Oil Immersed Current Transformer Market Analysis

Oil Immersed Current Transformer Market Analysis

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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.