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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.