Current Transformer Market size to increase by USD 422.01 million during 2022-2027, Enhanced accuracy of current transformers at extremely low current levels to drive the growth , Technavio
NEW YORK, March 20, 2024 /PRNewswire/ -- The current transformer market size is expected to grow by USD 422.01 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 8% during the forecast period. The burgeoning demand for electricity in emerging economies is fueling market expansion. Urbanization, propelled by industrial development, is catalyzing residential and commercial construction activities. India, boasting one of the globe's swiftest urbanization rates due to its burgeoning populace and rising incomes, stands as a prime example. Furthermore, the manufacturing sector in these regions holds immense growth prospects, bolstering electricity demand. Anticipated to emerge as major manufacturing hubs, these nations are driving substantial market growth. This trend has spurred both public and private entities within the electricity industry to embark on planned network capacity expansion initiatives, indicative of the burgeoning demand. These endeavors underscore the significant market growth forecasted for the forthcoming period.
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Key Highlights:
- The report recognizes the following as some of the key players in the current transformer market: 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, Trench Ltd., VACUUMSCHMELZE GmbH and Co. KG, and Sumitomo Electric Industries Ltd.
- The Current Transformer Market is fragmented in nature.
- Market to observe 7.0% YOY growth in 2023.
The use of advanced technologies and processes in transformer manufacturing is an emerging market trend.
The very sophisticated manufacturing processes result in the production of high-quality electrical equipment like ABB instrument transformers, which are the next generation. Similarly, the APG process is subject to multiple casting parameters, such as temperature, pressure, and curing time. Such a variable is posed by epoxy producers as a challenge for optimizing the production process in order to obtain a better product.
- The high cost of upgrading electricity distribution networks hampers market growth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
The market is segmented by Type (Oil immersed and Dry type), Application (Switchgear and Power transformers), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
Keg Segments:
The oil-immersed segment is significant during the forecast period. These transformers are meant to be immersed into insulating oil for better insulation and cooling and are widely applied in high voltage applications, e.g. to generate electricity, transmission, and distribution systems.
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Analyst Review
In the realm of energy distribution and power networks, current transformers (CTs) play a pivotal role in monitoring power usage and ensuring efficient energy distribution. As the world moves towards modernizing power distribution infrastructure, the demand for CTs is experiencing a significant upsurge. This surge is fueled by various factors ranging from the integration of renewable energy sources to the proliferation of electric vehicles.
One of the primary drivers stimulating the current transformer market is the global push towards energy efficiency. With mounting environmental concerns, there's an urgent need to minimize transmission losses and enhance energy efficiency throughout transmission and distribution networks. Energy-efficient transformers equipped with smart sensors have emerged as a solution to mitigate energy wastage and optimize power usage.
However, the modernization of power distribution infrastructure comes with its challenges, notably the high initial costs associated with upgrading aging systems. Despite the long-term benefits, the upfront investment can be a deterrent for many stakeholders. Nonetheless, the promise of reduced transmission losses and enhanced energy efficiency acts as a compelling incentive for investment.
In the context of environmental sustainability, the prevalence of oil-based insulation in traditional transformers raises concerns regarding environmental impact and safety. This has led to a growing emphasis on adopting eco-friendly alternatives and exploring innovative insulation materials to mitigate environmental risks.
Moreover, the advent of electric vehicles has reshaped the energy landscape, necessitating robust power networks capable of supporting widespread adoption. Current transformers play a crucial role in monitoring and managing the power flow required for charging infrastructure, contributing to the seamless integration of electric vehicles into the grid.
Furthermore, the digitalization of power systems has revolutionized the way energy is monitored and managed. Advanced CTs equipped with digital technology offer real-time data monitoring and analysis, enabling proactive maintenance and optimizing energy distribution.
In parallel, the shift towards renewable energy sources such as solar and wind necessitates adaptable CT solutions capable of accommodating fluctuating power generation. Transformer and circuit breaker bushing advancements cater to this need, ensuring seamless integration of renewable energy into existing grids.
In conclusion, the current transformer market is witnessing dynamic growth driven by the imperative for energy efficiency, the adoption of renewable energy sources, the proliferation of electric vehicles, and the digitalization of power systems. With innovation at its core, the industry is poised to address the challenges of modernizing power distribution infrastructure while advancing towards a sustainable energy future.
Market Overview
The current transformer (CT) market is experiencing a surge, driven by heightened demands in energy distribution and the modernization of power networks. As power usage increases and electric vehicles become more prevalent, the need for efficient energy consumption rises. CTs play a pivotal role in power distribution, accurately measuring and monitoring current flow. With the modernization of power distribution infrastructure, CTs are evolving to meet the demands of smart grids and renewable energy integration. Their reliability and accuracy make them indispensable in ensuring stable and efficient electricity delivery. As the push for sustainable energy intensifies, the CT market is poised for sustained growth, catering to the evolving needs of the energy landscape.
Related Reports:
The medium voltage transformer market share is expected to surge to USD 3.76 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.92%.
The Gas Insulated Transformer Market size is estimated to grow at a CAGR of 5% between 2022 and 2027 and the size of the market is forecast to increase by USD 995.05 million.
ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.
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Website: www.technavio.com/
SOURCE Technavio
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