Bar Type Current Transformer Market size is poised to cross USD 2 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of bar type current transformer was USD 600 Million. The reason behind the growth is impelled by the growing demand for energy across the globe. Energy demand is rising regardless of its source in both developed and emerging nations as a result of industrial activity and advancements. For instance, the power demand worldwide is expected to increase by over 65% by 2050 when compared to levels in 2021.
The growing usage of protective relays is believed to fuel the market growth. Bar-type current transformers are used to supply currents protective relaying is employed to avoid problems such as overcurrent, short circuits, or ground faults.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~8% |
|
Base Year Market Size (2023) |
~ USD 600 Million |
|
Forecast Year Market Size (2036) |
~ USD 2 Billion |
|
Regional Scope |
|
Voltage (<33 kV, >33kV to <66 kV, >66 kV)
The <33 kV segment in the bar type current transformer market is estimated to gain a robust revenue share of 91% in the coming years owing to several factors converging within the energy sector. These transformers play an essential role in the transmission and distribution of electrical power, and upgrading of old power infrastructure is another major factor contributing to the rising demand for 33kV bar-type current transformers, which allow utilities to transmit more electricity over longer distances with less losses. Moreover, the need for 33kV bar-type current transformers is being driven by the growing use of renewable energy sources since these sources frequently run at higher voltages.
Cooling (Dry Type, Oil Immersed)
The oil-immersed segment in the bar type current transformer market is set to garner a notable share during forecast period. High transmission line currents are converted by oil-insulated current transformers into standardized, and low values that are utilized for the high-voltage system's metering, protection, and control and are often used to make sure that the measuring equipment's low- and high-voltage electrical insulation is adequate. Current transformers of the bar type are protected against the system's operating voltage, which is sometimes attached to the existing care device and comes in higher insulation levels and is commonly utilized in a variety of settings, including switchgear, power plants, electrical grids, and control rooms.
In addition, dry-type transformers are insulated with solid insulating materials including paper, and resin, which are recommended since they are typically utilized at low voltages.
Our in-depth analysis of the global market includes the following segments:
|
Cooling |
|
|
Voltage |
|
|
Application |
|
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.
Author Credits: Payel Roy, Dhruv Bhatia
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?