Current Transformer Market Size to grow by USD 457.4 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Current Transformer Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global electrical components and equipment market encompasses businesses involved in the production of electric cables and wires, electrical components, and electrical equipment. According to Technavio's analysis, this market's size is determined by the consolidated revenue generated from various segments, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, rental and leasing services for electrical components and equipment to industrial, commercial, and residential consumers are also taken into account when calculating the market size. - The Current Transformer Market is experiencing significant growth, fueled by the Enhanced accuracy of current transformers at extremely low current levels. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Enhanced accuracy of current transformers at extremely low current levels
  • Increased demand for electricity from emerging economies
  • Low-cost Chinese electrical equipment flooding developing countries
  • High cost of upgrading electricity distribution networks
• Growth Projections

The market size is estimated to grow by USD 457.4 million, at a CAGR of 8.09% during the forecast period. In the electrical industry, current transformers play a crucial role in measuring and monitoring current flow in power systems. However, the installation and connection of multiple current transformers can pose certain challenges. To mitigate these issues, an auxiliary current transformer is employed to alleviate the burden on the primary current transformer. This secondary transformer functions by reducing the load on the primary transformer, thereby improving its overall performance. However, the use of auxiliary current transformers comes with its own set of complications. Firstly, the presence of an auxiliary current transformer can increase the error rate in the primary current transformer due to the additional load it imposes. Secondly, the performance of auxiliary current transformers is not as optimal as primary current transformers, leading to potential inaccuracies in current measurements. Despite these challenges, auxiliary current transformers remain an essential component in complex power systems, ensuring reliable and efficient electrical operations.

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• Regional Insights

The current transformer market is experiencing significant growth due to increasing demand for electricity and the need for efficient power distribution. These transformers play a crucial role in maintaining consistent current levels for electrical equipment, ensuring optimal performance and reducing energy losses. Key players in the market include Siemens, ABB, and General Electric, who are investing in research and development to enhance product offerings and meet evolving customer needs.

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