Current Transformer Market Size By Cooling (Dry Type, Oil Immersed), By Product (Wound Type, Toroidal, Bar Type), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), COVID-19 Impact Analy

Current Transformer Market Size By Cooling (Dry Type, Oil Immersed), By Product (Wound Type, Toroidal, Bar Type), By Voltage Rating (≤ 33 kV,> 33 kV to ≤ 66 kV,> 66 kV), By Application (Power Distribution, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The global current transformer market share is anticipated to increase substantially over 2022-2030, as a result of the mounting investment to strengthen the electricity network worldwide.

In June 2022, the Asian Development Bank unveiled a USD 305 million project to support the expansion of electricity units in Papua New Guinea. The intention behind this project was to upgrade power transmission lines and substations and to develop new medium- and low-voltage power lines. Such initiatives are anticipated to proliferate current transformer construction for voltage management applications.

Public service infrastructure companies have also been targeting to boost renewable power transmission and distribution networks. For example, in July 2022, the Dubai Electricity and Water Authority announced its plan to invest over USD 10.88 billion in clean energy projects. Factors such as these will augment the installation of current transformer units for renewable energy systems.

The current transformer industry is divided based on cooling, product, voltage rating, application, and regional landscape.

In terms of cooling, the market share from the dry-type segment is set to witness an upsurge over the forecast period. Distribution transformers allow safe voltage levels for power consumption. However, since these units are often installed in densely populated areas, the use of oil-immersed systems can pose various risks to human and environmental health in the form of fires or oil spills.

As compared to their oil-filled counterparts, dry-type current transformers do not require bushings and are free from flash points. The rising concerns about environmental contamination and fire hazard will therefore spur product adoption in power applications.

The current transformer market size from the bar-type product segment is expected to grow substantially by 2030, considering its capability to withstand the stresses of heavy overcurrent. Despite being relatively costlier than wound-type alternatives, the system provides accurate results owing to low flux leakage. These key attributes are likely to result in the increased installation of this transformer to measure high currents.

The ≤ 33 kV voltage rating segment is slated to account for a considerable share of the current transformer market over the estimated timeline. Medium-voltage transformers are gaining rapid momentum, owing to reduced noise and temperature rise, low discharge, and energy-saving features. Manufacturers are also designing such transformers to maintain compliance with safety standards, further expediting market expansion.

Based on the application, the market share from the manufacturing segment is anticipated to grow over 2022-2030. The maintenance of power issues in large industrial equipment installed is crucial. In the manufacturing sector, engineering products require high-voltage supplies.

This will accelerate the use of high-current transformers to help endure the dielectric, thermal, and mechanical constraints. They also can modify the alternating current and transform a stable amount of power for smooth operations, augmenting current transformer demand in manufacturing applications.

Regionally speaking, the Middle East and Africa current transformer industry size is likely to expand by 2030, due to the rise in power consumption across commercial and residential sectors. There has also been a strong focus on the re-establishment of power grid networks, asserting a positive influence on current transformer market dynamics in the region.