Current transformers are designed to decrease or increase alternating current in its primary. This function provide the power to disconnect devices and relay windings.Current transformers are used in power plants, substations, industries, and commercial spaces for metering and protection purposes. The energy and manufacturing sector use metering current transformers where direct connection of metering devices is not practical.
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.
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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.
Key Segments of Current Transformer Market
- Dry Type
- Wound type Current Transformers
- Toroidal Current Transformers
- Bar type Current Transformers
- Summation Current Transformers
- Solid Core
- Split Core
By Voltage Rating
- Low Voltage
- Medium Voltage
- High Voltage
By Use Case
- Protection Current Transformers
- Metering Current Transformers
By End-use Vertical
- Energy Sector
- Power Plants
- Transmission Substations
- Distribution Substations
- Manufacturing Sector
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
Key Strategies Adopted by Market Players
Key players in the market have a strong R&D arm that focuses on various activities, which could help in cost optimization, quality assurance, reduction and process improvement, process control, and system development.
Manufacturers are differentiating their products by focusing on providing high quality and customized products to customers to meet their specific requirements.
Moreover, they are offering more compact current transformers for commercial and residential purposes, which allows optimum meter performance and low temperature dependency.