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Market Overview:
The Current Transformer Market size is estimated to reach $3.7 Billion by 2031, growing at a CAGR of 6.6% during the forecast period 2025-2031, according to a recent report published by IndustryARC, titled, “Current Transformer Market - By Type (Wound, Toroidal, Bar-type), By Voltage Level (Low, Medium, High), By Insulation Type (Gas-insulated current transformers, Oil-filled current transformers, Dry type current transformers), By Installation (Indoor, Outdoor), By End Use Industry (Utilities, Industrial, Commercial, Residential, Power Generation, Oil & Gas, Mining, Transportation, Others), By Geography - Opportunity Analysis & Industry Forecast, 2025-2031
The current transformer market is expanding rapidly due to rising electricity demand, the surge of renewable energy sources, and the rapid urbanization and infrastructure development and grid modernization. This growth is further fueled by advancements in CT technology and government regulations promoting energy efficiency and grid reliability.
APAC Dominated the Market in 2024:
The Asia-Pacific (APAC) region is dominant the current transformers with a market share of 40% in 2024. APAC nations are investing in renewable energy projects, like wind and solar as part of their strong drive towards sustainability. According to the International Energy Agency’s announced pledges scenario, revised in August 2023, investments in Asia-Pacific renewables from 2022 to 2030 are projected to reach $286 billion. This, coupled with significant government investments in infrastructure development, particularly in power generation and transmission, significantly boosted the demand for current transformers in the region. These factors collectively drive the demand for current transformers within the APAC region.
Current Transformer Market: Key Takeaways
Urbanization and Infrastructure Development
Rapid urbanization and infrastructure development are significant drivers of the current transformer market. This means that with the exponential rise in population in expanding cities, so does the need for electricity and, subsequently, new installations for current transformers, along with other infrastructures. NEOM: a visionary undertaking that Saudi Crown Prince Mohammed bin Salman has been pitching, aiming at a revolutionary upgrade for the kingdom-a future city-the Line. That would be $500 billion, carbon-neutral mega development, all renewable energy-powered and with zero interference to natural land. Therefore, the government invests highly in infrastructural development for fulfilling the surging demand of electricity in towns and cities. The trend stands a fair chance of further percolating over the coming years, subsequently driving growth for the current transformer marketplace.
For More Queries About "Current Transformer Market " @ https://www.industryarc.com/Research/Current-Transformer-Market-800881
Rise in adoption of smart grids
The current transformer (CT) market is being driven by the growing adoption of smart grid technologies. As smart grids increasingly integrate automation, communication, and advanced information technologies, the need for precise and real-time current measurements provided by CTs has become critical. Accurate current data is essential for real-time monitoring and control, demand-side management, seamless integration with renewable energy sources, and enhancing grid reliability. As global energy demands rise and grid modernization efforts accelerate, the demand for high-performance CTs is set to grow significantly. The push toward smart grid technologies are not just a trend but a necessity, as utilities strive to create more resilient, efficient, and sustainable energy systems. This dynamic is expected to fuel continuous innovation and expansion within the CT market, making it a vital component of the evolving energy landscape.
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Recent Developments:
• In December 2024, LS Electric secured a $399.6 contract to supply 40 HVDC transformers for South Korea's major East Coast-Capital Region HVDC project. This project aims to stabilize power supply to key semiconductor manufacturing areas and address generation constraints in the East Coast.
• In April 2023, Flex-Core introduced the new Model FCM Revenue Grade Split-Core Current Transformer. The FCM current transformer is a lightweight and economical alternative to our FCR Revenue Grade Split-Core Current Transformer and offers ratios from 300:5A up to 5000:5A.
Current Transformer Market: Competitive Landscape
Key companies profiled in the Current Transformer Market are Hitachi Energy Ltd., ABB LTD, Schneider Electric, Siemens AG, Eaton Corporation, ARTECHE, TOSHIBA CORPORATION, LITTELFUSE, INC., JSHP Transformer, GE Vernova And others.
Related Reports:
Converter Transformer Market - Converter Transformer Market is analysed to grow at a CAGR of 19.3% during the forecast 2022-2027 to reach $20.11 billion by 2027. Increasing demand for efficient power transmission solutions and adoption of smart grid solutions across the globe is driving the Converter Transformer market.
Control Transformer Market - Control Transformer Market is forecast to reach $12 billion by 2030, growing at a CAGR 6% from 2024 to 2030. With the growing emphasis on renewable energy sources and smart grid initiatives, the control transformer market is expected to witness sustained growth over the forecast period.
Transformer Market - The Transformer market size is forecast to reach USD 57.8 billion by 2030, after growing at a CAGR of 4.7% during 2024-2030. The use of transformers in various industrial applications, surge in adoption of different ratings of transformer in different regions of the world, rise in R&D activities, and rise in industrialization are driving the expansion of market.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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