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Bar Type Current Transformer Market Trends

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

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Bar Type Current Transformer Market Trends

The bar-type current transformer industry is currently undergoing substantial shifts driven by technological advancements, particularly the incorporation of smart features. The industry is placing a significant emphasis on elevating accuracy, reliability, and efficiency in power measurement and monitoring systems, prompting manufacturers to engineer bar-type current transformers with improved insulation and enhanced precision capabilities. There is a discernible surge in the desire for smaller, more compact designs that do not compromise performance, reflecting the industry's overarching push towards miniaturization and space optimization, thus propelling the industry growth.

The increasing demand for renewable energy sources and the expansion of smart grid infrastructure are propelling the widespread adoption of these transformers across diverse utility and industrial applications. For instance, In the year 2021, Europe allocated more than USD 3 billion to propel research and development initiatives in the smart grid network sector, predominantly driven by significant projects focused on smart metering. This considerable investment is expected to play a pivotal role in fostering innovation and technological advancements within the smart grid landscape.

As a consequence, the bar-type current transformer market stands to benefit from this substantial financial commitment, as the advancements in smart grid infrastructure are likely to fuel the demand for more sophisticated and technologically integrated current transformers. This investment underscores a strategic move towards a modernized electrical grid, providing a conducive environment for the growth and adoption of advanced technologies, including smart features in bar-type current transformers.

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.