Bar Type Current Transformer Market Share

APAC Market Forecast

The bar type current transformer market in Asia Pacific is predicted to largest share of 45% by 2036. impelled by the growing spending in power infrastructure. India intends to improve its power infrastructure to have continuous electricity by 2024 since the country has an abundance of solar and wind power, which makes it a desirable place to invest in renewable energy. For instance, by 2030, India would need to invest over USD 155 billion annually—to meet around 49% of its energy needs from renewable sources. Particularly, by 2027, India will need to invest over USD 52 billion to develop its transmission system. In addition, India's GDP has been significantly boosted by industrialization, and in the upcoming months, industrial activity is predicted to pick up steam owing to a steady increase in both investment and consumption demand.

North American Market Statistics

The North America bar type current transformer market is estimated to the second largest share, during the forecast period led by rapid urbanization. The US population has been shifting from smaller towns to larger cities and from rural to urban areas which has meant that American cities are now the main forces behind the country's economic progress. For instance, more than 85% of Americans are expected to live in cities by 2050. As a result, the demand for electricity and distribution systems is expected to rise in the region, leading to a higher adoption of bar-type current transformers.