Current transformer (CT) is an important device that is used to measure the current in an electrical circuit. It is an instrument transformer that is used to convert high current into a smaller current, which is then used for further measurement. Current transformers are used in a wide range of industries, including power distribution, electrical engineering, and industrial automation.
The global current transformer market is driven by the growing demand for electricity, increasing investments in renewable energy, and the development of innovative technologies. Additionally, the rise in smart grid applications and the development of distributed energy resources is expected to boost the demand for current transformers in the near future.
The current transformer market is segmented into high power and low power, based on the power rating of the CTs. The high power segment is expected to hold the largest market share during the forecast period due to its widespread usage in the industrial sector. Furthermore, the low power segment is expected to grow at the highest CAGR, owing to its increasing adoption by residential customers.
The global current transformer market is also segmented based on the type of device, end-use industry, and geography. Based on the type of device, the market is divided into window-type and bar-type. The window-type segment is expected to hold the largest market share due to its high efficiency and low cost. The end-use industry segment is segmented into power, energy, and industrial automation. The power industry is expected to dominate the market due to the growing demand for electricity in the residential and commercial sectors.
How will increasing electricity consumption impact current transformer demand?
Increased household income, rising demand for connected digital gadgets, air conditioning need, and electrification of both private and public transportation systems are some of the key drivers of the rise in energy demand and consumption.
Also, we need more reliable and consistent transmission with appropriate distribution systems in place to match the rising load on power networks.
Most nations are struggling to manage the growing strain on their electrical systems, a problem that can only be solved by modernising current infrastructure.
Current transformer makers will have many potential for expansion over the forecast period as a result of the aforementioned considerations.
The energy sector is anticipated to expand at a strong CAGR of 3.4% over the next few years due to rising electricity consumption and load demand.
The global current transformer market is expected to be dominated by Asia-Pacific, followed by North America and Europe. The market in Asia-Pacific is expected to be driven by the growing demand for electricity, the increasing investments in renewable energy, and the development of innovative technologies. Additionally, the market in North America is expected to witness significant growth due to the increasing demand for current transformers in the residential sector.
Overall, the current transformer market is expected to witness significant growth during the forecast period. The increasing demand for electricity and the growing investments in renewable energy are expected to boost the demand for current transformers in the near future. Furthermore, the development of innovative technologies and the increasing adoption of current transformers in the residential sector are expected to drive the market growth.
Why is demand for current transformers high in the U.S.?
The need for current transformers in the United States is increasing for a variety of reasons. The population’s greater disposable money has boosted the country’s adoption of consumer electronics.
In other words, rising usage of smartphones, televisions, wearable technology, and IoT penetration has led to rising electricity consumption.
Current transformers, which are needed to control the current flowing through systems, are efficient power distribution and management instruments that are necessary to handle this increasing load.
When compared to other nations, the United States has a significantly higher number of power plants, as well as transmission and distribution systems.
Due to this, the U.S. market for high voltage current transformers is one of the most promising. At the conclusion of the projection period, the market is anticipated to have increased by 107 BPS.
Key Companies Profiled
- GE Grid Solutions
- Schneider Electric
- ABB Limited
- CG Power and Industrial Solutions
- SIEMENS AG
- Continental Control System
- CGS Instrument Transformers
- Trench Limited
- Hammond Manufacturing
- Huayi Electric
- Nissin Electric