Bar Type Current Transformer Market Trends

Growth Drivers

• Rising Adoption of Renewable Energy – Bar-type current transformers are used in renewable energy systems, such as solar and wind farms basically to monitor electric current.
• According to the International Energy Agency, by 2026, renewable energy sources are expected to supply around 95% of the additional power capacity added to the world.
• Growing Utilization in Transmission and Distribution- A bar-type current transformer is a window-type current transformer that has a primary bar, which is utilized in energy distribution networks for billing and metering purposes and is also used for protection purposes.
• Increasing Mining Industry- Bar-type current transformers are often employed in mining to monitor electric currents.
• Rising Industrial Automation- Current transformers are widely employed to measure current, maintain the stability and security of the manufacturing process, and monitor physical quantities in industrial processes, such as temperature, pressure, flow, and humidity. For instance, globally, the automation sector produced over 210 billion in revenue in 2021.

Challenges

• Stringent Regulatory Standards - Current transformers must adhere to regulatory standards which are covered by a set of standards called IEC 60076. The design, manufacture, testing, and safe operation of power transformers are governed by the IEC 60076-24:2020 standard that applies to single-phase and three-phase medium power transformers (including auto-transformers) with a maximum voltage of 36 kV and power transformers with a capacity ranging from 25 kVA to 3 150 kVA. The IEC 60076 standard addresses several safety issues, including overloading, temperature increase, and insulation levels however, adhering to changing regulatory standards and certifications in several locations can be difficult, and it frequently takes a large amount of money and experience.
• Supply chain disruptions owing to geopolitical tensions are expected to impact the supply and production of the products
• Varying prices of raw materials can impact the cost of production