Current Transformer Market - 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

Current Transformer Market Size

Current Transformer Market was accessed at USD 2.2 billion in 2023 and is anticipated to grow at a CAGR of 6.7% between 2024 and 2032. The market is driven by several key factors, including the increasing demand for electricity due to rapid urbanization and industrialization, particularly in emerging economies.
 

Additionally, the growth of renewable energy sources and the expansion of power transmission and distribution networks require reliable current measurement and protection systems. The IEA reports that the investment in the global renewable energy sector reached USD 446 billion in 2021, reflecting substantial growth since the 2015 Paris Agreement. This rise is expected to positively influence market dynamics.
 

The need for efficient power management and grid stability has led to the modernization of existing power infrastructure and the integration of smart grid technologies. Stringent government regulations and standards for energy efficiency and safety further propel the adoption of advanced current transformers across various industries.
 

Current Transformer Market Trends

The current transformer industry is experiencing several notable trends. There is a growing emphasis on smart grid technology and advanced metering infrastructure, driving demand for intelligent and digital current transformers. Canada is allocating USD 100 million through its Smart Grid Program to facilitate the implementation of smart grid technologies and integrated smart systems, which in turn complements the market growth.
 

The rise of renewable energy projects necessitates accurate measurement and monitoring solutions, further boosting the market. Additionally, there is an increasing focus on energy efficiency and stringent regulatory standards, prompting the adoption of high-precision current transformers. Technological advancements, such as the integration of IoT and real-time data analytics, are also shaping the market, enhancing performance and reliability across various applications.
 

Current Transformer Market Analysis

The oil-immersed cooling segment of the current transformer industry is projected to surpass USD 2.9 billion by 2032. This anticipated growth can be attributed to several factors, including the increasing demand for reliable and efficient power distribution systems, the rising adoption of renewable energy sources, and the expansion of smart grid infrastructure.
 

Additionally, oil-immersed transformers offer enhanced cooling efficiency and durability, making them suitable for high-voltage applications. Technological advancements and continuous research and development efforts are also driving the market, leading to improved performance and reduced operational costs. As a result, the oil-immersed cooling segment is poised for significant expansion in the coming years.
 

The current transformer market, particularly in applications across power distribution networks, is set to achieve a CAGR exceeding 6% till 2032. This growth is driven by increasing global electricity consumption and the need for efficient energy management solutions. As power grids expand and modernize, there is a heightened demand for accurate monitoring and measurement of electrical currents, which current transformers facilitate. Moreover, advancements in technology, such as digitalization and IoT integration, are enhancing the performance and capabilities of current transformers, further fueling their adoption across various industrial and commercial.
 

The market in the Asia-Pacific region has seen substantial growth and is expected to exceed USD 1.5 billion by 2032. This expansion is driven by rapid industrialization, urbanization, and infrastructural development across countries like China, India, and Japan. These nations are investing heavily in upgrading their power transmission and distribution networks to meet growing electricity demands efficiently. For instance, China intends to upgrade and expand its power grids with investments totaling USD 442 billion from 2021 to 2025. Additionally, increasing investments in renewable energy projects and the adoption of smart grid technologies contribute to the market's growth. As these trends continue, the Asia-Pacific market is poised for continued expansion in the coming years.
 

The growth of the U.S. current transformer market is driven by increasing investments in renewable energy projects, the modernization of aging power infrastructure, and the demand for smart grid technologies. Additionally, stringent regulations mandating energy efficiency and grid reliability further propel the adoption of advanced current transformer solutions across various sectors.
 

Current Transformer Market Company Share

General Electric holds a significant share in the current transformer industry, leveraging its expertise in electrical distribution and power transmission technologies. Known for innovative solutions that enhance grid reliability and efficiency, GE's current transformers play a crucial role in supporting modern infrastructure needs globally.
 

Current Transformer Market Companies

Some of the key market players operating across the industry are:

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

Current Transformer Industry News:

• In July 2022, Arteche effectively endured an internal arc fault test conducted by the China’s State Grid Corporation, meeting high-voltage equipment safety standards. The test, performed on their oil-insulated CA-245 current transformer under real service conditions, enhances operational security globally and strengthens Arteche's product portfolio.
   
• In November 2021, Littelfuse, Inc. completed the acquisition of Carling Technologies, Inc., a manufacturer of switches, circuit breakers, and electronic controls. This acquisition expands Littelfuse's presence in marine, communication, and transportation markets, enhancing its technological capabilities and global footprint in the current transformer industry.
   

Current transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in ‘000 Units & USD Million from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Cooling

• Dry type
• Oil immersed

Market, By Product

• Wound type
• Toroidal
• Bar type
• Others

Market, By Voltage Rating

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

Market, By Application

• Power distribution
• Manufacturing
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
• Latin America
  • Brazil
  • Argentina