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Current Transformer Market size is set to grow by USD 457.4 million from 2024-2028, Enhanced accuracy of current transformers at extremely low current levels boost the market, Technavio

Current Transformer Market size is set to grow by USD 457.4 million from 2024-2028, Enhanced accuracy of current transformers at extremely low current levels boost the market, Technavio

NEW YORK, June 27, 2024 /PRNewswire/ — The global current transformer market size is estimated to grow by USD 457.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.09%  during the forecast period. Enhanced accuracy of current transformers at extremely low current levels is driving market growth, with a trend towards use of auxiliary current transformers. However, low-cost chinese electrical equipment flooding developing countries  poses a challenge. Key market players include ABB Ltd., CGS Instrument Transformers, Dalian Huayi Electric Power Electric Appliances Co. Ltd., Eaton Corp. Plc, Fanox Electronic SL, FRER Srl Vle, General Electric Co., Hammond Manufacturing Co. Ltd., Hyosung Corp., IMA Spa, Littelfuse Inc., Megacon Group, Murugappa Group, PREMO SL, Schneider Electric SE, Siemens AG, SOCOMEC Group, Sumitomo Electric Industries Ltd., Trench Ltd., and VACUUMSCHMELZE GmbH and Co. KG.

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Current Transformer Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.09%

Market growth 2024-2028

USD 457.4 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.31

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 48%

Key countries

US, China, India, Germany, and Canada

Key companies profiled

ABB Ltd., CGS Instrument Transformers, Dalian Huayi Electric Power Electric Appliances Co. Ltd., Eaton Corp. Plc, Fanox Electronic SL, FRER Srl Vle, General Electric Co., Hammond Manufacturing Co. Ltd., Hyosung Corp., IMA Spa, Littelfuse Inc., Megacon Group, Murugappa Group, PREMO SL, Schneider Electric SE, Siemens AG, SOCOMEC Group, Sumitomo Electric Industries Ltd., Trench Ltd., and VACUUMSCHMELZE GmbH and Co. KG

Market Driver

The current transformer market encompasses the use of primary and auxiliary transformers in electrical systems. While primary transformers measure current flow, auxiliary transformers reduce the burden on them. However, their operation presents challenges. Errors in primary transformers increase due to the auxiliary transformer’s burden. Auxiliary transformer performance is inferior due to their design to minimize burden. These challenges result in a threefold increase in transformation errors when an auxiliary transformer is installed compared to a single transformer. Despite these challenges, the demand for auxiliary transformers persists due to their ability to perform specialized functions within the system. 

The current transformer market is experiencing significant growth due to the increasing demand for power and the need for accurate power measurement. Grid modernization and the integration of renewable energy sources are key drivers in this market. Current transformers are essential components in power systems, enabling precise measurement and protection of electrical circuits. Their compact size and high accuracy make them popular choices for various applications. Additionally, the development of smart grids and advanced power management systems is fueling the demand for current transformers with improved performance and functionality. Overall, the current transformer market is poised for continued growth in the coming years. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

  • The Indian electrical equipment market faces a challenge in meeting domestic demand due to insufficient manufacturing capacity, leading to increased imports of Chinese electrical equipment. This trend poses a risk to national security as power distribution networks carry essential services such as telecommunications, water systems, critical infrastructure, and government services. Chinese equipment imports may negatively impact the demand for current transformers, a crucial component in monitoring and controlling power transformers and switchgear, during the forecast period. The Indian Electrical and Electronics Manufacturing Association (IEEMA) has raised concerns over potential data breaches and power disruptions, urging a ban on Chinese electrical equipment imports.
  • The Current Transformer market faces several challenges. Digits such as power, transformer, and curve indicate the industry’s focus on delivering efficient power solutions. The words flow, control, and digital signify the need for advanced technology in managing power distribution. The keywords load, operational, and reliability highlight the importance of ensuring uninterrupted power supply. The terms grid, integrity, and regulation emphasize the need for compliance with industry standards. The words cost, maintenance, and capacity underline the economic considerations and operational requirements in the market. Overall, the Current Transformer market requires solutions that address these challenges while ensuring cost-effectiveness, reliability, and regulatory compliance.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This current transformer market report extensively covers market segmentation by  

  1. Type 
  • 1.1 Oil immersed
  • 1.2 Dry type
  • Application 
    • 2.1 Switchgear
    • 2.2 Power transformers
  • Geography 
    • 3.1 APAC
    • 3.2 North America
    • 3.3 Europe
    • 3.4 Middle East and Africa
    • 3.5 South America

    1.1 Oil immersed-  The current transformer market is thriving due to increasing electricity demand and infrastructure development. Companies manufacture these transformers to step down current for safe transmission and distribution. Their compact size and high efficiency make them popular choices. The market is expected to grow steadily, driven by industrialization and advancements in technology.

    For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

    Research Analysis

    The Current Transformer Market plays a significant role in the urbanization process, acting as a growth driver for power systems by ensuring accurate measurement, monitoring, and protection of electrical currents in various utility applications. Current transformers are essential components in power transmission systems, enabling the monitoring and control of electrical currents in smart grids and renewable energy systems. These transformers are crucial for grid reliability, particularly in the integration of solar power and digital control systems. Oil-immersed current transformers offer high accuracy and reliability, but potential leakages and health hazards necessitate stringent safety measures. Real-time data analysis and load monitoring are key functions of current transformers, enabling fault detection and power quality analysis for cooling systems and other critical applications.

    Market Research Overview

    The current transformer market encompasses the production, sales, and installation of transformers designed to measure and regulate alternating currents. These transformers play a crucial role in electrical systems by maintaining consistent voltage levels and ensuring efficient power transmission. The market is driven by various factors, including the increasing demand for electricity, the need for grid modernization, and the growing adoption of renewable energy sources. Current transformers are available in different types, such as wound type, current transformer with magnetic core, and current transformer with air core. The market is expected to grow significantly due to the rising demand for reliable and efficient electrical systems. The use of advanced materials and technologies in the production of current transformers is also contributing to market growth.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation

    • Type
    • Application
      • Switchgear
      • Power Transformers
    • Geography
      • APAC
      • North America
      • Europe
      • Middle East And Africa
      • South America

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/

    SOURCE Technavio

    Originally published at https://www.prnewswire.com/news-releases/current-transformer-market-size-is-set-to-grow-by-usd-457-4-million-from-2024-2028–enhanced-accuracy-of-current-transformers-at-extremely-low-current-levels-boost-the-market-technavio-302184099.html
    Images courtesy of https://pixabay.com

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