Latest News- Current Transformer Market: Oil immersed is expected to lead the Type segment during 2025-2029

The Current Transformer Market is being driven by Enhanced accuracy of current transformers at extremely low current levels

The Current Transformer Market is expected to grow at a CAGR of 8.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 521.3 million. In the electrical industry, current transformers (CTs) are essential components used for measuring and protecting electrical circuits. However, challenges arise when installing and connecting additional CTs, known as auxiliary CTs, to reduce the burden on primary CTs. Auxiliary CTs operate similarly to primary CTs but face unique issues. The increased burden on primary CTs can lead to higher error rates. Moreover, the performance of auxiliary CTs may not match that of primary CTs, necessitating careful consideration during implementation. These factors underscore the importance of proper installation and selection of auxiliary CTs to ensure optimal system performance and accuracy. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Oil immersed
  • Dry type
• Application
  • Switchgear
  • Power transformers
• Usage
  • Indoor
  • Outdoor
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Enhanced accuracy of current transformers at extremely low current levels
• Increased demand for electricity from emerging economies
• Modernization of existing transformers

However, the market also witnesses some limitations, which are as follows:

• High cost of upgrading electricity distribution networks
• Low-cost Chinese electrical equipment flooding developing countries
• Current sensors as alternative to traditional current transformers

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Market Scope in Current Transformer Market Research Report

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Research Analysis Overview

The Current Transformer Market is experiencing significant growth due to the increasing demand for electricity in urban areas and the expansion of power systems. Current transformers play a crucial role in measurement, monitoring, and protection of electrical currents in power transmission and distribution networks. Utilities and renewable energy sectors are major contributors to the market's growth. Smart grids, solar power, and digital control systems require real-time data for grid reliability, leading to increased demand for current transformers. Cooling, oil immersion, leakage, and health hazards are key considerations in current transformer design.

Market Research Overview

The current transformer market is a significant segment of the larger electrical components and equipment market, which encompasses companies specializing in the production of electric cables and wires, electrical components, and electrical equipment. According to Technavio's market analysis, this global market is determined by the consolidated revenue generated by manufacturers of various sub-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, the market size includes income from rental and leasing services of electrical components and equipment to industrial, commercial, and residential consumers. Key growth drivers for the current transformer market include population growth, urbanization, and the increasing demand for power systems measurement and improvement.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/