Artificial Intelligence
Current Transformer Market is Predicted to Reach US$ 2.93 Billion at a CAGR of 5.6% By 2033: Fact.MR Study
Rockville, June 27, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the Current Transformer Market is expected to reach US$ 2.93 billion by the end of 2033, expanding at a CAGR of 5.6% over the decade.
Current transformers consist of a primary winding that carries the current and a secondary winding with a significantly lower number of turns compared to the primary winding. The “turns ratio” is the ratio of turns on the secondary winding to turns on the primary winding. A current transformer generates an output voltage inversely proportional to the primary current.
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Demand for current transformers is expected to grow significantly throughout the projected period due to their advantageous features, including easy installation, maintenance convenience, and accurate measurement capabilities. Furthermore, the integration of advanced technologies like artificial intelligence (AI) and the Internet of Things (IoT), along with ongoing research and development (R&D) efforts, is anticipated to open up lucrative opportunities in the market.
A current transformer can have two measuring cores with separate accuracy classes, or it can be built with measuring and protection cores with the same accuracy class. The design of this equipment is determined by the specific requirements of the electrical circuit. While single-phase current transformers are utilized for high-voltage applications, three-phase current transformers are typically connected to medium-voltage electrical networks.
Leading players in the market have adopted strategies such as investment pricing, product portfolio growth, mergers & acquisitions, partnerships, and geographical expansion to increase their profit margins.
- In November 2021, Littlefuse, Inc. purchased Carling Technologies, Inc., a manufacturer of digital switching systems, breakers, and other electrical parts.
Key Takeaways from Market Study
- The global current transformer market is valued at US$ 1.70 billion in 2023.
- Worldwide demand for current transformers is projected to increase at a CAGR of 5.6% from 2023 to 2033.
- The global market is estimated to reach US$ 2.93 billion by the end of 2033.
- The market in the United Kingdom is set to expand at a CAGR of 5.8% from 2023 to 2033.
- During the forecast period, the market in Japan is predicted to grow at a CAGR of 2.9%.
“Growth of the current transformer market is being driven by the power industry’s rising need for intelligent current monitoring systems and growing awareness of energy-saving techniques,” says a Fact.MR analyst.
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Market Competition
Businesses are making investments in current transformer-related research and development. Development of intelligent monitoring systems and integration of current transformers with communication protocols enhance their functionality, accuracy, and reliability.
- In December 2022, Arteche showcased its latest offerings, including medium voltage current transformers (CTs), power transformers (PTs), and sensors. The company also unveiled a comprehensive range of high-
voltage digital instrument transformers.
There are many worldwide and regional firms contending for market share in the energy sector’s current transformer industry, creating a complex competitive landscape. The competitive environment in particular locations may be influenced by market dynamics, customer preferences, and regulatory frameworks.
Factors including technical development, product performance, pricing, customer service, and market reach affect the competitive dynamics. Staying competitive in the market requires constant attention to consumer input, market intelligence, and industry developments.
- The American government established a US$ 2.5 billion fund in May 2022 to upgrade and increase the capacity of the electrical grid. The goal is to expand new transmission lines and deal with power latency issues.
- A full set of voltage sag control equipment created independently by NR Electric Co. based on a high-speed switch was fully certified by Xi’an High Voltage Apparatus Research Institute (XIHARI) in December 2020 after passing the full set type test of the Xi’an High Voltage Apparatus Research Institute.
Key Companies Profiled
- GE Grid Solutions
- Schneider Electric
- VAC
- ABB Limited
- SIEMENS AG
- Eaton
- Amran Inc.
- Hammond Manufacturing Ltd.
- Nissin Electric Co., Ltd.
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Key Segments of Current Transformer Industry Research
- By Type:
- Dry
- Oil-immersed
- Gas-insulated
- By Construction:
- Wound Type
- Toroidal
- Bar Type
- Summation
- By Core:
- Solid Core
- Split Core
- By Voltage Rating:
- Low Voltage
- Medium Voltage
- High Voltage
- By Use Case:
- Indoors
- Outdoors
- By Application:
- Protection
- Metering
- By End-use Vertical:
- Energy Sector
- Power Plants
- Transmission Substations
- Distribution Substations
- Manufacturing Sector
- Energy Sector
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global current transformer market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (dry, oil-immersed, gas-insulated), construction (wound type, toroidal, bar type, summation), core (solid core, split core), voltage rating (low voltage, medium voltage, high voltage), use case (indoors, outdoors), application (protection, metering), and end-use vertical (energy sector [power plants, transmission substations, distribution substations], manufacturing sector), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Check Out More Related Studies Published by Fact.MR Research:
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Power Transformer Market: Pricing pressures on power transformers manufacturer, along with rising raw material costs and the global economic slowdown, could hinder the market growth in the foreseeable future. Owing to the above facts. This is anticipated to auger well for the growth of the global power transformer market.
Industrial Control Transformers Market: Increasing power demand and installed power generation capacities across the world is expected to provide an impetus to the growth of the industrial control transformers market in the upcoming years.
Transformer Oil Coolers Market: The transformer oil coolers market expansion is subjected to various market restraints such as reluctance towards the upgradation of power infrastructure in the developing nations and high cost of the equipment.
Transformer Steel Market: Growth of the transformer steel market is primarily driven by the power and energy industry, as this material is widely used in the manufacturing of distribution and power transformers. Long-term supply contracts for transformer steel with electrical machinery manufacturers is found to be one of the key strategies followed by players in the global transformer steel market.
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