Current Transformers Market Size, Share, Opportunities, And Trends By Type (Wound, Bar, Window, Others), By Voltage (High, Medium, Low), By Application (Substations, Power Grid), And By Geography - Forecasts From 2023 To 2028

Current transformers (CTs) are electrical devices that are used to measure the current flowing through a conductor. They work on the principle of electromagnetic induction, where a primary conductor (which carries the current to be measured) is passed through a magnetic core, which induces a current in a secondary winding that is proportional to the current in the primary conductor. CTs are essential components of modern electrical systems, and they play a critical role in ensuring the safe and efficient operation of electrical equipment and systems. Various factors are driving the global current transformer market, such as the rising demand for electricity, growth of the renewable energy industry, expansion of smart grid infrastructure, increasing industrial automation, and other related factors.

The growth of the current transformer market is being driven by the increasing rates of electricity consumption and generation from renewable sources.

Current transformers (CTs) play a crucial role in renewable electricity generation by measuring and monitoring the current flowing through the electrical systems of renewable energy sources. The growing electricity consumption is increasing the demand for current transformers. For instance, data from the International Energy Agency (IEA) indicates that global electricity consumption in 2020 was recorded at 24,901.4 TWh (Terawatt hours).  The same source indicates that the electricity consumption in France increased from 450.8 TWh in 2020 to 474.0 TWh in 2021, and electricity consumption in the United States of America increased from 4,109.4 TWh to 4,212.1 TWh within the same period. The rising electricity generation from renewable energy sources such as wind and solar power is also driving the growth of the current transformers, as they help to ensure the safe and efficient operation of renewable electricity generation systems by measuring and monitoring the current flow. For instance, the global share of electricity generated from renewable sources was recorded at 28% in 2021, according to IEA data. Similarly, data from the U.S. Energy Information Administration indicates that 12% of the total electricity consumption in the United States was generated from renewable sources in 2021. In Germany, solar electricity generation increased from 44,383.0 GWh (Gigawatt hours) to 49,992.0 GWh between 2019 and 2021, as per the International Energy Agency. The same source indicates that solar electricity generation in France increased from 12,227.0 GWh to 15,095.0 GWh during the same period. In addition to this, IEA data also indicates that wind electricity generation in Russia increased from 331.0 GWh to 1,241.0 GWh, and in Italy, this number increased from 20,202.0 GWh to 20,789.0 GWh between 2019 and 2021. Thus, it can be concluded that as electricity consumption and generation is increasing, the current transformer market will experience growth.

The Asia-Pacific region is expected to show the maximum growth potential in the current transformer market.

The growth of the current transformer market in the Asia-Pacific region is driven by increasing renewable energy generation. For instance, IEA data shows that around 7.7% of renewable sources were used in the final energy consumption in Japan in 2019. Similarly, as per the same source, in China and India, this number was recorded at 14.4% and 32.9% respectively for the same year. In addition to this, IEA data also shows that India’s solar electricity generation increased from 50,614.0 GWh (Gigawatt hours) to 61,291.0 GWh between 2019 and 2020. Wind electricity in Japan rose from 7,617.0 GWh in 2019 to 9,874.0 GWh in 2021 as per the same source. In addition, the demand for current transformers in the region is being driven by the growing investments in the development of power grids. This is because current transformers are essential components in power grids that are used for various purposes such as measuring and monitoring the flow of electrical power for metering, protective relaying, power quality monitoring, and load management. For instance, in February 2023, the board of India's Power Grid Corporation authorized an investment of more than Rs. 803 crores towards multiple electricity transmission projects across the country. In June 2022, an investment of over 500 billion yuan ($74.5 billion) was announced by the State Grid Corporation of China for power grid projects, including the development of ultra-high voltage power transmission projects. In May 2022, plans were announced by the Japanese government to establish a fund of 20 trillion yen ($155 billion) to encourage investments in new power grid technology, energy-efficient homes, and other technologies aimed at reducing the country's carbon emissions. Therefore, the expansion of the current transformer market in this region is linked to the convergence of these factors.

Market Key Developments

• In April 2022, Siemens Energy introduced a novel dry-type single-phase transformer for pole applications that were specifically tailored to meet the technological demands of the American grid. The cast-resin distribution transformer offered a dependable and eco-friendly substitute for oil-filled transformers.
• In October 2021, Cooperative Energy collaborated with GE Research and Prolec GE to create and install the world's first flexible large power transformer at the utility's primary substation in Columbia, Mississippi.

Current Transformers Market Scope:

 

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Type, Voltage, Application, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	ABB, Schneider Electric, Siemens Energy (Siemens AG), Eaton, General Electric, Arteche, Amran Inc., Circutor, Fanox, Hoyt Electrical Instruments Work Inc.
Customization Scope	Free report customization with purchase

 

Segmentation

• By Type
  • Wound
  • Bar
  • Window
  • Others
• By Voltage
  • High
  • Medium
  • Low
• By Application
  • Substations
  • Power Grid
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

5. CURRENT TRANSFORMERS MARKET ANALYSIS, BY TYPE

5.1. Introduction

5.2. Wound

5.3. Bar

5.4. Window

5.5. Others

6. CURRENT TRANSFORMERS MARKET ANALYSIS, BY VOLTAGE

6.1. Introduction

6.2. High 

6.3. Medium

6.4. Low

7. CURRENT TRANSFORMERS MARKET ANALYSIS, BY APPLICATION

7.1. Introduction

7.2. Substations

7.3. Power Grid

8. CURRENT TRANSFORMERS MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. ABB

10.2. Schneider Electric

10.3. Siemens Energy (Siemens AG)

10.4. Eaton

10.5. General Electric

10.6. Arteche

10.7. Amran Inc.

10.8. Circutor

10.9. Fanox

10.10. Hoyt Electrical Instruments Work Inc.

ABB

Schneider Electric

Siemens Energy (Siemens AG)

Eaton

General Electric

Arteche

Amran Inc.

Circutor

Fanox

Hoyt Electrical Instruments Work Inc.