Oil Immersed Current Transformer Market Size - By Cooling (Dry Type, Oil Immersed), By Product (Wound Type, Toroidal, Bar Type), By Application (Power Distribution, Manufacturing), Voltage Rating & Global Forecast, 2024 – 2032

Oil Immersed Current Transformer Market Size

Oil Immersed Current Transformer Market size valued at USD 1.6 billion in 2023 and is estimated to register over 6.3% CAGR during 2024 to 2032. The rising demand for electricity across the globe, fueled by factors like urbanization, population growth, and industrialization, is a key driving force behind the growth of the oil-immersed current transformer market.
 

Governments and utilities worldwide are making significant investments in expanding and modernizing power transmission and distribution infrastructure, which includes the implementation of smart grids, integration of renewable energy sources, and enhancements in grid reliability. Oil-immersed current transformers play a vital role in these infrastructure projects, leading to a rise in their adoption. Additionally, with the rapid growth of renewable energy sources like solar and wind power, the need for reliable current measurement and monitoring has become crucial. Oil-immersed current transformers are widely used in renewable energy systems to control power flow, integrate with the grid, and monitor the electricity generated from renewable sources.
 

COVID-19 Impact

The COVID-19 pandemic had diverse impacts on the development, construction, and maintenance of power infrastructure worldwide. While some operational restrictions were imposed during certain periods, many governments allowed the construction of new energy projects to continue. As governments work to resume operations in major industries and infrastructure projects, there is a positive outlook for the power sector due to increased energy demand from these sectors. The pandemic brought about changes in the power sector's fundamentals, affecting customer behavior, revenue streams, and industrial operations. However, effective government measures to manage the situation have contributed to an improved oil immersed current transformer market outlook.
 

Healthcare centers experienced a surge in electricity demand during the pandemic. Nevertheless, strict emission regulations and concerns pertaining to unreliable power supply have diminished the adoption of advanced power equipment in certain cases. As vaccination efforts progress and global operations gradually reopen, the overall market scenario is improving, leading to a resurgence in the power sector in the near future. Large-scale power projects are being installed in various regions, aligning with the ongoing pandemic situation, and the industry is expected to benefit from the recovery and resurgence of economic activities.
 

Oil Immersed Current Transformer Market trends

Digital oil-immersed current transformers (CTs) are gaining recognition owing to their advanced features, enhanced accuracy, and communication capabilities. These CTs provide digital outputs, making it easy to integrate them with smart grids, digital control systems, and IoT-based monitoring platforms. The shift digital current transformers from analog current transformers is impelled by the growing demand for more real-time data analysis, precise measurements, and remote monitoring capabilities.
 

The development and deployment of smart grid systems necessitate accurate current measurement and monitoring at various points in the grid. Oil-immersed current transformers play a crucial role in smart grid applications, enabling fault detection, load monitoring, and power quality analysis. Integrating oil-immersed current transformers with intelligent devices and communication protocols supports the efficient management of electricity distribution networks.
 

Moreover, the increasing awareness of energy efficiency and power quality issues is escalate the demand for advanced oil-immersed current transformers. Utilities and industries seek highly precise current transformers capable of measuring harmonics and low currents. Accurate current measurement aids in identifying inefficiencies, optimizing energy consumption, and maintaining power quality standards. The combination of these benefits makes digital oil-immersed current transformers a preferred choice for modern power systems and smart grid implementations.
 

Oil Immersed Current Transformer Market Analysis

The oil immersed current transformer market size from bar type segment exceeded USD 400 million in 2022 and is poised to grow at a CAGR of 7% through 2032. Bar type oil-immersed current transformers are widely used in various applications such as power plants, electricity grids, control rooms, and switchgears for protection and metering purposes. Their versatility and ability to accurately measure current levels make them essential components in power systems, augmenting their demand. These units play a crucial role in reducing high voltage currents to lower values, making it easier and safer to measure current in transmission lines. This convenience in current measurement has significantly contributed to their increasing adoption.
 

Rapid urbanization in developing nations has led to increased infrastructural development, resulting in higher demand for electricity and electrical equipment. Bar type CTs are essential components in meeting this rising energy demand, driving market growth. Furthermore, the global focus on sustainable energy sources, led by environmental concerns and the need to reduce carbon emissions, has positively influenced the demand for bar-type current transformers. These transformers aid in the efficient distribution and utilization of renewable energy, contributing to their market growth.
 

The ≤ 33 kV voltage rating segment held approximately 90% of the oil immersed current transformer market share in 2022 and is anticipated to register gains at nearly 6% up to 2032. The rising global demand for electricity, fueled by population growth, urbanization, and industrialization, is leading to an increased need for power distribution and infrastructure up to 33 kV voltage levels. This drives the demand for ≤ 33 kV oil-immersed current transformers to measure and monitor currents in distribution systems.
 

As countries invest in upgrading and expanding their power transmission and distribution infrastructure, the demand for low voltage CTs is forecasted to grow. These transformers are crucial components in medium-voltage distribution systems, ensuring reliable and efficient electricity supply. In addition, the integration of renewable energy sources, such as solar and wind power, into the grid requires reliable current measurement and monitoring. ≤ 33 kV oil-immersed current transformers play a vital role in grid integration and power flow control, boosting their adoption in renewable energy projects.
 

Oil-immersed current transformer technology finds applications in various sectors, including power distribution, manufacturing industries, and others. The power distribution sector, in particular, plays a crucial role in stimulating the growth of the oil immersed current transformer market. In recent years, these transformers have gained significant popularity in the power distribution sector due to their extended operational life expectancy and sustainable transformation capabilities, leading to widespread adoption in the industry. However, the rise of advanced smart technologies and the growing emphasis on energy efficiency have introduced alternative core technologies, impacting the dynamics of the oil-immersed current transformer market.
 

The industry is witnessing changes as newer technologies are being introduced to meet the evolving demands of the energy sector. Moreover, the degrading condition of existing power infrastructure has heightened the focus on modernizing and upgrading electricity networks worldwide. This increased focus on infrastructure improvement is set to drive the demand for oil-immersed current transformers, as they remain essential components in the upgrading process.
 

The oil- immersed current transformer market in the Asia Pacific region is projected to reach USD 1.4 billion by 2032, propelled by the growing demand for efficient Transmission & Distribution (T&D) systems. The growth can be attribute to ongoing expansion and upgradation of existing energy networks, along with the increasing need for peak load management.
 

The rapid adoption of smart and control monitoring units in the Asia Pacific region, combined with significant infrastructural investments and expenditures in commercial and industrial sectors, will fuel the demand for oil-immersed current transformers. Additionally, favorable regulatory policies and norms aimed at enhancing grid reliability and modernizing existing grid networks will contribute to a positive business landscape in the region.
 

Oil Immersed Current Transformer Market Share

Notable companies operating in the oil immersed current transformer market include :

• ABB
• General Electric
•  Automatic Electric Ltd.
• Hitachi Energy Ltd.
• NISSIN ELECTRIC Co.,Ltd.
• Instrument Transformers LTD.
• Guangdong Sihui Instrument Transformer Works Co., Ltd
• Siemens Energy
• CG Power & Industrial Solutions Ltd.
• ARTECHE
• Amran Inc
• Peak Demand Inc.
• Wenzhou Unisun Electric Co., Ltd.
• Dalian Huayi Electric Power Electric Appliances Co.,Ltd
• Samata Electricals Pvt .Ltd.
• Macroplast.

Oil Immersed Current Transformer Industry News:

• In July 2022, Arteche successfully passed the internal arc fault test conducted by the State Grid Corporation of China, a prominent Chinese power utility company. The test was conducted in accordance with the safety standards for high-voltage equipment, and it specifically included Arteche's oil-insulated CA-245 current transformer products in China. The internal arc test was conducted with all the necessary accessories and was performed on a real transformer under service conditions to assess its behavior and performance. By successfully completing the internal arc test, Arteche not only strengthens the HV current transformer’s operational security in the global market but also enhances its product portfolio on a worldwide scale. This achievement highlights Arteche's commitment to producing safe and reliable high-voltage equipment and positions the company as a reputable player in the industry.
   

This oil immersed oil immersed 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 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 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