Asia Pacific Current Transformer Market Size - By Cooling (Dry Type, Oil Immersed), By Product (Wound Type, Toroidal, Bar Type), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing) & Forecast, 2024 – 2032

Asia Pacific Current Transformer Market Size

Asia Pacific Current Transformer Market size was valued at USD 1 billion in 2023 and is slated to grow at over 6.5% CAGR between 2024 and 2032, driven by rapid industrialization and urbanization across the region. Increasing demand for efficient energy management and power distribution solutions, spurring the adoption of current transformers.
 

The escalating deployment of renewable energy sources like solar and wind power necessitates precise current sensing for grid stability and integration, driving the demand for current transformers. The region's increasing emphasis on enhancing electrical safety standards and complying with regulatory frameworks is also fostering the uptake of current transformers across industries. Furthermore, the integration of smart grid technologies and the advent of digital substations are augmenting the need for advanced current measurement solutions, contributing to market growth.

COVID-19 Impact

The Asia Pacific current transformer market experienced a notable impact from the COVID-19 pandemic. The initial disruptions caused by lockdowns, supply chain interruptions, and reduced industrial activities led to a temporary slowdown in the market. Delayed projects and cautious spending negatively affected demand. However, the later phases of the pandemic saw a shift towards remote work, digitalization, and increased energy consumption in residential settings. This, in turn, drove the demand for efficient energy monitoring and management, positively influencing the adoption of current transformers.
 

Asia Pacific Current Transformer Market trends

The increasing focus on grid modernization and the integration of renewable energy sources is driving the demand for accurate current measurement and monitoring. As the region embraces clean energy solutions, current transformers play a crucial role in maintaining grid stability and efficient energy distribution. Additionally, the rise of smart cities and smart grid initiatives is propelling the adoption of advanced current transformers with digital communication capabilities, enabling real-time data collection and analysis. The shift towards Industry 4.0 and automation across various industries is further augmenting the demand for precision current measurement in industrial processes.
 

Asia Pacific Current Transformer Market Analysis

The oil immersed current transformer segment surpassed USD 700 million in 2022 and is anticipated to reach USD 1.4 billion by 2032, attributed to the notable benefits, including simplified installation processes and efficient cooling capabilities. Especially well-suited for high-tension applications, these transformers offer superior cooling efficiency compared to dry-type alternatives, bolstering their attractiveness in the Asia Pacific current transformer market. Despite this, manufacturers are proactively investing in R&D activities to augment the operational aspects and efficiency of oil-immersed current transformers. These initiatives are geared towards introducing advanced products and components that address these concerns, aiming to propel the broader acceptance and deployment of such transformers across the Asia Pacific region.
 

The bar type current transformers exceeding USD 250 million in 2022 and is estimated to exhibit 7% CAGR through 2032, propelled by extensive application across electricity grids, power plants, control rooms, and switchgears for protection and metering functions. Moreover, the rapid urbanization pace and favorable government initiatives aimed at fortifying small-scale industries in emerging economies have acted as pivotal growth accelerators in this market.
 

The ≤ 33 kV voltage rating segment held approximately 87% of the Asia Pacific current transformer market share in 202 and is projected to attain 6% growth rate up to 2032. The current transformer industry targeting voltages up to 33 kV is forecast for noteworthy expansion, driven by the burgeoning industrial and commercial sectors on a global scale. Moving forward, this sector is poised for sustained growth, buoyed by the escalating demand for compact transformer units. The establishment of privately-owned substations to cater to manufacturing facilities and commercial setups is anticipated to play a pivotal role in driving the industry forward, thereby further enriching its growth prospects.
 

The current transformer technology finds application across diverse sectors, including manufacturing industries, power distribution, and others. Notably, the power distribution sector takes center stage in propelling the market growth. In recent years, current transformers have observed substantial integration within the power distribution sector. This momentum can be attributed to their adeptness in facilitating sustainable transformations and offering prolonged operational longevity, factors that have spurred widespread adoption throughout the industry. Nevertheless, the emergence of advanced smart technologies and the growing emphasis on energy efficiency have led to the introduction of alternative core technologies, consequently impacting the dynamics of the Asia Pacific current transformer market.
 

China current transformer market is estimated to witness rise in market valuation is predicted to cross USD 640 million by 2032, primarily on account of the nation's rapid urbanization, industrialization, and infrastructural expansion. The surge in energy consumption, coupled with the need for accurate current measurement and monitoring in electricity grids, is further augmenting the market's growth trajectory.
 

In addition China's aggressive push towards renewable energy integration, encompassing solar and wind power, requires precise current measurement for grid stability and energy management, contributing to the market's expansion. The ongoing digital transformation and the rise of smart grid technologies are also driving the need for intelligent current measurement solutions, further propelling the regional development.
 

Asia Pacific Current Transformer Market Share

Notable companies operating in the Asia Pacific current transformer market include

• Eaton Corporation
• Siemens Energy
• Hitachi Energy Ltd.
• Amran Inc
• NISSIN ELECTRIC Co.,Ltd.
• ARTECHE
• Circutor
• Littelfuse, Inc.
• ABB
• General Electric
• Schneider Electric
• CG Power & Industrial Solutions Ltd.
• RECO Transformers Pvt. Ltd.
• Hammond Manufacturing Ltd.
   

Asia Pacific Current Transformer Industry News:

• In July 2022, Arteche successfully underwent an internal arc fault test administered by the State Grid Corporation of China, a prominent Chinese power utility company, aligning with their safety protocols for high-voltage equipment. As a leading high-voltage current transformer manufacturer, Arteche's products, including the oil-insulated CA-245 current transformer, triumphantly met the criteria set forth in China. Notably, this comprehensive internal arc test encompasses all relevant components and is conducted on an operational transformer under real-world conditions to assess its performance. This achievement not only bolsters the operational reliability of high-voltage current transformers on a global scale but also enriches Arteche's product portfolio, strengthening its position within the international market.
   
• In November 2021, Littelfuse, Inc. completed the acquisition of Carling Technologies, Inc. (Carling), a distinguished manufacturer specializing in switches, circuit breakers, electronic controls, digital switching systems, and power distribution units. This strategic move was designed to establish a formidable foothold for Littelfuse in key sectors such as marine markets, communication infrastructure, and commercial transportation. The acquisition not only bolsters Littelfuse's operational presence but also provides an avenue for expanding its technological prowess and capabilities, leveraging pivotal factors for success. Furthermore, this acquisition holds the potential to significantly enhance Littelfuse's global standing in the current transformer market, underscoring the company's commitment to growth and innovation.
   

This Asia Pacific current transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units & USD Million from 2019 to 2032, for the following segments:

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By Cooling

• Dry Type
• Oil Immersed

By Product

• Wound Type
• Toroidal
• Bar Type
• Others

By Voltage Rating

• ≤ 33 kV
• > 33 kV to ≤ 66 kV
• > 66 kV

By Application

• Power Distribution
• Manufacturing
• Others

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia