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Current Transformer Market Size By Cooling (Dry Type, Oil Immersed), By Product (Wound Type, Toroidal, Bar Type), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI3717
  • Published Date: Oct 2022
  • Report Format: PDF

Industry Statistics

Current Transformer Market size exceeded USD 1.5 billion in 2021 and is projected to expand at CAGR of over 7% from 2022 to 2030. Growing focus on the electrification of rural areas is likely to fuel the industry growth.
 

In electrical power systems, the current at which distribution and transmission lines operate is high. Since relays, circuit breaker controllers, and other protective require low currents to function, current transformer unit deployment is gaining momentum. Federal governments have also been emphasizing rural area electrification through renewable energy sources.
 

Current Transformer Market Overview

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Current transformer technology, however, is associated with high-end product costs, due to the introduction of stringent norms and labeling standards. With the escalation of its replacement prices, the industry share may witness a decline to a certain extent. Despite the challenging environment, concerns regarding grid stability and power supply security amid peak load demand will promote the installation of current transformers. Moreover, the shifting focus toward the refurbishment of conventional grid infrastructure and the deployment of smart power T&D technologies will generate lucrative opportunities for industry development.
 

High operational capability to fuel oil-immersed current transformer use in high-tension applications

Current Transformer Market Size

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The oil immersed cooling segment is poised to exhibit more than 6.5% gains through 2030. As compared to dry counterparts, this type of current transformer cooling system offers enhanced operational capability in high-tension applications. The favorable characteristics of such cooling methods will thus boost the development of oil-immersed current transformers.
 

High versatility to bolster the installation of toroidal current transformers in limited spaces

In terms of product, the current transformer market from toroidal segment is set to record nearly 7.5% growth rate through 2030. The rising awareness about its key features, including versatility, low noise, low electromagnetic field radiation, and lightweight design, among others is amplifying product adoption. Toroidal transformers are also highly suitable for limited-space applications. Additionally, they address the requirement for weight reduction, further contributing to their robust demand.
 

Installation of > 33 kV to ≤ 66 kV current transformers gain traction in power transmission projects

The > 33 kV to ≤ 66 kV voltage segment is anticipated to reach over USD 200 million by 2030, given the introduction of funding programs to expand power transmission lines. For example, in May 2022, the U.S. government launched a fund worth USD 2.5 billion to modernize and expand the power grid capacity. The target is to build out new transmission lines and to address issues regarding power lags. Such initiatives will stimulate the deployment of current transformers with > 33 kV to ≤ 66 kV capacity.
 

Longer life expectancy to augment product demand in power distribution applications

The power distribution application segment in the current transformer market accounted for USD 1 billion in 2021. The need for these transformers in the power distribution lines has been increasing steadily over recent years. The transformer is capable of sustainable power transformation and has enhanced operational life expectancy. Attributes such as these have contributed significantly to the accelerating usage of these components across emerging economies in electric distribution applications.
 

Europe emerges as a lucrative revenue pocket for current transformer manufacturers

Current Transformer Market Share

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Europe current transformer market size is predicted to observe more than 7% CAGR till 2030, considering the integration of renewable energy across the region. Public and private organizations have been making considerable investments to expand and upgrade electric grid infrastructure. These upgrades are expected to establish an affordable and reliable electric supply network across the European sub-continent and consequently, proliferate the development of current transformers across the region.
 

Strategic business acquisition efforts to define the competitive landscape

Top players operating in the industry are ABB, Eaton, RECO Transformers Pvt. Ltd., Schneider Electric, Siemens Energy, ARTECHE, GE, Amran Inc., Hammond Manufacturing Ltd., Littlefuse, Inc., CIRCUTOR, Fanox, Nissin Electric Co., Ltd. These firms are focusing on merger and acquisition strategies to establish a strong presence in the global market.
 

For instance, in November 2021, Littelfuse, Inc. took over Carling Technologies, Inc., a manufacturer of digital switching systems, circuit breakers, power distribution units, and other electrical components. This acquisition was aimed at strengthening its footprint in marine, communication infrastructure, and commercial transportation markets.
 

Impact of COVID-19 outbreak on current transformer market outlook

The COVID-19 pandemic has served as a key factor in slowing progress toward global energy access. According to data from World Bank, over 670 million people will face issues with electricity access by 2030, indicating 10 more million than projected in 2020, owing to COVID-19 and its associated crises. However, there has been a strong focus on the expansion of non-fossil fuel-based power capacity. Furthermore, with the escalating investment in the non-conventional energy sector, transformer installation may accelerate and consequently aid industry recovery in the forthcoming years.
 

This market research report on current transformer includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2018 to 2030, for the following segments:

Market Insights, By Cooling

  • Dry Type
  • Oil Immersed

Market Insights, By Product

  • Toroidal
  • Bar Type
  • Others

Market Insights, By Voltage Rating

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

Market Insights, By Application

  • Manufacturing
  • Power Distribution
  • Others

 

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

  • North America 
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • Germany
    • France
    • Russia
    • UK
    • Spain
    • Italy
    • Netherlands
  • Asia Pacific 
    • India
    • China
    • South Korea
    • Japan
    • Australia
  • Middle East and Africa 
    • Saudi Arabia
    • UAE
    • Qatar
    • Egypt
    • South Africa
    • Nigeria
  • Latin America 
    • Brazil
    • Peru
    • Argentina
Authors: Ankit Gupta , Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of current transformer crossed USD 1.5 billion in 2021 and is anticipated to exhibit over 7% CAGR through 2030, given the strong focus on rural area electrification.

The oil immersed cooling segment is poised to depict more than 6.5% CAGR between 2022 and 2030, considering enhanced operational capability in high-tension applications as compared to dry cooling.

The Europe market is slated to register over 7% gains through 2022-2030, owing to the rapid integration of renewable energy.

ABB, Eaton, RECO Transformers Pvt. Ltd., Schneider Electric, Siemens Energy, GE, Amran Inc., Nissin Electric Co., Ltd., and Instrument Transformer Equipment Corporation, Inc. are some of the prominent companies in the market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 18
  • Tables & Figures: 954
  • Countries covered: 20
  • Pages: 500

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