The Current Transformer Market is set to grow from its current market value of more than $2 Billion to over $3.9 Billion by 2032; as reported in the latest study by Global Market Insights, Inc. Current Transformer Market size is anticipated to record over 6.5% CAGR from 2023 to 2032 propelled by the ongoing implementation of smart grids.
Rising transformation in the generation, distribution, and management of electrical power has led to the ongoing investments in smart grid projects. For instance, in August 2022, the U.S. DOE announced that it is seeking investment for $10.5 billion program for smart grids and other upgrades to enhance the electrical system in the country. Furthermore, the implementation of smart meters and AMI is projected to propel the demand for current transformers to monitor electricity consumption accurately for enabling utilities and consumers to make informed decisions about energy usage.
Growth factors:
· Increasing Demand for Energy and Power Infrastructure
· Grid Modernization and Smart Grid Implementation
· Growth in Renewable Energy Sector
· Industrialization and Urbanization
· Technological Advancements in CTs
· Stringent Safety and Regulatory Standards
· Global Electrification Projects and Grid Expansions
· Growing Investment in Infrastructure Development
With respect to product, the toroidal current transformer market is expected to witness over 7% CAGR from 2023-2032 owing to their ease of installation driven by split design, allowing them to be conveniently placed around existing conductors without extensive rewiring or disconnecting electrical circuits. Furthermore, market leaders are continually launching advanced technology solutions to meet the evolving energy monitoring demands, further supporting the segment growth.
Current transformer market from the manufacturing application segment is set to observe over 7% growth rate through 2032. The growing reliance on current transformer by manufacturers for a variety of applications, including load monitoring, power quality analysis, and equipment protection is expected to boost the segment growth. Furthermore, the surge in automated and energy-efficient manufacturing processes is making way for the significant demand for precise and reliable current transformers.
Regionally, North America current transformer market is expected to expand at more than 5% CAGR from 2023-2032 attributed to the surging electricity consumption. The rising deployment of smart grid technologies and smart energy solutions across major APAC countries is also providing potential growth opportunities to the industry players. For instance, in August 2023, SolarEdge Technologies, Inc., a global pioneer in smart energy technology, revealed its market leading SolarEdge Home Hub and Wave inverters in the U.S.
Source: https://www.gminsights.com/industry-analysis/current-transformer-market
