With the growing industrial development and commercialization in the developing countries, which is the primary driving force to the Current Transformer Market as the demand for electricity power in Asia Pacific countries is increasing. The increasing industrialization has a direct effect on the residential sectors and commercial sectors, which, in turn, provides lucrative growth opportunities for current transformers in the developing countries. With a high concern with up gradation of old transformers with new transformers has increased demand for current transformers in the global market. Current transformer manufacturers have been able to achieve high accuracy levels that are efficient to perform in low current regardless of the factors, such as wind power generation with optimum wind speed. This factors holds strong grip in the wind farms to generate high revenue even when low levels of power is generated. With limited number of sales channel and weak distribution channels may hinder global current transformer market.
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Global market of current transformer is anticipated to have lucrative growth opportunities with a higher digit CAGR in the forecast period. The current transformer is an instrument transformer which has constant current supply that caters to alternating current through its secondary windings that is relative to the primary current. Current transformers cuts down high voltage current to safe level and caters a convenient way of supervising AC flow of current using an ammeter. With the increasing demand for new transformers across the globe, the market for current transformer is experiencing high demand. Current transformers have added an advantage of grid monitoring, coupled with diagnostic solutions, is gaining massive uplift because of the growing demand for electrification around the globe.
Increased demand for electricity in developing countries and enhanced accuracy of current transformers to drive global current transformer market
Global Current Transformer Market: Segmentation
Global current transformer market is segmented by product type, end-use application and by region. By product type current transformer market is segmented as wound current transformer, toroidal current transformers and bar type current transformers. By end-use application, global current transformer market is segmented as commercial sector, industrial sector, residential sector and others. By region, global current transformer market is segmented by North America, Latin America, Europe, CIS and Russia, APEJ, Japan and MEA.
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Asia Pacific, largest market for current transformers
Asia Pacific region is predicted to be the largest market and current transformers accounts for a maximum share for global current transformer market due to the growing demand for electricity coupled with increasing grid projects, industrial and residential activities along with high investments in countries like India, China and Indonesia. In developing countries, replacement of transformers is also one of the factors boosting the growth of the current transformer market in North America and also accounts for current transformer market share in terms of the manufacturing sector. Apart from APEJ and North America, Europe is also anticipated to showcase growth in the upcoming years in the current transformer market.
Prominent Players for Global Current Transformer Market
Prominent players of the global current transformer market are ABB, General Electric, Schneider Electric, CG, Instrument Transformers Inc, Amran, ARTECHE, CHINA XD, Continental Control Systems, CGS Instrument Transformers, Huayi Electric Apparatus, Hammond Manufacturing, ITEC, KON?AR - ELECTRICAL INDUSTRY, Jiangsu Sieyuan Hertz Instrument Transformer, Meramec Instrument Transformer, Nissin Electric, PFIFFNER Instrument Transformers, RITZ, TBEA, TRENCH, Yokogawa Meters & Instruments, Zelisko, and other prominent players. Besides, key market players are focusing to target developing countries to supply the current transformer that will help to capture significant revenue share in the global current transformer market.
Competitive Analysis for Current Transformer Market
The global market for current transformer is fragmented in nature with the presence of many large & small market players. The competition among the existing market players is very high. Therefore, to survive & succeed in such a competitive environment, manufacturers must distinguish their product offerings through innovative & unique products. This competitive environment also leads to a cut in the prices of their product to retain their market position, which can also negatively affect the profit margin of the manufacturers.
The research report presents a comprehensive assessment of the Current Transformer Market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
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