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

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).

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. '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'

One significant driver of the 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.

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.

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.