Continuous Advancing Commercial And Residential Sector Markets For Low Voltage Current Transformer Is Poised To Expand At CAGR Of Close To 5% By 2030
Current transformers are used along with both, metering and protection devices. They are designed in way that when installed in a circuit, they produce an alternating current in the secondary winding, which is proportional to the current in its primary.
Demand for the product has gained momentum, influenced by increased application across industries, power plants, power grids, control rooms, and switch gears for metering and protection purposes.
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Moreover, protective current transformers provide control and safety devices with measurement information. These transformers convert the AC current of any value to a proportionate lower current, which makes it easier for relays and metering devices to make significant changes in their functioning.
Manufacturers offer low voltage current transformers coupled with digital meters that help users to monitor electricity demand and keep a record of electricity consumption by the electrical equipment connected to the wiring. Market players are offering customized current transformers to meet the varying specification requirements of various end users.
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Key Takeaways from Current Transformer Market Study
The market is anticipated to add 1.4X value in 2030 as compared to 2020.
Dry current transformers capture a major chunk of the market, equivalent to 70% of the total market share.
Low voltage is the fastest-growing segment in the current transformer space, owing to increased application in the industrial and commercial sector.
North America will dominate the market revenue in 2030, and is expected to gain 142 BPS in its market share by 2030 over 2020.
Metering application is anticipated to gain around 216 BPS over the next ten years.
The use of current transformers in protection applications is anticipated to lose around 216 BPS by 2030.
The market in Germany and the U.K. is expected to progress at CAGR of close to 4% through 2030.
The U.S. market is projected to expand at a CAGR close to 5% over the next ten years.
Due to the COVID-19 pandemic, demand was hit, and the market witnessed a growth rate of -4.4% in 2020, with things likely to come back to normal by the second half of 2021.
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Who is Winning in this Space?
The global current transformer market is highly competitive in nature, and is thriving on key players. However, competition has become intense due to the presence of regional players that offer products at lower prices. Also, to maintain their position in this space, key players are coming out with diversified and customized product offerings to match specific customer requirements.
Furthermore, it is observed that, manufactures and market players with strong financial muscle and reputation succeed in getting government contracts, which make it difficult for small players to compete against these giants in the market
Key Segments of the Current Transformer Market
The Fact.MR's study on the mist eliminator market offers information divided into three key segments-type, material, end-user and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
FRP & Others
Oil & Gas
South Asia & Oceania
Middle East & Africa (MEA)
Key Questions Answered in Report
Which are the most lucrative markets for Current Transformer?
Which factors will impact the growth of the market?
How will changing trends impact the strategies of Current Transformer market players?
How can market players capture the low-hanging opportunities across regions?
Which companies are leading the industry?
What are the winning strategies of stakeholders in the Current Transformer market?
Benefits of Fact.MR Study
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