Current Transformer Market size to increase by USD 422.01 million during 2022-2027, Enhanced accuracy of current transformers at extremely low current levels to drive the growth – Technavio

NEW YORK, Dec. 15, 2023 /PRNewswire/ — The current transformer market size is expected to grow by USD 422.01 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 8% during the forecast period. The market is segmented by Type (Oil immersed and Dry type), Application (Switchgear and Power transformers), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). The increased demand for electricity from emerging economies drives market growth. Industrial development directly affects urbanization, which in turn drives up residential and commercial construction activity. As a result of its growing population and rising incomes, India has one of the world’s fastest rates of urbanization. In addition to the impact of industrialization and rapid urbanization, the manufacturing industry in these regions has considerable growth potential. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

The report recognizes the following as some of the key players in the current transformer market: ABB Ltd., CGS Instrument Transformers, Dalian Huayi Electric Power Electric Appliances Co. Ltd., Eaton Corp. Plc, Fanox Electronic SL, FRER Srl Vle, General Electric Co., Hammond Manufacturing Co. Ltd., Hyosung Corp., IMA Spa, Littelfuse Inc., Megacon Group, Murugappa Group, PREMO SL, Schneider Electric SE, Siemens AG, SOCOMEC Group, Trench Ltd., VACUUMSCHMELZE GmbH and Co. KG, and Sumitomo Electric Industries Ltd.The Current Transformer Market is fragmented in nature.Market to observe 7.0% YOY growth in 2023.

Market Dynamics:

Trend

The use of advanced technologies and processes in transformer manufacturing is an emerging market trend.The very sophisticated manufacturing processes result in the production of high-quality electrical equipment like ABB instrument transformers, which are the next generation.Similarly, the APG process is subject to multiple casting parameters, such as temperature, pressure, and curing time.Such a variable is posed by epoxy producers as a challenge for optimizing the production process in order to obtain a better product.

Challenge

The high cost of upgrading electricity distribution networks hampers market growth.Costs related to replacing transmission lines, distribution networks, energy delivery systems, substations digitization, and digital controls shall be included in the cost of upgrading smart grids.Consequently, huge initial capital investments are required for power utilities and IPPs.Additionally, power utilities are reluctant to upgrade their power grids to make them compatible with smart grid solutions. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The oil-immersed segment is significant during the forecast period. These transformers are meant to be immersed into insulating oil for better insulation and cooling and are widely applied in high voltage applications, e.g. to generate electricity, transmission, and distribution systems. Get a glance at the market contribution of the segments, Request a Sample

The medium voltage transformer market share is expected to surge to USD 3.76 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.92%.

The Gas Insulated Transformer Market size is estimated to grow at a CAGR of 5% between 2022 and 2027 and the size of the market is forecast to increase by USD 995.05 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio