Current Transformer Market size was valued at around USD 2 billion in 2022 and is estimated to expand at 6.8% CAGR from 2023 to 2032. The rising global demand for electricity, driven by population growth, urbanization, and industrialization, acts as a major growth driver for the current transformer demand.
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Current Transformer units are essential components in power systems for accurate measurement, monitoring, and protection of electrical currents. Governments and utilities worldwide are making substantial investments in the expansion and modernization of power transmission and distribution infrastructure, including the development of smart grids, renewable energy integration, and grid reliability enhancement. These transformers play a crucial role in these infrastructure projects, driving the demand for their deployment. Moreover, the rapid growth of renewable energy sources, such as solar and wind power, requires reliable current measurement and monitoring. Current transformers are employed in renewable energy systems for power flow control, grid integration, and monitoring of power generated from renewable sources.
|Current Transformer Market Size in 2022:||USD 2 Billion|
|Forecast Period:||2023 to 2032|
|2032 Value Projection:||USD 3.9 Billion|
|Historical Data for:||2019 to 2022|
|No. of Pages:||590|
|Tables, Charts & Figures:||815|
|Segments covered:||Cooling, Product, Voltage Rating, Application|
|Pitfalls & Challenges:|
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The COVID-19 pandemic has had varying impacts on the development, construction, and maintenance of power infrastructure worldwide. While there were operational restrictions during certain periods, many governments did not impose prohibitions on the construction of new energy projects. As governments take measures to resume operations across major industries, manufacturing facilities, and infrastructure projects have positive impact on the business growth of the power sector owing to the augmented energy demand from these industries. The pandemic has led to some changes in the fundamentals of the power sector, including revenue streams, customer behavior, and aspects of industrial operations.
However, government efforts to effectively manage the situation have helped boost the current transformer market outlook. Healthcare centers, in particular, experienced high electricity demand during the pandemic. However, the need to comply with stringent emission norms and concerns about unreliable power supply have hindered the adoption of advanced power equipment in some cases.
As vaccination drives progress and global operations gradually reopen, the overall market scenario is improving. This is expected to result in an upsurge in the power sector in the near term. The installation of large-scale power projects in various geographies aligns with the ongoing pandemic situation, and the industry is forecast to benefit from the recovery and resurgence of economic activities.
Digital current transformers (CTs) are gaining popularity due to their enhanced accuracy, communication capabilities, and advanced features. These CTs provide digital outputs, allowing seamless integration with digital control systems, smart grids, and IoT-based monitoring platforms. The transition from traditional analog CTs to digital CTs is driven by the demand for more precise measurements, real-time data analysis, and remote monitoring capabilities. The development and deployment of smart grid systems require accurate current measurement and monitoring at various points in the grid. Current transformers play a vital role in smart grid applications, enabling load monitoring, fault detection, and power quality analysis.
The integration of current transformers with intelligent devices and communication protocols supports the efficient management of electricity distribution networks. Furthermore, increasing awareness of energy efficiency and power quality issues is driving the demand for advanced current transformers. Utilities and industries are seeking highly accurate CTs capable of measuring low currents and harmonics. Precise current measurement helps in optimizing energy consumption, identifying inefficiencies, and maintaining power quality standards.
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The current transformer market, based on cooling, is segmented as dry type and oil immersed. The oil immersed current transformer industry surpassed USD 1.5 billion in 2022 and is poised to reach over USD 2.6 billion by 2032. The oil-immersed current transformers industry has experienced significant market penetration due to its advantages in terms of easy installation and efficient cooling capabilities. These transformers are particularly well-suited for high-tension applications and offer superior cooling characteristics compared to dry-type alternatives, which enhances their appeal in the market.
However, concerns related to leakage, health hazards, and fire risks associated with oil-immersed transformers may pose some challenges to their adoption. Nevertheless, manufacturers are actively engaged in research and development (R&D) efforts to enhance the technological aspects of oil-immersed current transformers. These initiatives aim to introduce advanced products and components that address the limitations and further accelerate the deployment of these transformers.
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The current transformer market is segmented in toroidal, wound type, bar type and others based on product. The bar type segment accounted for over USD 550 million in 2022 and is anticipated to grow at a CAGR of over 7% by 2032. Bar type current transformers have experienced a surge in demand in recent years, primarily driven by their extensive application in power plants, electricity grids, control rooms, and switchgears for protection and metering purposes. These transformers play a crucial role in reducing high voltage current to a lower value, facilitating safe and convenient current measurement in transmission lines. This factor has significantly contributed to the increasing adoption of bar type current transformers.
Furthermore, the rapid pace of urbanization and favorable government reforms and policies aimed at improving small-scale industries in developing nations have acted as catalysts for the growth of this market. These initiatives have created a conducive environment for the deployment of bar type current transformers. Additionally, the ongoing integration of sustainable energy networks aligning with regulatory requirements and incentive schemes has further boosted the adoption of these transformers. The focus on sustainable energy sources and the implementation of supportive policies and incentives have positively influenced the current transformer market outlook.
The current transformer technology is available in different voltage ratings including ≤ 33 kV, > 33 kV to ≤ 66 kV, and > 66 kV. ≤ 33 kV holds the major market share of over 90% in 2022 and is set to grow at a CAGR of over 6.5% by 2032. The current transformer industry for voltages up to 33 kV is poised for significant growth due to the expanding industrial and commercial sectors worldwide. In the future, this sector is expected to experience sustained growth driven by the increasing demand for compact transformer units. The deployment of privately-owned substations to cater to manufacturing units and commercial establishments will be a key driver for the industry, further enhancing its growth prospects.
The current transformer technology is used across several applications including manufacturing industries, power distribution and others. Power distribution sector plays a major rale in driving the current transformer market growth. In recent years, current transformers have experienced significant penetration in the power distribution sector. This can be attributed to their sustainable transformation capabilities and extended operational life expectancy, which have prompted widespread adoption across the industry.
However, the emergence of advanced smart technologies and the growing emphasis on energy efficiency have led to the introduction of alternative core technologies, thereby impacting the dynamics of the market. Furthermore, the vulnerability of existing power infrastructure has increased the focus on upgrading and modernizing electricity networks worldwide. This, in turn, is estimated to drive the demand for current transformers as part of the overall infrastructure improvement efforts. The power transformer market is likely to hit USD 37.5 billion by 2032.
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Asia Pacific current transformer market is predicted to reach USD 1.8 billion in 2032, primarily on account of the increasing demand for effective Transmission & Distribution (T&D) systems. The APAC region is poised for substantial growth due to the ongoing upgrades and expansions of existing energy networks, as well as the increasing demand for peak load management. The region's rapid adoption of smart and control monitoring units, coupled with significant infrastructural investments and expenditures in commercial and industrial sectors, will drive the adoption of current transformers.
Moreover, favorable regulatory norms and standards aimed at improving grid reliability and refurbishing existing grid networks will contribute to the positive business landscape in the region.
Notable companies operating in the current transformer market include :
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