Current Transformer Market Size - By Cooling, By Product, By Voltage Rating, By Application, Growth Forecast, 2025 - 2034

Current Transformer Market Size

The global current transformer market was valued at USD 2.4 billion in 2024. The market is expected to grow from USD 2.5 billion in 2025 to USD 4.4 billion in 2034, at a CAGR of 6.2%.

• The shift toward smart grids is accelerating demand for intelligent current transformers. These devices enable real-time monitoring, fault detection, and predictive maintenance, helping utilities optimize energy distribution and improve grid reliability. IoT-enabled sensors and digital signal processing are becoming standard features in modern transformer designs.
   
• The global push for renewable energy is reshaping transformer requirements. Solar and wind installations require precise current measurement and grid synchronization, driving innovation in transformer technology. As countries invest in clean energy, current transformers play a vital role in managing fluctuating loads and ensuring grid stability.
   
• Automation of substations is a major trend, especially in developed regions. Digital substations rely on advanced current transformers for accurate data acquisition and system protection. This trend is supported by rising investments in grid modernization and the need for efficient, low-maintenance infrastructure.
   
• In June 2024, the Australian government announced new funding under its Grid Innovation Program to support smart grid deployment. The initiative promotes the use of advanced current transformers and monitoring systems to improve grid resilience, manage distributed energy resources, and enable electrification of transport and buildings.
   
• Emerging economies are witnessing rapid industrial growth, which is fueling demand for reliable power infrastructure. Current transformers are essential in supporting expanding manufacturing, commercial, and residential sectors. Local production and tailored solutions are helping meet the unique needs of these fast-developing regions.
   
• For instance, in April 2024, India’s Ministry of Power launched the Revamped Distribution Sector Scheme (RDSS) to modernize aging grid infrastructure. The initiative includes funding for smart meters and advanced transformers to improve energy efficiency, reduce losses, and support renewable energy integration across urban and rural regions.
   
• Medium voltage current transformers continue to dominate due to their versatility across various applications. Their balance of performance, cost, and adaptability makes them suitable for utilities, industries, and commercial buildings. Manufacturers are refining these products to meet evolving standards and operational expectations.
   
• Advancements in materials and digital technologies are transforming current transformer design. Innovations are improving accuracy, reducing size, and enhancing thermal performance. These developments are aligned with the growing demand for compact, efficient, and intelligent devices that support modern energy systems.
   
• Environmental concerns and energy efficiency goals are influencing transformer manufacturing. Companies are adopting eco-friendly materials and processes while designing products that minimize energy losses. This sustainability focus is becoming a key differentiator in the market, aligning with global efforts to reduce carbon footprints.
   
• For citation, in May 2024, the European Commission approved a multi-billion euro investment package under the REPowerEU plan to accelerate grid modernization. This includes support for smart transformers and digital substations aimed at enhancing grid flexibility, integrating renewables, and reducing dependency on fossil fuels.
  
   

Current Transformer Market Trends

• The growing digitalization of power systems is transforming how current transformers are designed and deployed. Utilities are increasingly adopting digital current transformers that offer enhanced data accuracy, remote diagnostics, and integration with SCADA systems. This shift supports predictive maintenance and operational efficiency, aligning with broader smart grid initiatives.
   

• For reference, in May 2025, the International Energy Agency reported a surge in global energy investments, with a significant portion directed toward grid infrastructure. Countries like China and India are investing heavily in transformer upgrades to reduce fossil fuel dependency and enhance energy security through resilient transmission systems.
   
• The rise of electric vehicles and charging infrastructure is creating new demand for current transformers in distribution networks. These transformers help manage load fluctuations and ensure stable power delivery to EV stations. As transportation electrification accelerates, transformer technology is evolving to support dynamic grid conditions and decentralized energy flows.
   
• Industries are prioritizing automation and safety, leading to increased use of current transformers in control systems and protective relays. These devices enable precise current measurement, fault detection, and equipment protection. The trend reflects a broader emphasis on operational reliability and compliance with evolving safety standards in industrial environments.
   
• In June 2025, the European Investment Bank approved funding for grid modernization projects across Eastern Europe. The initiative includes upgrading substations with smart transformers and digital monitoring systems to improve energy efficiency, reduce losses, and support renewable energy integration in historically underfunded regions.
   

Current Transformer Market Analysis

• Based on cooling, the industry is segmented into dry type and oil immersed. The oil immersed segment dominated the 76.4% of market share in 2024 and is expected to grow at a CAGR of over 5% through 2034.
   
• Oil-immersed current transformers are widely used in high-voltage outdoor applications due to their excellent insulation and cooling properties. They offer long service life and stable performance, making them ideal for substations and transmission networks where durability and reliability under extreme conditions are essential.
   
• Dry-type current transformers are preferred for indoor and environmentally sensitive installations. Their fire-resistant and maintenance-free design makes them suitable for commercial buildings, data centers, and urban substations. With growing emphasis on safety and sustainability, dry-type transformers are gaining traction in modern infrastructure and smart grid deployments.
   

• The wound type current transformer market is projected to reach over USD 1.5 billion by 2034. Wound type current transformers are valued for their precision and robustness in high-voltage environments. Their ability to deliver accurate current measurement makes them essential in industrial automation, smart grid systems, and renewable energy integration. Innovations in insulation and compact design are expanding their use in space-constrained and energy-dense applications.
   
• For instance, in March 2024, the U.S. Department of Energy announced $18 million in funding for advanced transformer technologies, including wound type designs. These projects aim to enhance grid reliability, support real-time monitoring, and address supply chain challenges by developing flexible, modular transformers for modern distribution and transmission networks.
   
• The toroidal current transformer market is expected to grow at a CAGR of over 6% through 2034. Toroidal current transformers are gaining popularity due to their compact design, low electromagnetic interference, and high efficiency. Their silent operation and minimal signal distortion make them ideal for sensitive applications like audio systems, medical devices, and precision instrumentation. As demand for clean, efficient energy grows, toroidal designs are increasingly favored.
   
• For citation, in July 2025, Astrodyne TDI introduced a new line of toroidal current transformers in Europe, designed for high-voltage applications and EMI-sensitive environments. These transformers support hydrogen electrolyzers and energy storage systems, aligning with EU electrification goals and offering low-noise, gap-free performance for advanced power conversion systems.
   

• Based on application, the current transformer market is divided into power distribution, manufacturing, and others. The power distribution segment holds 52.3% market share in 2024 with over 5.2% CAGR till 2034. Current transformers are essential in power distribution systems, enabling accurate current measurement, fault detection, and load monitoring to ensure safe, efficient, and reliable electricity delivery across utility networks.
   
• Manufacturing application was estimated at USD 685.1 million in 2024. In manufacturing environments, current transformers are vital for monitoring electrical loads, ensuring equipment safety, and optimizing energy consumption. Their role in automation, fault detection, and process control supports operational efficiency and compliance with industrial safety standards. As factories embrace Industry 4.0, demand for intelligent and compact transformer solutions is rising.
   
• In April 2025, Hitachi Energy announced a $1.5 billion investment to expand global transformer manufacturing capacity. This initiative supports rising industrial electrification and automation needs, especially in Europe and Asia, and aims to meet growing demand for high-performance current transformers in smart factories and advanced production facilities.
   

• The U.S. dominated the current transformer market in North America with around 70% share in 2024 and generated USD 203.4 million in revenue. The market is driven by grid modernization, renewable energy expansion, and industrial electrification. Emphasis on smart infrastructure and domestic manufacturing is reshaping transformer technologies to meet evolving energy demands.
   
• For instance, in October 2024, the U.S. Department of Energy announced $18 million in funding for advanced transformer technologies to improve grid reliability and support domestic production amid rising renewable energy integration.
   
• North America current transformer market is projected to grow at a CAGR of over 4.5% till 2034, shaped by strong investments in smart grid infrastructure, electrification, and industrial automation. Utilities and manufacturers prioritize digital and eco-friendly transformer solutions to meet evolving energy standards, enhance grid reliability, and support the transition toward cleaner, more resilient power systems across the region.
   

• The Europe current transformer market was valued at USD 408.8 million in 2024, evolving with a strong focus on sustainability, digitalization, and renewable energy. Manufacturers are prioritizing eco-friendly designs and smart grid compatibility to meet stringent environmental and efficiency standards.
   
• For illustration, in March 2025, Europe’s transformer manufacturers ramped up production to meet rising demand from the Middle East and Africa. Investments in renewable energy and grid upgrades across these regions are driving adoption of advanced current transformers, with European suppliers playing a key role in supporting energy transition goals.
   
• The Asia Pacific current transformer market is set to reach over USD 1.5 billion by 2034. Asia Pacific leads global transformer demand due to rapid urbanization, industrial growth, and renewable energy investments. Governments are pushing for smart grid deployment and energy-efficient solutions, boosting adoption of advanced current transformers.
   
• For instance, in November 2024, India launched a nationwide smart grid initiative, including transformer upgrades in urban centers to support distributed energy resources and improve grid resilience.
   
• The Middle East and Africa are witnessing rising transformer demand driven by infrastructure expansion, renewable energy targets, and grid connectivity improvements. Localization and energy diversification are key themes shaping the regional market.
   
• For citation, in October 2024, Saudi Arabia announced plans to build over 500 new substations with advanced transformers to support its renewable energy goals and expand high-voltage transmission capacity.
   
• The Latin America current transformer market will grow at a rate of over 8% through 2034. Latin America’s transformer market is growing due to urbanization, industrialization, and renewable energy projects. Governments are investing in resilient grid infrastructure and local manufacturing to meet rising electricity demand and energy access goals.
   
• In December 2023, WEG Industries announced major investments in transformer manufacturing across Brazil and Mexico to support regional electrification and renewable energy deployment.
   

Current Transformer Market Share

• The top 5 players, consisting of Siemens, ABB, GE, Schneider Electric, and Arteche Group holds 40% of the market share. These companies focus on smart grid compatibility, digital monitoring, and energy-efficient designs. Meanwhile, regional and niche manufacturers are gaining traction by offering customized solutions for specific applications such as renewable energy, industrial automation, and compact urban installations. Strategic partnerships, mergers, and investments in R&D are shaping competition. As demand grows for intelligent and eco-friendly transformers, differentiation through performance, reliability, and sustainability is becoming a key factor in market positioning.
   
• Siemens is a global leader in electrification and automation, offering advanced current transformer solutions tailored for smart grids, substations, and industrial applications. Known for its innovation in digital technologies, Siemens integrates IoT and data analytics into its transformer systems to enhance grid reliability and energy efficiency. The company’s strong R&D capabilities and global presence enable it to deliver customized, high-performance solutions across diverse voltage ranges. Siemens continues to shape the future of energy infrastructure by focusing on sustainability, intelligent monitoring, and seamless integration with modern power systems.
   
• ABB is a pioneering force in power and automation technologies, delivering cutting-edge current transformers for utility, industrial, and renewable energy sectors. Its portfolio includes digital and conventional models designed for high accuracy, safety, and operational efficiency. ABB’s focus on smart grid compatibility and digital substations positions it as a key player in energy transition efforts. With a commitment to innovation and sustainability, ABB leverages advanced materials and sensor technologies to meet evolving grid demands. Its global footprint and strategic partnerships support widespread adoption of intelligent transformer solutions across developed and emerging markets.
   
• General Electric is a prominent provider of electrical infrastructure solutions, including a comprehensive range of current transformers for transmission, distribution, and industrial applications. GE’s transformers are engineered for precision, durability, and integration with modern grid systems. The company emphasizes digital transformation, offering smart monitoring and control features that enhance grid performance and reliability. GE’s legacy in power systems, combined with its focus on innovation and sustainability, enables it to support global energy needs. Its solutions are widely adopted in utility networks, renewable energy projects, and industrial automation, reinforcing its leadership in the transformer market.
   
• Schneider Electric is a global specialist in energy management and automation, offering reliable and efficient current transformers for a wide range of applications. Its products are designed to support smart infrastructure, industrial control systems, and renewable energy integration. Schneider emphasizes sustainability and digitalization, incorporating advanced monitoring and protection features into its transformer designs. The company’s modular and compact solutions cater to modern urban environments and evolving grid architectures. With a strong presence in both developed and emerging markets, Schneider Electric continues to drive innovation in transformer technology, aligning with global trends in electrification and energy efficiency.
   
• Arteche Group is a leading manufacturer of instrument transformers, including high-precision current transformers for medium and high-voltage applications. Known for its engineering excellence and specialization, Arteche serves utilities, industrial facilities, and renewable energy projects worldwide. The company focuses on reliability, accuracy, and customization, offering solutions that meet stringent international standards. Arteche’s commitment to innovation and quality has positioned it among the top players in the instrument transformer segment. With a strong presence in Europe, Latin America, and Asia, Arteche supports global energy infrastructure through its advanced transformer technologies and customer-centric approach.
   

Current Transformer Market Companies

• ABB reported a revenue of USD 32.9 billion in 2024, with its Electrification segment driving strong growth. Electrification contributed significantly, fueled by high demand in data centers, utilities, and buildings. The segment saw record-high operational EBITA margins, reinforcing ABB’s leadership in smart and sustainable electrical solutions.
   
• GE Vernova reported a revenue of USD 34.9 billion in 2024, with Power and Electrification equipment segments leading growth. Electrification contributed robustly to organic revenue expansion, supported by strong equipment demand and double-digit services growth. The company’s lean operations and backlog expansion position well for continued electrification momentum.
   
• Schneider Electric reported a revenue of EUR 38.2 billion in 2024, with the Energy Management segment contributing 12% organic growth. Electrical distribution products saw strong demand across end-markets, especially in North America and infrastructure. The segment’s performance drove record EBITA margins and reinforced Schneider’s sustainability and innovation leadership.
   

Major players operating in the current transformer market are:

• ABB
• Amran
• ARTECHE
• CG Power & Industrial Solutions
• Circutor
• Eaton Corporation
• General Electric
• Hammond Manufacturing
• Hitachi Energy
• Instrument Transformers
• Littelfuse
• NISSIN ELECTRIC
• RECO Transformers
• Schneider Electric
• Siemens Energy
   

Current Transformer Industry News

• In February 2025, ABB expanded its ABB Ability Power Transformer platform, integrating eco-efficient ester liquids and digital monitoring tools. This innovation supports smart grid applications, enhances transformer resilience, and aligns with global sustainability goals by offering intelligent asset management and improved operational efficiency for utilities and industrial users.
   
• In January 2025, Hitachi Energy announced a major expansion of its transformer manufacturing capacity across Asia and Europe. This strategic move aims to meet rising demand for high-performance current transformers in industrial automation, renewable energy integration, and grid modernization projects, reinforcing its global supply chain and production capabilities.
   
• In December 2024, CG Power & Industrial Solutions Ltd. secured new contracts under India’s national grid upgrade initiative. The company is investing in R&D to develop compact, high-efficiency current transformers tailored for smart grid deployment and renewable energy projects, supporting India’s energy transition and infrastructure goals.
   

The current transformer market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume & revenue (Units & USD Million) from 2021 to 2034, for the following segments:

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Market, By Cooling

• Dry type
• Oil immersed

Market, By Product

• Wound type
• Toroidal
• Bar type
• Others

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
  • Australia
  • India
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
• Latin America
  • Brazil
  • Argentina