Home > Energy & Power > Electrical Equipment > Transformers > Oil Immersed Current Transformer Market

Oil Immersed Current Transformer Market Size

Report ID: GMI6271
Published Date: Jul 2023
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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.

Oil Immersed Current Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Oil Immersed Current Transformer Market Size in 2023:	USD 1.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.3%
2032 Value Projection:	USD 2.9 Billion
Historical Data for:	2019 to 2023
No. of Pages:	480
Tables, Charts & Figures:	648
Segments covered:	Product, Voltage Rating, Application
Growth Drivers:	North America Refurbishment demand for existing grid infrastructure Rising infrastructural spending Europe Growing deployment of renewable energy Upgradation of existing grid network Asia Pacific Large-scale renewable integration Increasing demand for electricity Middle East & Africa and Latin America Increasing demand for electricity Growing investment toward expansion of distribution networks
Pitfalls & Challenges:	High initial cost & increased product prices

Learn more about the key segments shaping this market

Download Free Sample

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size for oil immersed current transformer reached USD 1.6 billion in 2023 and is estimated to cross USD 2.9 billion by 2032, propelled by rapid urbanization, population growth, and industrialization worldwide.

The ? 33 kV voltage rating segment recorded around 90% of the oil immersed current transformer market share in 2022 and is anticipated to observe over 6% CAGR from 2032 to 2032, owing to the rising global demand for electricity.

Asia Pacific oil immersed current transformer market size exceed USD 1.4 billion by 2032, driven by the growing demand for efficient transmission & distribution (T&D) systems.

ABB, General Electric, Automatic Electric Ltd., Hitachi Energy Ltd., NISSIN ELECTRIC Co.,Ltd., Instrument Transformers LTD., Siemens Energy, and CG Power & Industrial Solutions Ltd. are some of the major industry players.