REPORT HIGHLIGHT
Current Transformer Market size was valued at USD 2,308.9 Million in 2022, expanding at a CAGR of 7.7% from 2023 to 2030.
The current of another circuit is measured using a Current Transformer (CT). Across national power networks, CTs are utilized to monitor high-voltage lines. A CT's secondary winding is made to generate an alternating current proportionate to the primary current it is monitoring. The current transformer does this by reducing a high current to a lower value, making it possible to safely check the electrical current passing through an AC transmission line.
Current Transformer Market- Market Dynamics:
- Rising energy demand to propel market growth
- The infrastructure for power generation, transmission, and distribution has expanded as a result of the rising demand for energy spurred by population increase, urbanization, and industrialisation. In order to control and monitor the electrical systems, this in turn increases the requirement for current transformers. For instance, according to secondary analysis, the expected rise in global energy use over the coming years is rather significant. The predicted rise in renewable energy usage by 2050 will bring it to roughly 247 exajoules. Comparatively, in 2000, 42 exajoules of renewable energy were used globally. Thereby, propelling the market growth over the forecast period.
Current Transformer Market- Key Insights:
- As per the analysis shared by our research analyst, the global current transformer market is estimated to grow annually at a CAGR of around 7.7% over the forecast period (2023-2030)
- The current transformer industry is projected to grow at a significant rate owing to the increasing demand for power and rising focus on renewable source of energy
- Based on type segmentation, the dry type transformer is expected to hold a major market share over the forecast period
- Based on application segmentation, the power plants segment is expected to dominate the market over the forecast period
- On the basis of region, the Asia Pacific is expected to capture a significant market share over the forecast period
Current Transformer Market- Segmentation Analysis:
- The Global Current Transformer Market is segmented on the basis of Type, Application, Voltage, End User, and Region.
- Based on type, the market is bifurcated into dry type, pouring type, oil-immersed, gas insulated. The dry type transformer is expected to hold a major market share over the forecast period. The growth in the segment is owing to its advantages in terms of safety, dependability, and the environment, dry type transformers are utilized extensively across a range of industries and applications. They are capable of operating in challenging circumstances including high humidity, fire danger, and seismic activity without affecting their functionality or creating a risk to persons or property.
- Based on the application, the global current transformer industry is segmented into power plants, factories, residential, commercial, utilities, substations. The power plants segment is expected to dominate the market over the forecast period. Power metering from a utility to a consumer uses current transformers together with potential transformers. Voltage and current are multiplied to produce power, or watts. Voltage may be measured using a potential transformer. Thus, this is expected to drive the segment expansion over the forecast period.
Current Transformer Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to capture a significant market share over the forecast period. The market growth is attributed to the increasing demand for power and growing adoption of renewable energy source. For instance, according to International Energy Agency, a national target of 175 GW by 2022 and a national objective of 450 GW by 2030 for renewable energy are propelling a change toward cleaner electricity in India's power grid. However, as of 2020, conventional generating accounted for 205 GW (55%) of India's total 373 GW capacity, with coal and lignite accounting for 25 GW (7%). Based on the 177 GW annual peak demand for 2020 (as of September 2020) and taking non-firm capacity, losses, and outages (60-90 GW) into account, there is an embedded capacity excess of almost 10%. The second-largest source is big hydro, which accounts for over 45 GW (12%), followed by renewables (which include small hydro, biomass, waste, solar PV, and wind) at over 88 GW (24%) each. Thus, the aforementioned facts support the market growth over the projected period.
Current Transformer Market- Competitive Landscape:
Leading companies in the worldwide current transformer market are stepping up their R&D efforts in order to diversify their product offerings. Additionally, these market participants use strategic alliances and partnerships that promote growth. The key players operating in the market including PREMO, IME Spa, Hammond, FRER, Littelfuse, Meagacon AS, ONSET, FANOX ELECTRONIC, Shaanxi Shinhom Enterprise, SOCOMEC, Acme Electric, BENDER, ARTECHE Group, CG Power Systems, CIRCUTOR and Contrel elettronica.
Recent Developments:
In January 2023, Franklin Electric announced the debut of the INCON® Distribution Transformer Monitor (DTM), which is part of their growing Power Grid Monitoring product range. High-value, mission-critical, low voltage pad mount transformers and traditional pole top transformers may both have their performance monitored by the DTM using meters of meter-grade precision. The DTM continually tracks the primary performance indicators of a transformer and offers remote access to real-time transformer health data as well as automatic alarms for condition-based maintenance planning.
Key features of the study:
- This proposed research study on Current Transformer market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Current Transformer market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Current Transformer market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Current Transformer market
- Impact of COVID-19 on Current Transformer market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Current Transformer market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Current Transformer market, we have also included competitive landscape and key innovator analysis for the Current Transformer market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Current Transformer market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Current Transformer market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CURRENT TRANSFORMER MARKET KEY PLAYERS
- PREMO
- IME Spa
- Hammond
- FRER
- Littelfuse
- Meagacon AS
- ONSET
- FANOX ELECTRONIC
- Shaanxi Shinhom Enterprise
- SOCOMEC
- Acme Electric
- BENDER
- ARTECHE Group
- CG Power Systems
- CIRCUTOR
- Contrel elettronica
GLOBAL CURRENT TRANSFORMER MARKET, BY TYPE
- Dry Type
- Pouring Type
- Oil-Immersed
- Gas Insulated
GLOBAL CURRENT TRANSFORMER MARKET, BY APPLICATION
- Power Plants
- Factories
- Residential
- Commercial
- Utilities
- Substations
GLOBAL CURRENT TRANSFORMER MARKET, BY VOLTAGE
GLOBAL CURRENT TRANSFORMER MARKET, BY END USER
- Power Industry
- Heavy Industry
- Transportation
- Renewable Energy
GLOBAL CURRENT TRANSFORMER MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA