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Current Transformer Market Size

Report ID: GMI3717
Published Date: Jul 2023
Report Format: PDF

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Current Transformer Market Size

Current Transformer Market size was valued at around USD 2.1 billion in 2023 and is estimated to expand at 6.7% CAGR from 2024 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 Report Attributes
Report Attribute	Details
Base Year:	2023
Current Transformer Market Size in 2023:	USD 2.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.7%
2032 Value Projection:	USD 3.9 Billion
Historical Data for:	2019 to 2023
No. of Pages:	590
Tables, Charts & Figures:	815
Segments covered:	Cooling, Product, Voltage Rating, Application
Growth Drivers:	North America Refurbishment demand for existing grid infrastructure Rising infrastructural spending Europe Growing deployment of renewable energy Upgradation of existing grid network Asia Pacific Large-scale renewable integration Increasing demand for electricity Middle East & Africa and Latin America Increasing demand for electricity Growing investment toward expansion of distribution networks
Pitfalls & Challenges:	High initial cost & increased product prices

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of current transformer was valued at around USD 2.1 billion in 2023 and is estimated to reach over USD 3.9 billion by 2032, backed by the rising global demand for electricity, driven by population growth, urbanization, and industrialization.

The bar type segment of current transformer market crossed USD 550 million in 2022 and will continue to witness high demand, primarily driven by extensive product application in power plants, electricity grids, control rooms, and switchgears for protection and metering purposes.

Asia Pacific market for current transformer is anticipated to surpass USD 1.8 billion by 2032, on account of the increasing demand for effective Transmission & Distribution (T&D) systems.

Schneider Electric, General Electric, Siemens Energy, ABB, Eaton Corporation, Hitachi Energy Ltd., Circutor, Littelfuse, Inc., CG Power & Industrial Solutions Ltd., and Instrument Transformers Ltd. among others.