Authored By: Sarah
11 Jul 2024

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

According to a research report “ Current Transformer Market” by Type (Oil immersed, Dry type) Application (Switchgear, Power transformers) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 457.4 million, at a CAGR of  8.09% during the forecast period. In the evolving power landscape, independent power producers (IPPs) are driving significant change. Metric requirements for generation metering within IPP facilities have outpaced industry standards such as IEEE C57.13 over the past decade. These facilities exhibit substantial current swings at low levels of auxiliary power, necessitating precise metering. Inaccuracies in metering for low-level current applications can be detrimental to IPPs' business operations. Consequently, Class 0.3 current transformers must meet stringent criteria. Specifically, their transformer correction factor should fall within the range of 0.997 and 1.003 for a current transformer at a 100% current ratio, maintaining this accuracy throughout the continuous current rating factor.

Browse market data tables, figures, and in-depth TOC on “Current Transformer Market” by Type (Oil immersed, Dry type) Application (Switchgear, Power transformers) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Type, the Oil immersed segment is projected to dominate the market size in 2024

In the electrical power industry, switchgear is a crucial component for efficient energy transfer and system protection. This equipment can be categorized into three classes based on their voltage levels of operation: low voltage, medium voltage, and high voltage. Low-voltage switchgear is primarily employed for switching and safeguarding electrical apparatus. The specific switching function determines the type of switching device, such as isolation, load switching, interrupting short-circuits current, or motor switching, as well as overcurrent protection against potential hazards to personnel. Medium-voltage switchgear is extensively utilized in diverse industrial applications, including power plants, pulp and paper, oil and gas, commercial premises, and mining. These installations ensure optimal operations across various end-user sectors while offering protection against faulty or overcurrent risks. The global surge in investments in renewable energy projects is projected to fuel consistent growth in the medium-voltage switchgear market.

By Application, Switchgear  segment is expected to hold the largest market size for the year 2024

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 stepping down current levels for safe transmission and are essential in various industries, including power generation, oil and gas, and manufacturing. Key market drivers include technological advancements, government regulations, and rising energy consumption. Companies are focusing on innovation and cost-effectiveness to meet growing demand and maintain a competitive edge.

APAC is forecasted to hold the largest market size by region in 2024

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.

The Current Transformer Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
  • VACUUMSCHMELZE GmbH and Co. KG
.

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Research Analysis Overview

The Current Transformer Market has witnessed significant growth in recent years due to the increasing demand for power transmission and distribution, particularly in the context of urbanization, renewable energy, and smart grids. Current transformers, which convert electrical currents for measurement, protection, and monitoring in power systems, are essential components of power transmission and distribution networks. However, the use of oil-immersed current transformers poses certain health hazards due to the risk of leakage and the potential for oil spills. Cooling systems are crucial for maintaining the efficiency and reliability of these transformers, but they can also contribute to power quality issues and fault detection challenges. To address these concerns, there is a growing trend towards digital control and real-time data monitoring in the current transformer market. Smart grids and renewable energy sources, such as solar power, are driving the demand for advanced current transformer technologies that can provide accurate load monitoring, fault detection, and power quality analysis capabilities. The growth of smart grids and the need for grid reliability are key growth drivers for the current transformer market. Overall, the market is expected to continue growing as the global electrical power infrastructure evolves to meet the demands of modern power systems.

Market Research Overview

The Current Transformer Market is witnessing significant growth due to the increasing demand for voltage ratings suitable for transmission lines, high voltage current requirements for switchgears and metering purposes in control rooms of electricity grids and power plants. Wound type current transformers, including toroidal designs, are popular choices due to their fire risks and health hazards reduction compared to oil-immersed types. Cooling systems and power quality analysis, fault detection, load monitoring, and smart grid capabilities are advanced features driving demand. Current transformers are essential for power systems, including renewable energy sources like wind and solar power, and grid reliability. The power sector's global operations, energy projects, and operational restrictions necessitate maintenance, construction, and development, further increasing demand. Digital control, communication capabilities, accuracy, and digital outputs are key trends. Urbanization, population growth, and electricity demand are significant growth drivers. Current transformer demand is expected to continue growing, with the market size projected to expand in the coming years.

Contacts

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

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