Current Transformers Market size is set to surpass USD 3 billion by 2030, according to a new research report by Global Market Insights Inc.
The report reveals that the rise in investments to modernize aging grid infrastructure will be a prominent driver for the unit development. For instance, in May 2022, the U.S. government launched a USD 2.5 billion fund to upgrade and improve grid capacity in the U.S., through the build-out of critical transmission lines. Such initiatives will increase the use of current transformers to monitor high-voltage lines across power grids. Furthermore, the integration of next-gen technology in the electricity value chain to ensure resilient, affordable, and efficient supply will augment current transformer installations.
High operational safety to proliferate the use of dry-type cooling current transformers
The current transformers market from dry-type cooling segment is slated to record significant gains through 2030. High operational safety and cost competitiveness are some of the key attributes contributing to the robust demand for such transformers. Outdoor dry-type current transformers are also cast in quality epoxy resin with high glass transition temperatures. Moreover, excellent ingress protection and ultraviolet resistance will boost their deployment to facilitate safe monitoring of electric current flow.
Rise in funding to expand bar-type current transformer use in power plants
Based on the product, the bar-type segment will hold a major share of the current transformers market by 2030 due to the high applicability of the system in power plants, control rooms, electricity grids, and switchgear for current measurement and protection purposes. Additionally, with an increase in funding for clean energy-powered power energy, the demand for bar-type current transformers will further rise. In August 2022, for instance, Fervo Energy secured USD 138 million in funding from DCVC to build and operate carbon-free power plants, fostering the installation of power-generating equipment including bar-type transformers.
Deployment of ≤ 33 kV capacity current transformers in small-scale industries
The ≤ 33 kV voltage rating segment is estimated to attain substantial during the forecast period, as a result of its application scope in small-scale power industrial sectors. The growing peak load and the integration of smart grid technologies are also emerging as key trends supporting the use of power equipment such as transformers.
Browse key industry insights spread across 500 pages with 925 market data tables & 29 figures & charts from the report, “Current Transformer Market Size By Cooling (Dry Type, Oil Immersed), By Product (Wound Type, Toroidal, Bar Type), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
High current line isolation capability to stimulate product demand for manufacturing applications
The manufacturing application segment is predicted to observe more than 7.5% CAGR between 2022 and 2030. The report cites that the capability of the current transformers to safely measure large currents is one of the prominent factors bolstering its installation in manufacturing facilities. Other features such as the isolation of high-current lines from the power measuring devices are also expected to expand its application scope in production applications.
Grid infrastructure modernization programs spur system installation in North America
North America current transformers market capacity reached over 100,000 units in 2021, given the strong focus on grid infrastructure modernization. Federal departments in the region have identified the need for an electrical grid to be comprised of an ecosystem of service providers, local, state, and federal government entities, asset owners, and manufacturers. The report reveals that the ongoing shift in focus toward the upgradation of aging grid networks will contribute to the establishment of current transformer units in the region.
Partnership strategies to strengthen the industry landscape
Top participants operating in the current transformers market are Eaton, Frer srl, Schneider Electric, Siemens Energy, CG Power & Industrial Solutions Ltd., Hammond Manufacturing Ltd., and Nissin Electric Co., Ltd., among others. These companies are implementing growth strategies including collaborations to reinforce their footprint in the industry.
For instance, in April 2021, Fanox partnered with Eaton to include its SIA-B Protection Relays in the Xiria family of Eaton. The intention behind this collaborative agreement was to further enhance its portfolio across the global market.