Current Transformer Market - Forecast(2025 - 2031)

Report Code: EPR 0115 Report Format: PDF + Excel

Current Transformer 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. The current transformer market is growing due to rise in electricity demand, the rapid growth of renewable energy sources, urbanization and infrastructure development and the increasing need for industrial automation and grid modernization. Advancements in current transformer technology along with government regulations promoting energy efficiency and grid reliability, are further fuelling market growth.
One of the major trends in the current transformer market is shift towards smart digital transformer. The integration of smart devices with transformer offers various benefits such as advanced real-time monitoring and control, predictive maintenance and outage prevention and automated energy optimization. Studies have shown that condition-based maintenance reduces downtime by an average of 30%. These advancements help to achieve more reliable, efficient, and secure energy infrastructure. Another trend is focus on miniaturization and lightweight designs. Compact and lightweight designs are the primary objective of manufacturers in order to facilitate installation and enhance performance in areas with limited space. These designs are particularly popular in industrial automation and building energy management systems.

Market Snapshot: 

Current Transformer Market
 

Current Transformer Market - Report Coverage:

The “Current Transformer Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Current Transformer Market.

Attribute Segment

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

  • North America (U.S., Canada and Mexico)
  • Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),
  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),
  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)
  • Rest of the World (Middle East and Africa).

 

Key Takeaways:

APAC leads the market

APAC dominated the current transformer market with a market share of 40% in 2024. Fast economic growth and industrialization in the region, especially in countries like China and India, are driving up electricity demand. According to the Indian Government, 2024 was a pivotal year for India's power sector, marked by historic gains. The successful management of a record 250 GW demand and the near-elimination of national energy shortages (down to 0.1% in FY 2024-25) highlight the sector's strength and focus on sustainable development.  Therefore, the APAC region's dynamic economic growth, coupled with its commitment to modernizing its power infrastructure and embracing renewable energy, positions it as the leading force in the current transformer market.

 Medium Voltage segment dominates the market

Medium voltage current transformer dominates the current transformer market in 2024. These are designated as bus type KOKS, are encased in epoxy resin for superior insulation and environmental protection. Designed for medium-voltage systems with a maximum operating voltage of 24 kV (or 25 kV), these transformers are suitable for tariff metering applications. KOKS transformers offer convenient installation by fitting directly over a conductor or busbar and feature an easily accessible earthing electrode. Key features include a rated primary current of up to 8000 A for the 24 kV version, the capacity to accommodate up to 6 secondary windings for both measurement and protection purposes, and the availability of secondary reconnectable versions.

Outdoor is the Largest segment

Outdoor segment holds the largest market share in current transformer market in 2024. This growth is driven by expanding renewables, grid modernization, urbanization/industrial expansion, and domestic production to address supply chain issues. The U.S. is experiencing a critical transformer shortage, impacting grid reliability and affordability, driven by electrification, aging infrastructure, and renewable energy integration. NREL projects a 160-260% increase in distribution transformer capacity needed by 2050, highlighting a significant growth opportunity for the current transformer market. The DOE is actively addressing this, funding research and fostering collaboration to increase domestic production and grid resilience, emphasizing the need for advanced current transformers to meet future demands. Therefore, combining these factors highlights outdoor installation growth while simultaneously driving the demand for the current transformer market.

Rise in electricity demand to drives the market

The market for current transformer market is driven by the growing need for electricity worldwide. The growth and modernisation of power infrastructure correlate with rising demand. As per China Electricity Council's Q3 2024 report, the country’s electricity consumption is anticipated to climb to 9.9 trillion kilowatt-hours in 2024, showing a 7% growth. Various investments being made in smart infrastructure, rural electrification and grid modernisation across the world offer prospects for conventional and energy-efficient transformers. Global investments in smart infrastructure, rural electrification, and grid modernisation open up possibilities for the use of conventional and energy-efficient transformers. This includes the installation of transformers which provide effective electricity distribution and transmission. With the increasing need for electricity, the demand for current transformers is expected to grow.

 Key Market Players: 

The top 10 companies in this industry are listed below:
1.    Hitachi Energy Ltd.
2.    ABB Ltd
3.    Schneider Electric
4.    Siemens AG
5.    Eaton Corporation
6.    ARTECHE
7.    TOSHIBA CORPORATION
8.    LITTELFUSE, INC.
9.    JSHP Transformer
10.    GE Vernova

Scope of the Report: 

Report Metric Details

Base Year Considered

2024

Forecast Period

2025–2031

CAGR

6.6%

Market Size in 2031

$3.7 Billion

Segments Covered

By Type, By Voltage Level, By Insulation Type, By Installation, By End Use Industry and By Geography.

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, , Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players
  1. Hitachi Energy Ltd.
  2. ABB Ltd
  3. Schneider Electric
  4. Siemens AG
  5. Eaton Corporation
  6. ARTECHE
  7. TOSHIBA CORPORATION
  8. LITTELFUSE, INC.
  9. JSHP Transformer
  10. GE Vernova

 

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  1.    Current Transformer Market - Overview
      1.1.    Definitions and Scope
  2.    Current Transformer Market - Executive Summary
      2.1.    Key trends by Type
      2.2.    Key trends by Voltage Level
      2.3.    Key trends by Installation
      2.4.    Key trends by Insulation Type
      2.5.    Key trends by End Use Industry
      2.6.    Key trends by Geography
  3.    Current Transformer Market - Comparative Analysis
      3.1.    Company Benchmarking - Key Companies
      3.2.    Financial Analysis - Key Companies
      3.3.    Market Share Analysis - Key Companies
      3.4.    Patent Analysis
      3.5.    Pricing Analysis
  4.    Current Transformer Market - Start-up Companies Scenario
      4.1.    Key Start-up Company Analysis by
            4.1.1.    Investment & Revenue
            4.1.2.    Venture Capital and Funding Scenario
  5.    Current Transformer Market – Market Entry Scenario Premium
      5.1.    Regulatory Framework Overview
      5.2.    New Business and Ease of Doing Business Index
      5.3.    Case Studies of Successful Ventures
  6.    Current Transformer Market - Forces
      6.1.    Market Drivers
      6.2.    Market Constraints
      6.3.    Market Challenges
      6.4.    Porter's Five Force Model
            6.4.1.    Bargaining Power of Suppliers
            6.4.2.    Bargaining Powers of Customers
            6.4.3.    Threat of New Entrants
            6.4.4.    Rivalry Among Existing Players
            6.4.5.    Threat of Substitutes
  7.    Current Transformer Market – Strategic Analysis
      7.1.    Value Chain Analysis
      7.2.    Opportunities Analysis
      7.3.    Product Life Cycle/Market Life Cycle Analysis
      7.4.    Supplier/Distributor Analysis
  8.    Current Transformer Market – By Type (Market Size – $Million/$Billion)
      8.1.    Wound
      8.2.    Toroidal
      8.3.    Bar-type
  9.    Current Transformer Market– By Voltage Level (Market Size – $Million/$Billion)
      9.1.    Low
      9.2.    Medium
      9.3.    High
  10.    Current Transformer Market– By Installation (Market Size – $Million/$Billion)
      10.1.    Indoor
      10.2.    Outdoor
  11.    Current Transformer Market– By Insulation type (Market Size – $Million/$Billion)
      11.1.    Gas-insulated Current Transformers 
      11.2.    Oil-filled Current Transformers
      11.3.    Dry Type Current Transformers
  12.    Current Transformer Market– By End Use Industry (Market Size – $Million/$Billion)
      12.1.    Utilities
      12.2.    Industrial
      12.3.    Commercial
      12.4.    Residential
      12.5.    Power Generation
      12.6.    Oil & Gas
      12.7.    Mining
      12.8.    Transportation
      12.9.    Others
  13.    Current Transformer Market – by Geography (Market Size – $Million/$Billion) 
      13.1.    North America
            13.1.1.    U.S
            13.1.2.    Canada
            13.1.3.    Mexico
      13.2.    Europe
            13.2.1.    Germany
            13.2.2.    France
            13.2.3.    UK
            13.2.4.    Italy
            13.2.5.    Spain
            13.2.6.    Russia
            13.2.7.    Rest of Europe
      13.3.    Asia-Pacific
            13.3.1.    China
            13.3.2.    Japan
            13.3.3.    South Korea
            13.3.4.    India
            13.3.5.    Australia & New Zealand
            13.3.6.    Rest of Asia-Pacific
      13.4.     South America
            13.4.1.    Brazil
            13.4.2.    Argentina
            13.4.3.    Chile
            13.4.4.    Colombia
            13.4.5.    Rest of South America
      13.5.    Rest of The World
            13.5.1.    Middle East
            13.5.2.    Africa
  14.    Current Transformer Market – Entropy
      14.1.    New product launches
      14.2.    M&A's, collaborations, JVs and partnerships
  15.    Current Transformer Market – Industry/Segment Competition Landscape 
      15.1.    Market Share Analysis
            15.1.1.    Market Share by Global 
            15.1.2.    Market Share by Region
            15.1.3.    Market Share by Country
  16.    Current Transformer Market – Key Company List by Country Premium 
  17.    Current Transformer Market – Company Analysis
      17.1.    Hitachi Energy Ltd
      17.2.    ABB Ltd
      17.3.    Schneider Electric
      17.4.    Siemens AG
      17.5.    Eaton Corporation
      17.6.    ARTECHE
      17.7.    TOSHIBA CORPORATION
      17.8.    LITTELFUSE, INC.
      17.9.    JSHP Transformer
      17.10.    GE Vernova
 
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The Current Transformer Market is projected to grow at 6.6% CAGR during the forecast period 2025-2031.

The Current Transformer Market size is estimated to be $2.4 billion in 2024 and is projected to reach $3.7 billion by 2031

The leading players in the Current Transformer Market are Hitachi Energy Ltd., ABB Ltd, Schneider Electric, Siemens AG, Eaton Corporation and Others.