Dry Type Current Transformer Market Size - By Product (Wound Type, Toroidal, Bar Type), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), Forecast, 2024 – 2032

Dry Type Current Transformer Market Size

Dry Type Current Transformer Market was valued at USD 510.4 million in 2023 and is envisioned to grow at a CAGR of over 8% during 2024 to 2032. The increasing focus on safety and environmental considerations has led to a growing preference for dry type transformer. The adoption of renewable energy sources and the expansion of smart grid systems require precise current measurement, further boosting the market. For instance, as per IEA, Japanese government in 2022 announced that they will invest USD 155 billion towards decarbonization and will further develop more smart technologies including smart grid and automation across power utilities and industries.
 

The need for reliable and accurate current measurement for various applications, including power distribution and industrial processes, fuels the demand for dry type current transformers. Finally, the construction and expansion of power infrastructure and the modernization of electrical networks worldwide contribute to the market growth.

COVID-19 Impact

The COVID-19 pandemic had mixed impacts on the dry type current transformer market. While the initial disruption caused supply chain challenges and manufacturing delays, the market demonstrated resilience as the demand for reliable and accurate current measurement persisted. The pandemic also underscored the importance of safety, prompting a preference for dry type transformers due to their non-flammable and environmentally friendly characteristics, in contrast to oil-filled counterparts. Additionally, the acceleration of remote work and digitalization heightened the need for precise current measurement, benefiting the market as industries adapted to new operational norms.
 

Dry Type Current Transformer Market Trends

The dry type current transformer industry is witnessing notable trends, due to the increasing emphasis on sustainability and environmental consciousness. As regulations tighten and industries seek greener solutions, the demand for environmentally friendly and non-flammable dry type transformers continues to rise, displacing oil-filled counterparts. Additionally, there is a growing focus on miniaturization and compact designs, making these transformers more space-efficient. The integration of advanced technologies, such as digital monitoring and smart grid applications, is on the rise, allowing for real-time data collection and remote monitoring, improving operational efficiency.
 

Dry Type Current Transformer Market Analysis

Wounded type current transformers dominated the 42% of the market share in 2022 and is projected to register 7.5% CAGR through 2032. As industries, utilities, and infrastructure projects continue to expand, the demand for precise current measurement remains robust. Additionally, safety and environmental concerns drive the transition from oil-filled transformers to dry type alternatives, further bolstering the market for wound type current transformers. Their established reputation for accuracy and performance positions them as a fundamental component in modern electrical systems.
 

The ≤ 33 kV segment exceeding a market value of USD 420 million in 2022 and is set to exhibit gains at nearly 7.5% up to 2032, attributed to the surging global demand for electricity along with population growth, urbanization, and industrialization. As nations invest in the expansion and enhancement of their power transmission and distribution networks, the demand for low-voltage dry type CTs is poised to increase. Furthermore, the integration of renewable energy sources like solar and wind power necessitates reliable current measurement and monitoring, and ≤ 33 kV dry type current transformers play a pivotal role in facilitating grid integration and power flow control within renewable energy projects.
 

Asia Pacific dry type current transformer market is anticipated to surpass USD 400 million by 2032, driven by the ongoing expansion and modernization of energy networks and the increasing imperative for peak load management. The Asia Pacific area is witnessing rapid adoption of smart control and monitoring units, coupled with significant investments in infrastructure across commercial and industrial sectors, all of which will bolster the demand for dry type current transformers. Furthermore, the presence of favorable regulatory policies and norms aimed at enhancing grid reliability and upgrading existing grid networks will contribute to a positive business environment in the region.
 

Dry Type Current Transformer Market Share

ABB stands out as a dominant player in the market, attributed to a combination of factors, including its extensive experience, technological innovations, and a comprehensive product portfolio. With a global presence and a strong reputation for quality and reliability, ABB has established itself as a trusted provider of dry type current transformers across diverse industries. The company's commitment to sustainability and environmentally friendly solutions has also resonated with customers seeking greener alternatives. ABB's dedication to research and development ensures that they stay at the forefront of technological advancements, meeting the evolving needs of the energy sector.
 

Some of the key market players operating across the dry type current transformer industry are:

• ABB
• General Electric
• Automatic Electric Ltd.
• Hitachi Energy Ltd.
• Instrument Transformers LTD.
• Guangdong Sihui Instrument Transformer Works Co., Ltd.
• Siemens Energy
• ARTECHE
• Amran Inc
• Peak Demand Inc.
• Wenzhou Unisun Electric Co., Ltd.
• Dalian Huayi Electric Power Electric Appliances Co.,Ltd
• Macroplast
• TWB
   

Dry Type Current Transformer Market News:

• In May 2022, Arteche and Hitachi Energy successfully obtained all the necessary regulatory clearances for the formation of Arteche Hitachi Energy Instrument Transformers S.L. Under the terms of the agreement inked in December 2021, Arteche held a majority stake of 51%, while Hitachi Energy retained the remaining 49%. This new joint venture entity is set to pioneer advancements in the innovation, production, marketing, and servicing of instrument transformers, leveraging the combined expertise of both companies. This strategic collaboration is poised to significantly expand Arteche's global footprint and bolster its presence in the industry.
   
• In October 2020, Instrument Transformers Limited partnered with Synaptec, a power technology company, for the expansion of its medium- & high-voltage products. The collaboration aims to open up new market opportunities and respond to the consumer demands. This synergy enhanced the company’s product portfolio, thereby strengthening its market presence in the current transformer industry.
   

This dry type current transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of units and revenue in ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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By Product

• Wound Type
• Toroidal
• Bar Type
• Others

By Voltage Rating

• ≤ 33 kV
• > 33 kV to ≤ 66 kV
• > 66 kV

By Application

• Power Distribution
• Manufacturing
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
• Latin America
  • Brazil
  • Argentina