolving to become more compact, accurate, and adaptable to diverse power distribution networks. Their essential function in enabling precise measurement and control of current, improving grid stability, and ensuring safety in power distribution systems will continue to fuel their adoption. Additionally, with the global emphasis on sustainable energy intensifying, the demand for sophisticated monitoring solutions provided by bar-type current transformers is expected to experience a significant upswing.
 

The Asia Pacific bar-type current transformer market is forecasted to exceed USD 560 million by 2032. The region's increasing emphasis on upgrading and modernizing its power infrastructure to meet the rising demand for electricity is fueling the demand for advanced current transformers. Additionally, the growing adoption of smart grid technologies, which rely heavily on accurate and reliable current measurement, is contributing to market expansion.
 

Moreover, the escalating focus on renewable energy sources and the integration of renewable power into existing grids are boosting the need for efficient current transformers. Furthermore, stringent regulatory standards and mandates aimed at enhancing the safety and efficiency of electrical systems are propelling the market as industries seek compliant and reliable solutions.
 

The increasing demand for these transformers is being driven by the widespread adoption of smart monitoring units and significant investments in infrastructure within the commercial and industrial sectors. For instance, The Asian Development Blog emphasizes the resurgence of industrial policy in Asia and the Pacific. Such policy initiatives can positively impact the Asia Pacific bar-type current transformer market by potentially fostering domestic industries, driving infrastructure development, and promoting technological advancements.
 

This could create a conducive environment for increased demand for bar-type current transformers, especially in the context of expanding and upgrading energy networks in the region. Moreover, the region benefits from favorable regulatory policies that focus on improving grid reliability and modernizing grid networks, fostering a favorable business environment.
 

Bar-Type Current Transformer Market Share

ABB holds a commanding position in the bar-type current transformer industry, showcasing considerable expertise, technological leadership, and a strong portfolio in cooling solutions. With a widespread global presence, renowned reliability, and a dedication to sustainability, ABB resonates well with a variety of industries. The company's ongoing commitment to research and development keeps them at the forefront, addressing the dynamic needs of the evolving energy sector and solidifying their pivotal role with a significant market share.
 

Bar-Type Current Transformer Market Companies

Some of the key companies operating across the bar type current transformer industry are:

• Schneider Electric
• ABB
• Siemens
• GE Grid Solutions
• Eaton Corporation
• Mitsubishi Electric
• Hitachi Energy Ltd.
• Circutor
• Polycast
• Instrument Transformers LTD.
• ARW Transformers Limited
• NISSIN ELECTRIC Co.,Ltd.
• Amran Inc
• ARTECHE
• FLEX-CORE
   

Bar Type Current Transformer Industry News

• In October 2020, Instrument Transformers Limited collaborated with Synaptec, a power technology company, to broaden its array of medium- and high-voltage products. This strategic partnership aims to tap into new market opportunities and cater to changing consumer demands. By strengthening its cooling portfolio, the collaboration reinforces the company's standing in the current transformer industry.
   

The bar type current transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of units and revenue in ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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Market, By Cooling

• Dry Type
• Oil Immersed

Market, By Voltage Rating

• ≤ 33 kV
• > 33 kV to ≤ 66 kV
• > 66 kV

Market, By Application

• Power Distribution
• Manufacturing
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
• Latin America
  • Brazil
  • Argentina