Wound Type Current Transformer Market Size - By Cooling (Dry Type, Oil Immersed), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), & Forecast, 2023 – 2032

Wound Type Current Transformer Market Size

Wound Type Current Transformer Market was valued at USD 860 million in 2022 and is poised to witness more than 6% CAGR from 2023 to 2032. Increasing demand for electricity, driven by urbanization and industrialization, is propelling the need for efficient power transmission and distribution systems, thereby boosting the demand for current transformers. Moreover, the rising emphasis on grid modernization with smart technologies and the integration of renewable energy sources like solar and wind power are further fueling market growth.
 

Additionally, stringent regulatory requirements for monitoring and controlling power consumption, alongside technological advancements improving the accuracy and reliability of current transformers, are contributing to the expansion of this market. These factors collectively are driving the growth of the wound-type current transformer business by addressing the escalating demands for precise and reliable current measurement in diverse applications across industries.
 

COVID-19 Impact

The COVID-19 pandemic initially slowed the wound type current transformer market due to supply chain disruptions and project delays. However, the increased focus on reliable power infrastructure during the crisis, coupled with post-pandemic recovery efforts and growing demand for renewable energy integration, subsequently accelerated market growth. Adapting to remote work and digital solutions became paramount, fostering technological advancements. Despite temporary setbacks, the market rebounded as industries prioritized resilient power systems, stimulating demand for current transformers in diverse sectors, including smart grids and industrial automation, leading to sustained growth post-pandemic.
 

Wound Type Current Transformer Market Trends

The wound type current transformer industry is currently experiencing significant shifts driven by technological advancements, particularly the integration of smart features. There's a noticeable emphasis on enhancing accuracy, reliability, and efficiency in power measurement and monitoring systems, leading manufacturers to develop wound type current transformers with higher precision and improved insulation capabilities. The rising demand for renewable energy sources and the expansion of smart grid infrastructure are fueling the adoption of these transformers across various utility and industrial applications. There's a clear surge in demand for smaller, more compact designs without compromising performance, reflecting the industry's push towards miniaturization and space optimization.
 

Wound Type Current Transformer Market Analysis

The oil immersed current transformers market held around 75% of the revenue share in 2022 and is projected to attain 5.5% CAGR through 2032. Oil-immersed wound type current transformers offer several advantages over alternative technologies. Their robust design ensures durability and reliability in harsh environments, making them ideal for heavy-duty applications. The use of oil as a coolant enhances their thermal conductivity, enabling efficient dissipation of heat generated during operation, thus preventing overheating. This design also allows for higher insulation levels, ensuring better protection against electrical faults. Additionally, oil-immersed transformers exhibit excellent accuracy in current measurement, providing precise readings even in fluctuating electrical conditions.
 

The ≤ 33 kV segment valuation crossed USD 780 million in 2022 and is projected to exhibit about 6% CAGR up to 2032. The soaring global need for electricity, driven by factors like population growth, urbanization, and industrialization, has led to a significant market share for wound type current transformers. The demand for these transformers up to the 33 kV voltage level is propelled by the expansion of power distribution and infrastructure. As countries invest in improving their transmission networks, the requirement for low-voltage wound type CTs is set to rise. These transformers are crucial in medium-voltage distribution systems, ensuring a reliable and efficient electricity supply.
 

The wound type current transformer technology finds diverse applications in sectors such as power distribution, manufacturing industries, and more. Within this landscape, the power distribution sector emerges as a pivotal driver for the growth of the wound type current transformer market. As the demand for efficient and reliable energy distribution amplifies, these transformers play a pivotal role in measuring and monitoring current flow. The emphasis on modernizing existing power infrastructure and integrating renewable energy sources fuels this growth. With advancements in technology, such transformers are becoming more compact, accurate, and adaptable to diverse power distribution networks.
 

Asia Pacific wound type current transformer market is forecasted to exceed USD 690 million by 2032, driven by escalating demands for more effective Transmission & Distribution (T&D) systems. This region is experiencing substantial growth due to ongoing expansions and upgrades within energy networks, alongside a growing necessity for efficient peak load management. The adoption of smart monitoring units and substantial investments in infrastructure across commercial and industrial sectors are key factors bolstering the demand for these transformers. Additionally, favorable regulatory policies aimed at enhancing grid reliability and modernizing grid networks create a conducive business environment in the region.
 

Wound Type Current Transformer Market Share

ABB dominates the wound-type current transformer market, boasting extensive expertise, technological edge, and a robust cooling portfolio. Its global presence, renowned reliability, and focus on sustainability resonate with diverse industries. ABB's commitment to R&D keeps them ahead, meeting evolving energy sector needs, cementing their pivotal position with a substantial market share.
 

Some of the key market players operating across the wound type current transformer industry are:

• Schneider Electric
• ABB
• Siemens
• GE Grid Solutions
• Eaton Corporation
• Mitsubishi Electric
• Hitachi Energy Ltd.
• Circutor
• Littelfuse, Inc.
• Instrument Transformers LTD.
• RECO Transformers Pvt. Ltd.
• NISSIN ELECTRIC Co.,Ltd.
• Amran Inc
• ARTECHE
   

Wound Type Current Transformer Market News

• In May 2022, Arteche and Hitachi Energy secured regulatory approvals to establish Arteche Hitachi Energy Instrument Transformers S.L., as per their December 2021 agreement. Arteche held a 51% majority stake, with Hitachi Energy retaining 49%. This joint venture aims to drive innovation, marketing, and servicing of instrument transformers, benefiting from the collective expertise of both entities. This collaboration is set to notably amplify Arteche's global reach and industry standing.
   
• In October 2020, Instrument Transformers Limited joined forces with Synaptec, a power technology firm, to expand its range of medium- and high-voltage products. This partnership targets fresh market prospects and addresses evolving consumer needs. By bolstering its cooling portfolio, this collaboration fortifies the company's position within the current transformer industry.
   

This wound type current transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of units and revenue in ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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Market, By Cooling

• Dry Type
• Oil Immersed

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