Bar Type Current Transformer Market Size & Share, by Cooling (Dry Type, Oil Immersed); Voltage (<33 kV, >33kV to <66 kV, >66 kV); Application (Power Distribution, Manufacturing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5799
  • Published Date: Mar 04, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 -2036

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.


Bar Type Current Transformer Market
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Bar Type Current Transformer Sector: Growth Drivers and Challenges

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

Bar Type Current Transformer Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Bar Type Current Transformer Segmentation

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

  • Dry Type
  •  Oil Immersed

          Voltage

  • <33 kV
  •  >33kV to <66 kV
  • >66 kV

          Application

  • Power Distribution
  •  Manufacturing

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Bar Type Current Transformer Industry - Regional Synopsis

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.

Research Nester
Bar Type Current Transformer Market size
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Companies Dominating the Bar Type Current Transformer Landscape

top-features-companies
    • Schneider Electric
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ABB Ltd.
    • GE Grid Solutions
    • Eaton Corporation
    • ARW Transformers Limited
    • NTT DATA Group Corporation
    •  General Electric Company

In-the-news

In The News

  • Schneider Electric the leader in the digital transformation of energy management and automation announced the introduction of EcoStruxure Transformer Expert service to fulfill regulatory standards and contribute to the longevity of oil transformers, and enable organizations to closely monitor the condition and health of their transformers in real-time to maximize uptime without incurring needless costs.

 

  • Eaton Corporation announced the acquisition of a manufacturer of power distribution and sub-transmission transformers in China, Jiangsu Ryan Electrical Co. Ltd. to expedite the global switch to renewable energy, assist in the resolution of the most pressing power management issues, and act in the best interests of our stakeholders and society.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5799
  • Published Date: Mar 04, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand for energy across the globe and the growing usage of protective relays are the major factors driving the growth of the market.

The market size of bar type current transformers is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2024 - 2036.

The major players in the market are ABB Ltd., GE Grid Solutions, Eaton Corporation, ARW Transformers Limited, Mitsubishi Electric Corporation, NTT DATA Group Corporation, General Electric Company, and others.

The <33 kV segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Bar Type Current Transformer Market Report Scope
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