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Dry Type Current Transformer Market Size
Dry Type Current Transformer Market was valued at USD 510.4 million in 2023 and is envisioned to grow at a CAGR of over 8% during 2024 to 2032. The increasing focus on safety and environmental considerations has led to a growing preference for dry type transformer. The adoption of renewable energy sources and the expansion of smart grid systems require precise current measurement, further boosting the market. For instance, as per IEA, Japanese government in 2022 announced that they will invest USD 155 billion towards decarbonization and will further develop more smart technologies including smart grid and automation across power utilities and industries.
The need for reliable and accurate current measurement for various applications, including power distribution and industrial processes, fuels the demand for dry type current transformers. Finally, the construction and expansion of power infrastructure and the modernization of electrical networks worldwide contribute to the market growth.
Dry Type Current Transformer Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2023 |
|---|
| Dry Type Current Transformer Market Size in 2023: | USD 510.4 Million |
|---|
| Forecast Period: | 2024 to 2032 |
|---|
| Forecast Period 2024 to 2032 CAGR: | 8% |
|---|
| 2032 Value Projection: | USD 1.03 Billion |
|---|
| Historical Data for: | 2019 to 2023 |
|---|
| No. of Pages: | 480 |
|---|
| Tables, Charts & Figures: | 645 |
| Segments covered: | Product, Voltage Rating, Application |
|---|
| Growth Drivers: | - North America
- Refurbishment demand for existing grid infrastructure
- Rising infrastructural spending
EuropeGrowing deployment of renewable energy Upgradation of existing grid network Asia PacificLarge-scale renewable integration Increasing demand for electricity Middle East & Africa and Latin AmericaIncreasing demand for electricity Growing investment toward expansion of distribution networks |
|---|
| Pitfalls & Challenges: | - High initial cost & increased product prices
|
|---|
