Selbyville, Delaware, Nov. 01, 2022 (GLOBE NEWSWIRE) --
The current transformer market is expected to record a valuation of USD 3 billion by 2030, according to a new research report by Global Market Insights Inc. The increasing reliance on renewable power to mitigate climate crises will proliferate high current transformer construction.
To decarbonize the power sector, renewable energy integration is adopted as a key strategy. As per the International Renewable Energy Agency estimates, 90% of the world’s electricity should come from clean energy by 2050. Government bodies have also been introducing strict energy efficiency norms to curb GHG emissions. Factors such as these will escalate the development of renewable power networks and augment the demand for transformers to monitor high-voltage currents in clean power systems.
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In terms of cooling, the dry type current transformer market is projected to register substantial growth during the forecast period, given its ability to operate in challenging and harsh conditions. The presence of companies designing certified outdoor and indoor dry-type transformers also remains strong. These players are incorporating high-quality raw materials from reliable suppliers to ensure excellent transformer quality. The rising emphasis on the manufacturing of transformers with partial discharge-free insulations will thus bolster the industry outlook.
Current transformer market share from the wound type product segment will depict a commendable growth rate between 2022 and 2030. The report says that the integration of sustainable energy to adhere to carbon emission norms is one of the key factors promoting product adoption. Collaborative organizations including IEEE Standards Association have also developed industry standards to facilitate equipment interoperability between new clean energy tech and the traditional power grid. These factors, along with the introduction of favorable government schemes, will aid in the expansion of wound-type current transformer units.
The > 66 kV voltage segment in the current transformer market is poised to exhibit a 9% CAGR through 2030 on account of the escalating demand for innovative technologies. High current transformers such as these are also comes with optimized designs for external insulation, ensuring seamless and even distribution of external and inner electric fields without discharge. Other favorable features, including flexible operations across the primary and secondary power distribution networks, will amplify industry development.
The current transformer market value from manufacturing applications is predicted to observe more than 7.5% gains till 2030, owing to the need for uninterrupted power supply in industrial sectors. Current transformers play a vital role in supplying unbreakable power transfer to run small and big units in industries. Due to the consistent advancements in the manufacturing sector, especially in developing nations, the use of current transformers to deliver considerable voltage will accelerate.
Asia Pacific current transformer market is slated to attain at nearly 7% growth rate through 2030, considering the rapid upgradation and expansion of energy networks. The region is also continuing to witness increasing peak load demand. The mounting investment in the commercial and industrial establishment and the usage of smart power monitoring units, will boost current transformer installation in the region.
Major participants operating in the industry are RECO Transformers Pvt. Ltd., Instrument Transformer Equipment Corporation, Inc., ABB, Schneider Electric, Siemens Energy, Eaton, ARTECHE, GE, Amran Inc., Hammond Manufacturing Ltd., Littlefuse, Inc., CIRCUTOR, Fanox, and Nissin Electric Co., Ltd. These leaders are focusing on new product launches, collaborations, acquisitions, and other strategies to foster their presence in the global industry.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Current Transformer Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 North America
3.4.1.1.1 Refurbishment demand for existing grid infrastructure
3.4.1.1.2 Rising infrastructural spending
3.4.1.2 Europe
3.4.1.2.1 Growing deployment of renewable energy
3.4.1.2.2 Upgradation of existing grid network
3.4.1.3 Asia Pacific
3.4.1.3.1 Large-scale renewable integration
3.4.1.3.2 Increasing demand for electricity
3.4.1.4 Middle East and Africa
3.4.1.4.1 Increasing demand for electricity
3.4.1.4.2 Growing investment toward expansion of distribution networks
3.4.2 Industry pitfalls & challenges
3.4.2.1 High initial cost & increased product prices
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 Competitive landscape, 2022
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
