Current Transformers to Experience Ascending Demand, Influenced by Increasing Electricity Consumption & Power Load
Published : 17 Feb 2021 Industry: Industrial Goods
Current transformers are designed to decrease or increase alternating current in its primary. This function provide the power to disconnect devices and relay windings.Current transformers are used in power plants, substations, industries, and commercial spaces for metering and protection purposes. The energy and manufacturing sector use metering current transformers where direct connection of metering devices is not practical.
Moreover, protective current transformers provide control and safety devices with measurement information. These transformers convert the AC current of any value to a proportionate lower current, which makes it easier for relays and metering devices to make significant changes in their functioning.
Manufacturers offer low voltage current transformers coupled with digital meters that help users to monitor electricity demand and keep a record of electricity consumption by the electrical equipment connected to the wiring. Market players are offering customized current transformers to meet the varying specification requirements of various end users.
As per the report by Fact.MR, the global current transformer market is anticipated to reach a valuation of around US$ 645
Mn in 2030, expanding at a CAGR of approximately 4% over the forecast period of 2020 to 2030.
Key Takeaways from Current Transformer Market Study
- The market is anticipated to add 1.4X value in 2030 as compared to 2020.
- Dry current transformers capture a major chunk of the market, equivalent to 70% of the total market share.
- Low voltage is the fastest-growing segment in the current transformer space, owing to increased application in the industrial and commercial sector.
- North America will dominate the market revenue in 2030, and is expected to gain 142 BPS in its market share by 2030 over 2020.
- Metering application is anticipated to gain around 216 BPS over the next ten years.
- The use of current transformers in protection applications is anticipated to lose around 216 BPS by 2030.
- The market in Germany and the U.K. is expected to progress at CAGR of close to 4% through 2030.
- The U.S. market is projected to expand at a CAGR close to 5% over the next ten years.
- Due to the COVID-19 pandemic, demand was hit, and the market witnessed a growth rate of -4.4% in 2020, with things likely to come back to normal by the second half of 2021.
“Increasing electricity consumption and integration of renewable energy into existing infrastructure are set to boost demand for current transformers,”says a Fact.MR analyst.
Who is Winning in this Space?
The global current transformer market is highly competitive in nature, and is thriving on key players. However, competition has become intense due to the presence of regional players that offer products at lower prices. Also, to maintain their position in this space, key players are coming out with diversified and customized product offerings to match specific customer requirements.
Furthermore, it is observed that, manufactures and market players with strong financial muscle and reputation succeed in getting government contracts, which make it difficult for small players to compete against these giants in the market.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global current transformer market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the basis of pump type (dry type, oil-immersed, gas insulated, and others), construction (wound type current transformers, toroidal current transformers, bar type current transformers, and summation current transformers), core (solid and split), voltage rating (low, medium, and high), use case (indoor and outdoor), application (protection and metering), and end-use vertical (energy, manufacturing, and others [commercial and residential]), across six major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Industrial Goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive