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Wound Type Current Transformer Market Size

Report ID: GMI7431
Published Date: Nov 2023
Report Format: PDF

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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.

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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.

Wound Type Current Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2022
Wound Type Current Transformer Market Size in 2022:	USD 862.1 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 1.6 Billion
Historical Data for:	2019 to 2022
No. of Pages:	450
Tables, Charts & Figures:	627
Segments covered:	Cooling, 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

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of wound type current transformer was worth over USD 860 million in 2022 and is expected to register over 6% CAGR from 2023 to 2032, due to the increasing demand for electricity, driven by rapid urbanization and industrialization worldwide.

The oil immersed cooling type segment held more than 75% share of the wound type current transformer industry in 2022 owing to advantages, such as robust design to ensure durability and reliability in harsh environments in heavy-duty applications.

Asia Pacific market for wound type current transformer is expected to exceed USD 690 million by 2032 due to the escalating need for more effective transmission & distribution (T&D) systems in the region.

Schneider Electric, ABB, Siemens, GE Grid Solutions, Eaton Corporation, Mitsubishi Electric, Hitachi Energy Ltd., Circutor, and Littelfuse, Inc. are some of the major wound type current transformer companies worldwide.