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Current Transformer Market Size
- Report ID: GMI3717
- Published Date: Jul 2024
- Report Format: PDF
Current Transformer Market Size
Current Transformer Market was accessed at USD 2.2 billion in 2023 and is anticipated to grow at a CAGR of 6.7% between 2024 and 2032. The market is driven by several key factors, including the increasing demand for electricity due to rapid urbanization and industrialization, particularly in emerging economies.
Additionally, the growth of renewable energy sources and the expansion of power transmission and distribution networks require reliable current measurement and protection systems. The IEA reports that the investment in the global renewable energy sector reached USD 446 billion in 2021, reflecting substantial growth since the 2015 Paris Agreement. This rise is expected to positively influence market dynamics.
The need for efficient power management and grid stability has led to the modernization of existing power infrastructure and the integration of smart grid technologies. Stringent government regulations and standards for energy efficiency and safety further propel the adoption of advanced current transformers across various industries.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Current Transformer Market Size in 2023: | USD 2.2 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 6.7% |
| 2032 Value Projection: | USD 3.9 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Cooling, Product, Voltage Rating, Application |
| Growth Drivers: |
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Frequently Asked Questions (FAQ) :
Current Transformer Market Scope
