Global Current Transformers Market Assessment, By Product Type [Indoor Current Transformer, Outdoor Current Transformer, Others], By Application [Metering, Protection, Others], By End-user [Utility, Industrial, Residential and Commercial], By Region, Opportunities and Forecast, 2018-2032F

Global current transformers market is projected to witness a CAGR of 6.27% during the forecast period 2025-2032, growing from USD 2.16 billion in 2024 to USD 3.51 billion in 2032. 

Current Transformers Market Size, Share & Growth Insights 2032

Global current transformers market is projected to witness a CAGR of 6.27% during the forecast period 2025-2032, growing from USD 2.16 billion in 2024 to USD 3.51 billion in 2032. The market has experienced significant growth in recent years, driven by rising investment in transmission and distribution infrastructure and the evolving energy landscape. Furthermore, the rising demand for current transformers for metering applications is projected to maintain a strong growth rate in the future. Current transformers offer superior accuracy and safety features, making the device ideal for modern electrical networks. Moreover, the growth in urbanization and industrialization necessitates the enhancement of electrical infrastructure, which elevates the adoption of current transformers. The upcoming trends related to grid modernization create a favorable environment to boost investment in surge protection solutions across various sectors, thereby driving the demand for current transformers in the market.
The development of smart grid technologies and rising investment in upgrading existing electrical systems create massive demand for current transformers in the market. The growing trend towards adopting automation in the industrial sector leads to an accurate current measurement for optimizing operations, thereby driving the demand for current transformers in the market. Moreover, the shift towards renewable energy sources is a critical driver for current transformers in the market due to their wide application in power systems. The integration of renewable energy sources in the grid requires current transformers to manage the complexities associated with existing power grids effectively. In addition, government and utility companies are investing in the transmission and distribution sector of power, which is propelling the demand for current transformers in the market.
For instance, as per the EIA (United States Energy Information Administration) report from November 2024, capital investment in the transmission of electricity increased by USD 2.7 billion (11%) in 2023 from 2022. Maximum spending is done on transmission station equipment (USD 1.0 billion), poles (USD 1.1 billion), and computer software (USD 0.4 billion) which are necessary for operating regional transmission markets. This development highlights the rising investments in the transmission sector, driving the demand for current transformers in the market.
<h2>Increasing Investments in Smart Grid Infrastructure Augment Market Growth</h2>
The utilities sector is looking to modernize the power infrastructure which leads to a rise in investment in smart grid technologies. Smart grids are designed to improve the efficiency and reliability of power transmission and distribution systems. Smart grid technologies enhance the efficiency and reliability of power distribution as the smart grid enables the integration of various sources of energy into a single grid. The smart grid technology allows for an energy transition to renewable sources which requires the introduction of advanced monitoring solutions to be able to address the variability and intermittency attached to different kinds of energy. In addition, modernization of power infrastructure involves incorporating critical components such as current transformers. Inclination towards the adoption of electrical systems and driving the investment in smart grid solutions&nbsp;contribute to the rise in demand for current transformers. In addition, the modernization of power infrastructure involves incorporating critical components such as current transformers, which drive demand in the market.
Furthermore, deploying current transformers in the smart grid system enables real-time monitoring and communication, enhancing the power system's efficiency and resilience. The current transformers enable providers to proactively address potential issues and optimize the operation in the smart girds. Current transformers play a significant role in measuring electricity accurately, enabling utilities and consumers to make informed decisions about their energy usage. The growing adoption of smart meters and advanced metering infrastructure (AMI) has increased the demand for current transformers. As a result, current transformers are becoming essential in enhancing smart grid resilience, further driving their market demand.
For instance, in 2023, global electric companies invested around USD 167.8 billion to make the grid stronger, smarter, cleaner, dynamic, and more secure. In 2022, over USD 30 billion in investments were directed toward adaptation, hardening, and resilience efforts aimed at strengthening the nation&rsquo;s transmission and distribution infrastructure. This development highlights the rising investment in the power infrastructure, which will propel the demand for current transformers.
<h2>Rising Focus on Industrial Automation and Infrastructure Development Creates Market Opportunities</h2>
The push towards automation in industrial sectors is becoming the major factor for the growth of the current transformers in the market. The increasing use of industrial automation, particularly in industries such as oil and gas, mining, and manufacturing, creates opportunities for market growth. Current transformers are used in industrial applications to monitor and control electrical systems, helping to ensure safe and efficient operation. The adoption of smart manufacturing practices drives the demand for advanced monitoring solutions to facilitate the seamless integration of automation technologies thus driving the demand for current transformers in the market.
For instance, according to the International Federation of Robotics (IFR), manufacturing companies in the United States invested heavily in automation, pushing total installations of industrial robots to rise by 12% and reach 44,303 units in 2023. The number one adopter of automation equipment was the car industry, followed by the electrical and electronics sectors. Installation counts in other industries such as metal and machinery (4,123 units, +6%), plastic and chemical products (3,213 units, +5%), and in electrical and electronics industry the installation rose by 37% to 5,120 units in 2023.
Furthermore, global infrastructure projects are expanding rapidly which necessitates the deployment of reliable power distribution systems. Current transformers play a vital role in managing electrical operations within new buildings and supporting efficient energy management solutions that drive demand in commercial applications. Current transformers can manage electrical operations and ensure efficient power distribution and operational safety. Rapid urbanization is leading to extensive infrastructure development, which includes new buildings and rising investment in the utility sector, which fosters the demand for efficient current transformers in the market.
<h2>Indoor Current Transformer to be the Fastest Growing Segment in the Global Market</h2>
The indoor current transformers have a high adoption rate, which makes the segment the fastest growing in the global market. Indoor current transformers are highly accurate and reliable due to which equipment is preferred in high-voltage power transmission and distribution systems. The indoor-type current transformers are crucial for high-precision current measurement and protection in power systems which drive its demand in utilities and industrial sectors. The equipment is becoming an essential component in power plants for measuring and monitoring current levels, which is critical for maintaining the stability and reliability of power generation systems.
The industrial sector including manufacturing, mining, and chemical processing is looking to invest in the equipment which could provide the accurate monitoring and protection of high-voltage equipment which drives the demand for indoor current transformers in the market. Furthermore, the deployment of smart grids and renewable energy projects is further accelerating demand for indoor current transformers in the market.
Asia-Pacific Leads the Current Transformers Market
The Asia-Pacific dominates the current transformers market and has the highest market share. The region comprises developing countries, and most of the countries invest in renewable energy sources and the power distribution sector, which drives the demand for current transformers in the market. The expansion and upgrading of existing power infrastructure to ensure a reliable and uninterrupted power supply significantly contributes to a rise in the demand for current transformers market size. China and India are some of the biggest energy consumers, making the Asia-Pacific region contribute significantly to global consumption. Countries are making investments in modernizing power grids to improve energy efficiency, reduce transmission losses, ensure reliable power supply boost the demand for efficient current transformers in the market.
For instance, in July 2024, the Indian Government decided to increase the capital investment by 14% for eight state-owned power companies in the nation&rsquo;s power sector. This development will help the companies to increase production and operations in different states.
Developing countries in Asia-Pacific are highly focused on the manufacturing sector and electrification of rural areas, which fosters the demand for current transformers in the region. Additionally, the adoption of advanced technologies in current transformer designs makes the equipment highly efficient in integration with sensors, IoT connectivity, and data analytics capabilities, enabling real-time monitoring and predictive maintenance which will drive its demand in the forecast period.
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Future Market Scenario (2025 &ndash; 2032F)
<ul>
<li>Ongoing investments in smart grid projects and the implementation of smart meters and Advanced Metering Infrastructure (AMI) will further propel demand for current transformers.</li>
<li>Governments are focusing on modernizing existing facilities and constructing new power plants and commercial buildings fostering the demand for current transformers in the forecast period.</li>
<li>The adoption of efficient monitoring and control systems in the industrial sector will drive the demand for current transformers in the market.&nbsp;</li>
<li>The industrial sector heavily invests in automation which will drive the demand for current transformers in the market.</li>
</ul>
Report Scope
&ldquo;Current Transformer Market Assessment, Opportunities and Forecast, 2018-2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global current transformers market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Details
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Base Year of the Analysis
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2024
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Historical Period
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2018-2023
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Forecast Period
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2025-2032
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Projected Growth Rate
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CAGR of 6.27% between 2025 and 2032
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Revenue Forecast in 2032
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USD 3.51 billion
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Segments Covered
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Product Type, Application, End-user
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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ABB Ltd., GE Vernova Inc., Siemens AG, Schneider Electric SE, Hitachi Energy Ltd., Amran Inc., Mitsubishi Electric Corporation, Hubbell Incorporated, Neilsen-Kuljian, Inc., Xiamen ZTC Technology Co., Ltd
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report, the&nbsp;global current transformer market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Product Type
<ul>
<li>Indoor Current Transformer
<ul>
<li>Wound Current Transformer</li>
<li>Toroidal Current Transformer</li>
<li>Bar-Type Current Transformer</li>
</ul>
</li>
<li>Outdoor Current Transformer
<ul>
<li>Gas-Insulated</li>
<li>Oil-Filled</li>
</ul>
</li>
<li>Others</li>
</ul>
</li>
<li>By Application
<ul>
<li>Metering</li>
<li>Protection</li>
<li>Others</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Utility</li>
<li>Industrial</li>
<li>Residential and Commercial</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Continuous innovation characterizes the landscape of current transformers globally as the companies compete in terms of energy efficiency, product life, and unique features. The market outlook remains positive, owing to increased demand for integrating renewable energy and automation in the industrial sector. Product launches, agreements, business expansions, collaborations, and developing technologies are projected to increase competition in the fast-paced market.
For instance, in February 2024, Hitachi Energy Ltd. invested around USD 32 million in a manufacturing facility of power transformers in Bad Honnef, Germany. The investment will expand the company's global footprint and capacity at speed, addressing the accelerating demand for transformers in Europe to support clean energy transition in the region. The manufacturing capacity expansion is expected to be completed by 2026.
Key Players Operating in the Global Current Transformer Market are:
<ul>
<li>ABB Ltd.</li>
<li>GE Vernova Inc.</li>
<li>Siemens AG</li>
<li>Schneider Electric SE</li>
<li>Hitachi Energy Ltd.</li>
<li>Amran Inc.</li>
<li>Mitsubishi Electric Corporation</li>
<li>Hubbell Incorporated</li>
<li>Neilsen-Kuljian, Inc.</li>
<li>Xiamen ZTC Technology Co., Ltd</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Current Transformers Market Assessment, Opportunities and Forecast, 2018-2032F

The global current transformer market is expected to experience robust growth due to rising investment in power infrastructure and the growing trend towards automation across various industries such as manufacturing, energy, and utilities.

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