Current Transformer Market

Current Transformer Market Outlook (2023 to 2033)

The global current transformer market is valued at US$ 1.70 billion in 2023 and is expected to reach US$ 2.93 billion by 2033, expanding at a CAGR of 5.6% over the forecast period (2023 to 2033). Transformers are crucial components used in electrical power systems for measuring, isolating, and transforming voltage.

Transformers are essential devices used in electrical power systems for voltage transformation, isolation, and measurement. Current transformers (CTs) are designed to measure electrical current and are typically used in conjunction with ammeters or other measuring devices.

The global transformer market has been experiencing steady growth over the years, driven by increasing electricity demand, infrastructure development, and the need for efficient power transmission and distribution. Demand for current transformers is closely tied to the growth of the power sector, renewable energy installations, industrial applications, and the expansion of smart grid systems.

Current transformers are extensively used in various industrial applications, including manufacturing, oil and gas, mining, and automation, to monitor and protect electrical equipment. Modernization of power grids with smart grid technologies relies on instrument transformers for accurate measurement, fault detection, and power flow control.

The necessity for effective power transmission and distribution, rising electricity demand, and rapid infrastructure development have all contributed to the current transformer market's consistent expansion over the years. Development of the power industry, rising installation of renewable energy systems, and the widespread use of smart grid systems are contributing to the demand for current transformers.

Report Attributes	Details
Current Transformer Market Size (2022)	US$ 1.61 Billion
Estimated Market Value (2023)	US$ 1.70 Billion
Forecasted Market Value (2033)	US$ 2.93 Billion
Global Market Growth Rate (2023 to 2033)	5.6% CAGR
India Market Value (2033)	US$ 240.62 Million
India Market Growth Rate (2023 to 2023)	6% CAGR
Germany Market Value (2033)	US$ 290.50 Million
Germany Market Growth Rate (2023 to 2033)	6.1% CAGR
Key Companies Profiled	GE Grid Solutions Schneider Electric VAC ABB Limited SIEMENS AG Eaton Amran Inc. Hammond Manufacturing Ltd. Nissin Electric Co., Ltd.

Which Key Factors are Driving the Growth of the Current Transformer Market?

“Manufacturers’ Focus on Innovations in Current Transformer Design for Enhanced Accuracy and Performance”

Current transformers' improved accuracy at very low voltage levels is boosting their sales worldwide. Several suppliers provide precise revenue metering equipment that can be integrated with outdoor slip-over designs.

Innovations in transformer design to improve measurement accuracy give end users access to many metering locations, contributing to the grid's peak performance. During the forecast period, the market is expected to witness innovation driven by increased demand for accuracy and advancements in current transformer technology.

“Advancements in Epoxy Casting Techniques Enhancing Current Transformer Performance”

Processes for casting epoxy have changed during the past few decades. Epoxy liquid injection casting and vacuum encapsulation techniques have become popular recently. Automatic pressure gelation (APG), a technology that was used to properly automate the epoxy casting process, reduced the encapsulating cycle time and was later widely adopted by businesses.

Casting parameters for the APG process include temperature, pressure, and curing time. When it comes to streamlining the procedure to produce a better end product, these variables present a problem to epoxy manufacturers. APG enables engineers to optimize the casting process when utilized with cutting-edge simulation software (like RAMZES) and advanced resin handling, mixing, and process control technologies.

These enhancements aid in producing a reliable and affordable product. Throughout the forecast period, the market is projected to grow due to advancements in product technology and the increasing demand for technological innovation.

Country-wise Insights

How is Demand for Current Transformers Shaping Up in China?

“Robust Electrical Infrastructure and Extensive Power Generation Capacity Fueling Demand for Intelligent Current Monitoring Systems”

The Chinese market is expected to reach a value of US$ 727.73 million by 2033, progressing at a moderate CAGR of 5.7%.

China is known for its robust electrical infrastructure, rapid industrial growth, and extensive power generation capacity. China is home to several local manufacturers that produce current transformers to cater to domestic demand. These manufacturers range from large-scale companies to small regional players.

Chinese manufacturers have been investing in research and development to enhance the performance and accuracy of current transformers. The focus is on developing advanced technologies, such as digital current transformers and intelligent monitoring systems, to meet the evolving needs of the power industry.

The Chinese government has implemented policies and initiatives to promote energy efficiency, renewable energy integration, and grid modernization. These initiatives drive the demand for current transformers in China and create opportunities for market growth.

What is the Demand Outlook for Current Transformers in the United States?

“High Demand for Current Transformers Due to Advanced Power Grid Infrastructure, Infrastructure Upgrades, and Smart Grid Initiatives”

Demand for current transformers in the United States is expected to reach a value of US$ 713.06 million by 2033, progressing at a steady CAGR of 5.8%.

The United States is known for its advanced power grid infrastructure, extensive industrial sector, and significant energy consumption. The market is substantial, driven by the country's large-scale power generation, transmission, and distribution networks. The market has been witnessing steady growth due to factors such as infrastructure upgrades, renewable energy integration, and the need for accurate power measurement.

The utility sector plays a crucial role in driving the demand for current transformers in the United States. Current transformers are used for metering, protection, and monitoring purposes in utility substations and distribution systems.

The country has been investing in smart grid technologies to enhance the efficiency, reliability, and sustainability of the power grid. Current transformers play a vital role in smart grid systems by providing accurate measurements, facilitating grid monitoring, and enabling advanced control functionalities.

Category-wise Insights

Which Type of Current Transformer Accounts for Higher Sales?

“Compliance of Medium-voltage Transformers with Industry-specific Requirements and Regulations Fueling Their Sales”

Demand for medium-voltage current transformers is expected to grow at a CAGR of 6.3% over the forecasted period.

The medium-voltage rating of a current transformer typically refers to the range of voltage levels at which a current transformer is designed to operate effectively. The specific medium-voltage rating can vary depending on the application and the requirements of the electrical system.

In general, current transformers for medium-voltage applications are designed to measure currents in the range of several hundred volts to a few thousand volts. The typical medium-voltage range for current transformers is 1 kV (kilovolt) to 36 kV, although it can extend beyond these limits depending on specific applications.

It is important to note that the exact medium-voltage rating can vary based on regional standards and specific industry requirements. Different countries have their own voltage classification systems, and certain industries or applications might have specialized voltage levels that fall within the medium-voltage range.

What is the Demand Projection for Current Transformers in the Energy Sector?

“Current Transformers’ Role in Ensuring Efficient & Safe Electrical Infrastructure Operation Driving Their Widespread Utilization in Energy Sector”

Demand for current transformers in the energy sector is expected to increase at a steady CAGR of 5.5% from 2023 to 2033.

Current transformers play a crucial role in the energy sector, particularly in power generation, transmission, and distribution systems. They are widely used for measurement and protection purposes, ensuring efficient and safe operation of the electrical infrastructure.

Current transformers are an integral part of protective relaying systems. They detect abnormal current conditions, such as overcurrent or fault currents, and provide input signals to protective relays. These relays then initiate appropriate actions, such as tripping circuit breakers, isolating faulty equipment, or activating alarms, to prevent damage to the electrical system and ensure personnel safety.

By accurately measuring and providing current data during fault conditions, current transformers enable efficient fault detection and analysis. This information helps engineers and technicians identify the location, magnitude, and type of fault, facilitating efficient fault clearing and system restoration.

Competitive Landscape

The competitive landscape of the current transformer market in the energy sector is diverse, with several global and regional players vying for market share. Market dynamics, customer preferences, and regulatory frameworks may influence the competitive landscape in specific locations.

The competitive dynamics are influenced by factors such as technological advancements, product performance, pricing, customer service, and market reach. Continuous monitoring of industry trends, market intelligence, and customer feedback is essential to stay competitive in the market.

• 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 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

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa