Current Transformer Market size is poised to grow at a significant pace over the span of 2021-2027. This can be ascribed to the industrial development and dynamic increase in commercialization. Moreover, an increase in electricity consumption worldwide is slated to have a considerable influence on the demand for current transformers.
The introduction of smart grid systems is projected to boost market growth, as transformers have been known to play an integral part in the smart grid network. Various central governments are as well planning on investing heftily in the development of smart grid networks. For instance, the Canadian government had in 2019 announced hosting the first of its kind and largest smart grid system in North America. As per official sources, the entire modernization project costs nearly CA$ 50 million and was funded by the Canadian federal government’s Smart Grid Program.
The increase in the number of installations of current transformers and refurbishment of old transformers is poised to create a positive impetus on the market progression. In addition, the current transformers are observing a surge in demand for efficient grid monitoring and control systems incorporated with transformer monitors, transformers, diagnostic solutions, and sensors.
The global current transformer market share is poised to experience hinderance from the declining sales and weak distribution network throughout the analysis time span. However, growing industrialization might have a positive impact on the commercial and residential sectors. This in turn would open new growth avenues for current transformers in emerging economies.
Based on the product type, oil insulated current transformer segment is estimated to exhibit considerable gains through the coming years. These transformers are used to alter high transmission line currents (of up to 5000 A) to identical low and easily measurable values, which are anticipated to be used for protection and control and metering of high voltage systems.
The escalating demand for portable current transformers would have a considerable impact on the overall business growth. These types of transformers are high precession types mainly used for high accuracy ammeters and power analyzers. The measure of the current range for the portable current transformers ranges from 1000A to 1500A and are mainly used to offer isolation for the measuring instrument from the circuits with high voltage.
Geographically, the United States current transformer market would depict considerable growth over the forecast period, given the growth in disposable income of the population and rising demand for current transformers in the country. There has also been a surge in electricity consumption due to the increased adoption of televisions, smartphones, and wearable devices. Management of huge load of electricity demand is expected to generate the need for power distribution and management tools. Therefore, the aforementioned factors are anticipated to have an impeccable impact on the US market.
The current transformer industry is highly concentrated and boasts the presence of leading market players including ABB, General Electric, Siemens, Schneider Electric SE, Nissan Electric, Hyosung Corporation, and Fuji Electric amongst others.
These players are implementing various strategic initiatives including mergers, acquisitions, and partnerships to gain a competitive edge in the market.
The novel COVID-19 pandemic during 2020 has produced massive disruption in the global economy with various businesses and industries temporarily halting their production in wake of the movement restrictions. Imposition of reduced labor force and disturbances in supply chain for raw material has as well laid a considerable impact on the current transformer market as the consumption of electricity reduced significantly during the first half of the year.