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Bar Type Current Transformer Market Size

Report ID: GMI7860
Published Date: Jan 2024
Report Format: PDF

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Bar Type Current Transformer Market Size

Bar Type Current Transformer Market size was valued at USD 600 million in 2023 and is projected to grow at a CAGR of over 7% between 2024 and 2032. The escalating demand for electricity, fueled by urbanization and industrialization, is driving the need for efficient power transmission and distribution systems, leading to an increased demand for current transformers. Furthermore, the growing focus on grid transformation with smart and innovative technologies and the integration of renewable energy sources like solar and wind power are driving market growth.

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In 2022, the Japanese government announced a substantial USD 155 billion investment in decarbonization initiatives, emphasizing the development of advanced smart technologies such as smart grids and automation in power utilities and industries. This commitment to technological advancement and sustainable energy solutions is expected to boost the demand for precise current measurement technologies like bar-type current transformers as Japan undergoes a comprehensive overhaul of its energy infrastructure. The adoption of smart grids and automation in Japan will significantly contribute to the demand for reliable current transformers, driving growth in this bar-type current transformers market segment.

Bar Type Current Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Bar Type Current Transformer Market Size in 2023:	USD 616 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.3%
2032 Value Projection:	USD 1.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	450
Tables, Charts & Figures:	628
Segments covered:	Cooling, Voltage Rating, Application
Growth Drivers:	North America Refurbishment demand for existing grid infrastructure Rising infrastructural spending Europe Growing deployment of renewable energy Upgradation of existing grid network Asia Pacific Large-scale renewable integration Increasing demand for electricity Middle East & Africa and Latin America Increasing demand for electricity Growing investment toward expansion of distribution networks
Pitfalls & Challenges:	High initial cost & increased product prices

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Additionally, stringent regulatory requirements for monitoring and controlling power consumption, coupled with advancements improving the accuracy and reliability of current transformers, are contributing to the expansion of this market. Collectively, these factors are fostering the growth of the bar-type current transformer market by addressing the increasing demands for precise and reliable current measurement in various applications across industries.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of bar type current transformer reached USD 600 million in 2023 and is envisioned to record over 7% CAGR from 2023 to 2032, owing to the escalating demand for electricity, fueled by urbanization and industrialization.

The oil immersed segment of the bar type current transformer industry is expected to witness more than 6.5% CAGR from 2023 to 2032, due to their robust designs to ensures durability and reliability in challenging environments, making them well-suited for heavy-duty applications.

Asia Pacific market is poised to cross USD 560 million by 2032, attributed to the increasing emphasis on upgrading and modernizing the power infrastructure in the region to meet the rising demand for electricity.

Schneider Electric, ABB, Siemens, GE Grid Solutions, Eaton Corporation, Mitsubishi Electric, Hitachi Energy Ltd., Circutor, Polycast, Instrument Transformers LTD., ARW Transformers Limited, NISSIN ELECTRIC Co.,Ltd., Amran Inc, ARTECHE, and FLEX-CORE.