The global current transformer market is expected to exhibit significant growth during the forecast period. This is attributed to increase in number of installations of current transformers and 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 surge in demand for effective grid monitoring and control systems equipped with transformers, transformer monitors, sensors, and diagnostic solution. 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 the wind farms to generate higher revenue even when low levels of power are produced. However, decline in sales and weak distribution network are expected to hinder the growth of the global current transformer market during the forecast period. Furthermore, 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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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 its efficiency and to 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 transformer is its ability to enable high ratio transformers to produce low current. Increase in demand for electricity is the developing countries such as India and China is expected to augment the market growth during the forecast period.
Asia-Pacific dominates the current transformers market. This growth is attributed to huge demand for electricity along with increase in number of grid projects in the developing countries such as India, China, and Indonesia. Similarly, North America and Europe are expected to showcase notable growth in the upcoming years.
Top Key Players in the current transformer market report are FRER Hammond IME Spa LittelfuseMeagacon AS ONSET PREMO Shaanxi Shinhom Enterprise SOCOMEC Acme Electric ARTECHE Group BENDER CG Power Systems CIRCUTOR Contrelelettronica Crompton Instruments DatatronicDoepkeSchaltgerate GmbH ELEQ.
Current Transformer By Product Type
- Dry Type Current Transformer
- Pouring Type Current Transformer
- Oil-Immersed Current Transformer
- Gas Insulated Current Transformer
Current Transformer By Application
- Power Plants
- Factory
- Others
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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 detailed analysis of the global current transformer market share.
- The current market is quantitatively analyzed from 2022 to 2029 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 coming years.
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 financial crisis due to lack of sales and the lockdown imposed, which have restricted movements, thereby impacting the workers. The disruption in 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 current transformers market.
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