Current Transformer Market to Receive Overwhelming Hike in Revenues By 2030

A current transformer is an instrument that is designed to produce an alternating current in its secondary winding, which is proportional to the primary current. As the operating current levels of an electrical system are always high, it becomes difficult to measure the current due to the lack of availability of any device capable of measuring such high values of current. Current transformers cut down high-voltage current to a safe level and help in measuring AC current using an ammeter. Independent power producers (IPPs) are causing changes in the overall power flow. In addition, a rise in the need for accurate measurement even at low current levels boosts the demand for newly designed current transformers to meet the needs of industries. Furthermore, current transformers are widely used for measuring current and monitoring the operation of the power grid. With the surge in demand for new transformers across the globe, the market is expected to witness significant growth during the forecast period.

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COVID-19 scenario analysis

Owing to the outbreak of COVID-19, factories have been shut down. This will force factories to reduce the number of workers, as there is no production. Moreover, the company may face a financial crisis due to a lack of sales and the lockdown imposed, which have restricted movements, thereby impacting the workers. The disruption in the supply chain has further reduced the demand for products, which forced factories to suspend their production. Moreover, distribution utilities have a lower tariff for domestic and agricultural consumers, sometimes even below the average cost of supply, as compared to that for commercial and industrial consumers. Thus, the abovementioned factors are expected to collectively affect the growth of the current transformers market.

Market scenario analysis

The global current transformer market is expected to exhibit significant growth during the forecast period. This is attributed to the increasing number of installations of current transformers and the replacement of old transformers with new ones due to the rise in demand for power on a global level. In addition, the market is experiencing a surge in demand for effective grid monitoring and control systems equipped with transformers, transformer monitors, sensors, and diagnostic solutions. In addition, current transformer designers and manufacturers have been able to achieve accuracy levels that are efficient to perform in extremely low current situations. This helps wind farms generate higher revenue even when low levels of power are produced. However, the decline in sales and a weak distribution network are expected to hinder the growth of the global current transformer market during the forecast period. Furthermore, an increase in industrialization has a direct effect on the residential sectors and commercial sectors, which, in turn, provides potential growth opportunities for current transformers in developing countries.

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Market trends and drivers

Industrial development and increase in commercialization are the primary driving forces of the global current transformer market. Moreover, the introduction of smart grid systems is anticipated to augment the market growth, as transformers play a crucial part in the smart grid network. Digitalization in transformers to increase their efficiency and obtain accurate data is one of the key trends observed, which significantly contributes toward the growth of the global market. Furthermore, the introduction of auxiliary current transformers is anticipated to fuel the growth of the current transformer market in the upcoming years. In addition, one of the major factors responsible for the growing preference for auxiliary transformers is their ability to enable high-ratio transformers to produce low currents. An increase in demand for electricity is developing countries such as India and China is expected to augment the market growth during the forecast period.

Regional Insights

Asia-Pacific dominates the current transformers market. This growth is attributed to the huge demand for electricity along with an increase in the number of grid projects in developing countries such as India, China, and Indonesia. Similarly, North America and Europe are expected to showcase notable growth in the upcoming years.

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Key benefits of the report

• This study presents the analytical depiction of the global current transformer industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global current transformer market share.
• The current market is quantitatively analyzed to highlight the global current transformer market growth scenario.
• The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.

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