USD 7.46 billion
Current Transformers Market Size, Share, Growth Analysis, By Type(Wound, bar, and window), By Application(Metering, protection, and control), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2084 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Current Transformers Market Insights
Global Current Transformers Market size was valued at USD 7.46 billion in 2021 and is poised to grow from USD 7.94 billion in 2022 to USD 13.14 billion by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).
One of the key drivers is the increasing demand for electricity, particularly in developing countries. As populations grow and urbanization increases, the demand for electricity to power homes, businesses, and industries is expected to rise significantly, driving the need for current transformers in the power generation, transmission, and distribution sectors. Another driver is the growing adoption of renewable energy sources such as wind and solar power. These sources of energy require current transformers to efficiently transmit the power they generate to end-users. The push for cleaner, more sustainable energy sources is expected to drive significant growth in the current transformer market in the coming years. The development of smart grid technologies is also a major driver of the current transformer market. Smart grids are designed to improve the efficiency and reliability of power transmission and distribution systems, and current transformers are a critical component of these systems. As the adoption of smart grid technologies increases, so too will the demand for current transformers. The increasing use of industrial automation is also driving the demand for current transformers, particularly in industries such as oil and gas, mining, and manufacturing. Current transformers are used in industrial applications to monitor and control electrical systems, helping to ensure safe and efficient operation.
However, high costs are associated with current transformers, particularly for high voltage applications. This can make it difficult for small and medium-sized enterprises to invest in these technologies, limiting the overall market potential. Another restraint is the complexity of current transformer installation and maintenance, which can make it challenging for end-users to adopt these technologies. This could limit the adoption of current transformers in industries or regions where there is a lack of skilled personnel or technical expertise. Environmental concerns could also impact the growth of the current transformer market. The production of current transformers requires the use of materials that are not environmentally friendly, and the disposal of these materials can be challenging. As environmental regulations become stricter, manufacturers of current transformers may face increased costs or limitations on their operations.
US Current Transformers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wound
Fastest Growth
Wound
Growth Rate
6.5% CAGR
Global Current Transformers Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022(%)
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Current Transformers Market Segmental Analysis
Global Current Transformers Market is segmented on the basis of type, application and region. By type, the market is segmented into wound, bar, and window. By application, the market is segmented into metering, protection, and control. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Current Transformers Market Analysis by Type
Wound current transformers dominate the global market and are expected to continue to hold the largest market share during the forecast period. Wound current transformers are commonly used in high-voltage power transmission and distribution systems and are preferred due to their high accuracy and reliability.
Window-type current transformers are expected to grow at the fastest rate during the forecast period due to their increasing use in medium voltage applications. Window-type current transformers are used for indoor applications and are preferred for their compact size and ease of installation. The growth of the window-type current transformer segment can be attributed to the increasing focus on grid modernization and digitalization, which is driving the demand for compact and efficient transformers that can be easily integrated into the existing infrastructure.
Current Transformers Market Analysis by Application
The largest segment in the global current transformers market is the metering segment, which includes applications where current transformers are used for measuring the flow of electricity in power systems. The metering segment is expected to continue to be the largest segment in the market, driven by the increasing demand for energy efficiency and the adoption of smart grid technologies.
The protection segment is expected to be the fastest-growing segment in the global current transformers market. The increasing demand for reliable and safe power systems is expected to drive significant growth in the protection segment, particularly in industries such as power generation, transmission, and distribution.
Global Current Transformers Market Size By Type 2022(%)
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Current Transformers Market Regional Insights
Asia-Pacific is a rapidly growing market for current transformers, driven by the increasing demand for power and the growing adoption of renewable energy sources. The region has a large population and a growing economy, which is driving the demand for electricity. China is the largest market for current transformers in the Asia-Pacific region, with significant investments in the power and manufacturing sectors. The country has the world's largest renewable energy capacity and is aggressively promoting the adoption of clean energy sources. The Chinese government has set a target to increase the country's non-fossil fuel energy consumption to 20% by 2025, which is expected to drive the demand for current transformers. India is another significant market for current transformers in the Asia-Pacific region, driven by the increasing demand for power and the growing adoption of renewable energy sources. The Indian government has set a target to achieve 175 GW of renewable energy capacity by 2022, which is expected to boost the demand for current transformers. The Indian manufacturing sector is also growing rapidly, which is driving the demand for current transformers in the country. Japan is a mature market for current transformers, with a high level of technological advancement and innovation. The country has a well-established power infrastructure and is focusing on energy efficiency and renewable energy sources to reduce carbon emissions. The growing adoption of renewable energy sources in Japan, particularly solar power, is expected to drive the demand for current transformers in the country. South Korea is a significant market for current transformers, driven by the growing demand for power and infrastructure development. The country has significant investments in the renewable energy sector, particularly in solar and wind power. The South Korean government has set a target to increase the share of renewable energy sources in the country's power mix to 20% by 2030, which is expected to boost the demand for current transformers.
North America is a mature market for current transformers, driven by the region's established power infrastructure and the growing adoption of renewable energy sources. The United States is the largest market for current transformers in North America, driven by the country's significant investments in power infrastructure and renewable energy sources. The US is the world's second-largest producer of wind energy and has significant investments in solar power. The growing adoption of renewable energy sources in the country is expected to drive the demand for current transformers. Moreover, the US has a mature manufacturing sector, which is also a significant user of current transformers. Canada is another significant market for current transformers in North America, driven by the country's investments in power infrastructure and renewable energy sources. The Canadian government has set a target to achieve 90% of electricity generation from non-emitting sources by 2030, which is expected to boost the demand for current transformers. The country also has a well-established manufacturing sector, which is driving the demand for current transformers. Mexico is a rapidly growing market for current transformers in North America, driven by the increasing demand for power and infrastructure development. The Mexican government is focusing on renewable energy sources, particularly wind and solar power, to reduce the country's dependence on fossil fuels. The growing adoption of renewable energy sources is expected to boost the demand for current transformers in Mexico.
Global Current Transformers Market Size By Geography, 2022-2030
- Largest
- Fastest
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Current Transformers Market Dynamics
Current Transformers Market Drivers
Increasing demand for renewable energy sources
- One significant driver of the global current transformers market is the increasing demand for renewable energy sources such as wind and solar power. Renewable energy sources are becoming increasingly popular due to their low carbon footprint and potential to reduce dependence on fossil fuels. However, renewable energy sources can be variable in nature, and the energy output can fluctuate due to changing weather conditions. To ensure a stable and reliable power supply, it is essential to monitor and control the energy output of renewable energy sources. Current transformers play a vital role in the efficient and reliable operation of renewable energy sources by providing accurate and reliable current measurements. They are used to monitor and control the energy output of wind and solar power systems, and they help ensure the stability and reliability of the power supply. As the demand for renewable energy sources continues to grow, the demand for current transformers is also expected to increase significantly. Moreover, government initiatives and policies promoting renewable energy sources are expected to boost the demand for current transformers in the coming years. Governments around the world are implementing various policies and incentives to encourage the adoption of renewable energy sources, which is likely to drive the demand for current transformers.
Current Transformers Market Restraints
Increasing popularity of non-invasive current measurement techniques
- One significant restraint of the global current transformers market is the increasing popularity of non-invasive current measurement techniques. Non-invasive current measurement techniques, such as Rogowski coils and Hall Effect sensors, do not require the installation of a physical transformer and provide accurate and reliable current measurements. These techniques are increasingly being used in applications where space and weight constraints make it challenging to install a physical transformer. The growing adoption of non-invasive current measurement techniques is expected to hamper the demand for current transformers, particularly in industries such as transportation and aerospace, where weight and space limitations are critical factors. This trend is likely to continue in the future as advancements in technology make non-invasive current measurement techniques more accurate and reliable. Furthermore, the cost of current transformers is comparatively higher than non-invasive current measurement techniques, which may deter some consumers from adopting them. The cost of current transformers can be further increased by factors such as the need for regular maintenance and calibration, which can add to the total cost of ownership.
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Current Transformers Market Competitive Landscape
Global Current Transformers Market is highly competitive and fragmented, with a large number of players operating in the market. The level of competition varies depending on the product type, application, and geographic region. The key companies are investing in R&D activities to develop innovative products, expand their product portfolios, and enhance their market share. They are also adopting various strategies such as partnerships, collaborations, and mergers and acquisitions to strengthen their position in the market. In addition, they are focusing on expanding their presence in emerging markets and increasing their customer base by providing superior quality products and services.
Current Transformers Market Top Player’s Company Profiles
- ABB Ltd.
- Eaton Corporation Plc
- Siemens AG
- Schneider Electric SE
- General Electric Company
- HBM, Inc.
- Trench Group
- Raychem RPG Pvt. Ltd.
- Amran Instrument Transformers
- Crompton Instruments
- Enerdoor
- TAIAN-ECOBAR TECHNOLOGY (TET) Corp.
- Phoenix Contact GmbH & Co. KG
- NK Technologies
- Arteche Group
- SEL Inc.
- LEM Holding SA
- Continental Control Systems, LLC
- Electrohms Pvt. Ltd.
- Flex-Core
Current Transformers Market Recent Developments
- In February 2021, ABB launched its ABB Ability Digital Switchgear, a range of low-voltage switchgear solutions with integrated digital capabilities. The switchgear includes ABB's new intelligent current transformers, which provide accurate and reliable measurements of electrical currents for improved energy efficiency and grid reliability.
- In August 2020, Eaton Corporation announced the expansion of its Power Xpert CXH high-voltage current transformer portfolio. The new transformers offer enhanced accuracy, reliability, and safety features for high-voltage applications in power generation, transmission, and distribution.
- In June 2020, Siemens AG announced the launch of its new range of Sensgear current transformers. The transformers are designed to provide accurate and reliable measurements of electrical currents in power transmission and distribution systems.
Current Transformers Key Market Trends
- The trend of smart cities and the integration of Internet of Things (IoT) devices into energy systems are driving the demand for current transformers because they require precise measurement of current and voltage levels to enable efficient and effective management of energy systems. A smart city is a concept where advanced technology and data analytics are used to improve the quality of life of its citizens, enhance sustainability, and optimize resource utilization. The integration of IoT devices into energy systems is one of the key components of smart city development. IoT devices are sensors that collect data and communicate with each other over the internet, enabling real-time monitoring and control of various systems, including energy systems. In smart cities, current transformers are used to measure and monitor the flow of electrical current in the energy grid. This data is used to optimize energy usage, reduce waste, and improve overall efficiency. Current transformers also play a critical role in ensuring that the energy grid operates safely and reliably. Furthermore, the integration of IoT devices into energy systems allows for greater control and automation of energy usage. For example, sensors can be used to detect when a particular area of a city is experiencing high energy demand and adjust the energy supply accordingly. This helps to avoid blackouts or brownouts and ensures that energy is distributed evenly across the city. In addition, current transformers can be used to monitor the performance of individual IoT devices, such as smart meters or smart appliances. This data can be used to identify areas of inefficiency and waste and develop strategies to optimize energy usage.
Current Transformers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Current Transformers Market analysis, the global current transformers market is expected to grow at a steady pace over the forecast period, driven by several factors including the increasing demand for electricity, the adoption of renewable energy sources, and the development of smart grid technologies. Geographically, Asia-Pacific is expected to be the largest market for current transformers, owing to the increasing demand for electricity in countries such as China and India. North America and Europe are also expected to witness significant growth, driven by the increasing adoption of renewable energy sources and the development of smart grid technologies. Some of the key players in the global current transformers market are focused on developing new products and technologies to meet the evolving needs of the market. In summary, the global current transformers market is expected to witness steady growth in the coming years, driven by the increasing demand for electricity, the adoption of renewable energy sources, and the development of smart grid technologies. The market is expected to be dominated by the power generation segment, with Asia-Pacific being the largest market for current transformers.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.46 billion |
| Market size value in 2031 | USD 13.14 billion |
| Growth Rate | 6.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Current Transformers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Current Transformers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Current Transformers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Current Transformers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Current Transformers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Current Transformers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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