NEW
YORK, June 27, 2024 /PRNewswire/ -- The
global current transformer market size is estimated to
grow by USD 457.4 million from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 8.09% during the forecast period. Enhanced
accuracy of current transformers at extremely low current
levels is driving market growth, with a trend
towards use of auxiliary current transformers.
However, low-cost chinese electrical equipment flooding
developing countries poses a challenge. Key market players
include 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., and VACUUMSCHMELZE GmbH and Co. KG.
![Technavio has announced its latest market research report titled Global current transformer market 2024-2028 Technavio has announced its latest market research report titled Global current transformer market 2024-2028](https://mma.prnewswire.com/media/2448632/IRTNTR74472_bw_info_v4.jpg)
Get a detailed analysis on regions, market segments, customer
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report
Current Transformer
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
8.09%
|
Market growth
2024-2028
|
USD 457.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
7.31
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 48%
|
Key
countries
|
US, China, India,
Germany, and Canada
|
Key companies
profiled
|
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., and VACUUMSCHMELZE
GmbH and Co. KG
|
Market Driver
The current transformer market encompasses the use of primary
and auxiliary transformers in electrical systems. While primary
transformers measure current flow, auxiliary transformers reduce
the burden on them. However, their operation presents challenges.
Errors in primary transformers increase due to the auxiliary
transformer's burden. Auxiliary transformer performance is inferior
due to their design to minimize burden. These challenges result in
a threefold increase in transformation errors when an auxiliary
transformer is installed compared to a single transformer. Despite
these challenges, the demand for auxiliary transformers persists
due to their ability to perform specialized functions within the
system.
The current transformer market is experiencing significant
growth due to the increasing demand for power and the need for
accurate power measurement. Grid modernization and the integration
of renewable energy sources are key drivers in this market. Current
transformers are essential components in power systems, enabling
precise measurement and protection of electrical circuits. Their
compact size and high accuracy make them popular choices for
various applications. Additionally, the development of smart grids
and advanced power management systems is fueling the demand for
current transformers with improved performance and functionality.
Overall, the current transformer market is poised for continued
growth in the coming years.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The Indian electrical equipment market faces a challenge in
meeting domestic demand due to insufficient manufacturing capacity,
leading to increased imports of Chinese electrical equipment. This
trend poses a risk to national security as power distribution
networks carry essential services such as telecommunications, water
systems, critical infrastructure, and government services. Chinese
equipment imports may negatively impact the demand for current
transformers, a crucial component in monitoring and controlling
power transformers and switchgear, during the forecast period. The
Indian Electrical and Electronics Manufacturing Association (IEEMA)
has raised concerns over potential data breaches and power
disruptions, urging a ban on Chinese electrical equipment
imports.
- The Current Transformer market faces several challenges. Digits
such as power, transformer, and curve indicate the industry's focus
on delivering efficient power solutions. The words flow, control,
and digital signify the need for advanced technology in managing
power distribution. The keywords load, operational, and reliability
highlight the importance of ensuring uninterrupted power supply.
The terms grid, integrity, and regulation emphasize the need for
compliance with industry standards. The words cost, maintenance,
and capacity underline the economic considerations and operational
requirements in the market. Overall, the Current Transformer market
requires solutions that address these challenges while ensuring
cost-effectiveness, reliability, and regulatory compliance.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This current transformer market report extensively covers market
segmentation by
- Type
- 1.1 Oil immersed
- 1.2 Dry type
- Application
- 2.1 Switchgear
- 2.2 Power transformers
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Oil immersed- The current transformer market is
thriving due to increasing electricity demand and infrastructure
development. Companies manufacture these transformers to step down
current for safe transmission and distribution. Their compact size
and high efficiency make them popular choices. The market is
expected to grow steadily, driven by industrialization and
advancements in technology.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Current Transformer Market plays a significant role in the
urbanization process, acting as a growth driver for power systems
by ensuring accurate measurement, monitoring, and protection of
electrical currents in various utility applications. Current
transformers are essential components in power transmission
systems, enabling the monitoring and control of electrical currents
in smart grids and renewable energy systems. These transformers are
crucial for grid reliability, particularly in the integration of
solar power and digital control systems. Oil-immersed current
transformers offer high accuracy and reliability, but potential
leakages and health hazards necessitate stringent safety measures.
Real-time data analysis and load monitoring are key functions of
current transformers, enabling fault detection and power quality
analysis for cooling systems and other critical applications.
Market Research Overview
The current transformer market encompasses the production,
sales, and installation of transformers designed to measure and
regulate alternating currents. These transformers play a crucial
role in electrical systems by maintaining consistent voltage levels
and ensuring efficient power transmission. The market is driven by
various factors, including the increasing demand for electricity,
the need for grid modernization, and the growing adoption of
renewable energy sources. Current transformers are available in
different types, such as wound type, current transformer with
magnetic core, and current transformer with air core. The market is
expected to grow significantly due to the rising demand for
reliable and efficient electrical systems. The use of advanced
materials and technologies in the production of current
transformers is also contributing to market growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Application
-
- Switchgear
- Power Transformers
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides 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 across 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.
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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SOURCE Technavio