Current Transformer Market Trends

Growth Drivers

• Increased consumption of electricity - Due to the rapid increase in the population, the demand for reliable electricity is increasing. Various factors add up to this demand such as there is a huge population that works from home, businesses, and other sectors that require a reliable power supply. As per a recent analysis, high electricity consumption up to 25,500 terawatt hours was reported in 2022 worldwide. Therefore, the high demand for reliable power supply also requires a durable monitoring solution. Here comes the utilization of current transformers that convert primary current into secondary current. Thus, with the increasing consumption of electricity, the current transformer market is also expanding.

• Excessive use of electrical appliances - The massive utilization of electrical appliances for instance air conditioning and electric heaters are propelling growth in the current transformer market. According to a study, the increased use of household appliances led to an estimated revenue generation of USD 0.60 trillion in the year 2024. Household appliances are rapidly taking over in the developed and developing countries. Moreover, the reliability on the electrical appliances is day-by-day growing due to the advancements in technology and increasing adoption by the urban areas.

• Rapid urbanization combined with beneficial government reforms- This market has grown as a result of the quickening rate of urbanization as well as advantageous government changes and policies that are meant to help small-scale companies in developing countries. As per United Nations’ statistics; globally, the population living in cities increased quickly, from 751 million in 1950 to 4.2 billion in 2018.
  
  A favourable environment has been established for the use of bar type current transformers thanks to these activities. The continuous integration of renewable energy networks in line with incentive programs and legal requirements has further increased the use of these transformers. The current transformer market outlook has been positively impacted by the emphasis on sustainable energy sources and the adoption of laws and incentives that are supportive of them.

Challenges

• Power theft issues - Concern circulating power theft due to the modern current transformer is estimated to boost the closed-type current transformers and at the same time, hinder the growth of the current transformer market since the closed types are known to offer more security.

• Soaring price of raw materials - The materials used in the current transformers such as copper, iron, and insulation components are very crucial and variations in their price can adversely impact the growth of the market. Therefore, generating a profit and keeping up with the control of cost increase can be a difficult task for a manufactures.