The current transformer market share is expected to increase by USD 219.65 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.75%.

This current transformer market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the current transformer market segmentation by application (switchgear and power transformers) and geography (APAC, North America, Europe, the Middle East and Africa, and South America). The current transformer market report also offers information on several market vendors, including ABB Ltd., CGS Instrument Transformers, FRER Srl V.le, Hammond Manufacturing Co. Ltd., Huayi Group. Co. Ltd., Hyosung Corp., IMA Spa, Littelfuse Inc., Megacon Group, Murugappa Group, PREMO SL, Schneider Electric SE, Siemens AG, SOCOMEC Group, Sumitomo Electric Industries Ltd., General Electric Co, Trench Ltd., VACUUMSCHMELZE GmbH & Co. KG, and Fanox Electronic SL among others.

What will the Current Transformer Market Size be During the Forecast Period?

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Current Transformer Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the current transformer market.

Key Current Transformer Market Driver

The enhanced accuracy of current transformers at extremely low voltage levels is notably driving the current transformer market growth. The IEEE C57.13 standard established the 0.15 and 0.15S accuracy classes to address the growing measurement needs in wide load-swing situations. Especially for wide load-swings in wind power generation facilities, Class 0.15S current transformers need to adhere to the following criteria: the transformer correction factor must be 0.9985-1.0015 at a 100% current ratio up to the continuous current rating factor. When current levels are below 100% and go down to almost 5% of the current ratio, the transformer correction factor should be between 0.9985 and 1.0015. Several vendors offer highly accurate revenue metering technology, and many of these are incorporated with outdoor slip-over designs. The all-new current transformer designs offer end-users access to several metering points for greater accuracy in measurements, which helps in ensuring optimal performance of the grid. Metering decision makers are also enjoying benefits such as enhanced product portfolio, ease of installation, and lower operating costs for measurements under critical load conditions. The rise in the demand for accuracy and enhancements in current transformers will give rise to innovation in the market during the forecast period.

Key Current Transformer Market Trend

Innovative technology is the primary trend driving the current transformer market growth. Epoxy casting processes have evolved over the last few decades. Vacuum-encapsulating processes and liquid injection casting of epoxies have been in vogue in recent decades. The epoxy casting process was duly automated and named automatic pressure gelation (APG), which shortened the encapsulating cycle time and was subsequently widely embraced by enterprises. The APG process is subject to multiple casting parameters, such as temperature, pressure, and curing time. These variables pose a challenge to epoxy makers in terms of optimizing the process to obtain a superior product. However, used in conjunction with advanced simulation software (such as RAMZES) and the latest resin handling, mixing, and process control technologies, APG allows engineers to optimize the casting process. Such improvements help in creating a robust and cost-effective product. The technological innovations in the product and the growing demand for technological innovation will drive the growth of the current transformer market during the forecast period.

Key Current Transformer Market Challenge

Increasing imports from Chinese manufacturers is the major challenge impeding the current transformer market growth. As India does not have a sufficient manufacturing capacity for electrical equipment, it is forced to import Chinese equipment, which also comes at a low cost. However, Chinese equipment has posed a threat to national security. As electrical distribution systems carry power to telecommunication, water systems, critical infrastructure, telecommunications, critical government services, and military services, giving access to Chinese equipment might lead to hacking of the data as well as power disruptions. China has already mounted attacks on Indian computer networks in the past, so there are huge concerns and repeated requests from the Indian Electrical and Electronics Manufacturing Association (IEEMA) to ban Chinese electrical equipment. The import value of electrical equipment grew at a growth rate of double digits between 2005-2006 and 2013-2014. In this context, Chinese equipment accounted for 39% by value. To transform the distribution network into an effective network, various state grids had planned to install current transformers in the system to monitor and control the health and operation of power transformers and the switchgear installed in the network. The increasing import from Chinese manufacturers will negatively impact the demand for current transformers from domestic manufacturers during the forecast period.

This current transformer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global current transformer market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the current transformer market during the forecast period.

Who are the Major Current Transformer Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• ABB Ltd.
• CGS Instrument Transformers
• FRER Srl V.le
• Hammond Manufacturing Co. Ltd.
• Huayi Group. Co. Ltd.
• Hyosung Corp.
• IMA Spa
• Littelfuse Inc.
• Megacon Group
• Murugappa Group
• PREMO SL
• Schneider Electric SE
• Siemens AG
• SOCOMEC Group
• Sumitomo Electric Industries Ltd.
• General Electric Co
• Trench Ltd.
• VACUUMSCHMELZE GmbH & Co. KG
• Fanox Electronic SL

This statistical study of the current transformer market encompasses successful business strategies deployed by the key vendors. The current transformer market is fragmented, and the vendors are deploying growth strategies such as quality, design, product features, turnaround time, services, and maintenance of customer relationships to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The current transformer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Current Transformer Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the current transformer market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for the Current Transformer Market?

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50% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the current transformer market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Rapid urbanization and improved living standards have increased electricity consumption in the region, which will facilitate the current transformer market's growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 negatively affected the growth of the current transformer market in APAC. The world's two most populous countries, namely India and China, were among the most severely affected countries by the pandemic. Owing to the increase in the number of COVID-19 cases, governments of various countries in the region imposed stringent lockdowns, which impacted several industries as they were compelled to halt manufacturing activities in 2020. However, the initiation of vaccination drives and the lifting of lockdown-related restrictions in 2021 led to the resumption of industrial operations in the region. This, in turn, led to a resurgence in demand for electricity since Q1 2021. Therefore, these factors are expected to foster the growth of the current transformer market during the forecast period.

What are the Revenue-generating Application Segments in the Current Transformer Market?

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The current transformer market share growth in the switchgear segment will be significant during the forecast period. An increase in investments in renewable energy projects worldwide is expected to drive steady growth of this segment. Several developed nations and developing countries, such as the US, Germany, India, and China, have started investing in solar and wind power projects to tackle environmental issues, such as the increase in carbon emissions. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the current transformer market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Current Transformer Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive current transformer market growth during the next five years
• Precise estimation of the current transformer market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the current transformer industry across APAC, North America, Europe, the Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of current transformer market vendors

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