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Current Transformer Market Trends

Report ID: GMI3717
Published Date: Jul 2024
Report Format: PDF

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Current Transformer Market Trends

The current transformer industry is experiencing several notable trends. There is a growing emphasis on smart grid technology and advanced metering infrastructure, driving demand for intelligent and digital current transformers. Canada is allocating USD 100 million through its Smart Grid Program to facilitate the implementation of smart grid technologies and integrated smart systems, which in turn complements the market growth.

The rise of renewable energy projects necessitates accurate measurement and monitoring solutions, further boosting the market. Additionally, there is an increasing focus on energy efficiency and stringent regulatory standards, prompting the adoption of high-precision current transformers. Technological advancements, such as the integration of IoT and real-time data analytics, are also shaping the market, enhancing performance and reliability across various applications.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

Market size for current transformer was valued at around USD 2.2 billion in 2023 and is estimated to record 6.7% CAGR through 2032, backed by the rising global demand for electricity, driven by population growth, urbanization, and industrialization.

The oil-immersed cooling segment of the current transformer industry is projected to surpass USD 2.9 billion by 2032, attributed to the enhanced cooling efficiency and durability, making them suitable for high-voltage applications.

Asia Pacific market is anticipated to surpass USD 1.5 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.