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NEW YORK , Oct. 24, 2022 /PRNewswire/ -- The current transformer market is growing at a CAGR of 4.75% and is expected to register an incremental growth of USD 219.65 million from 2021 to 2026. The report has analyzed the market size, growth, and provides accurate predictions on the growth of the market.
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The current transformer market is expected to witness substantial growth during the forecast period, primarily due to the enhanced accuracy of current transformers at extremely low voltage levels. Several vendors offer accurate revenue metering technology, which are incorporated with outdoor slip-over designs. New current transformer designs provide end-users with access to several metering points for improved accuracy in measurements, which helps ensure optimal performance of the grid. Thus, the rise in the demand for accuracy and enhancements in current transformers will lead to innovation in the market during the forecast period.
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The current transformer market is fragmented, with a wide number of international and regional vendors. Vendors are deploying growth strategies such as design, quality, turnaround time, product features, services, and maintenance of customer relationships to compete in the market. Most vendors lack product differentiation, which has compelled them to competitively price their products and services. Prominent vendors have high capital expenditures. However, new entrants would find it difficult to compete with international vendors.
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The current transformer market is segmented by application into switchgear and power transformers. The switchgear segment is expected to be the largest segment of the global current transformer market during the forecast period. The segment is driven by an increase in investments in renewable energy projects worldwide.
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The global current transformer market is analyzed across five regions, namely APAC, Europe , North America , South America , and the Middle East and Africa . APAC is the dominating region and is expected to account for 50% of the global market share over the forecast period. Rapid urbanization and improved living standards have increased electricity consumption in the region, which, in turn, will drive the current transformer market's growth in APAC over the forecast period.
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Market Player Information
Direct Current Power System Market by End-user, Type, and Geography - Forecast and Analysis 2021-2025: Increasing urbanization and changing consumer lifestyles are driving market growth. There has been a considerable shift in the lifestyles of consumers in the past two decades. The shift is higher in emerging economies.
High Voltage Direct Current (HVDC) Transmission Systems Market in UK by Type and Component - Forecast and Analysis 2022-2026: The optimal solution for long-distance transmission power is driving the market growth. The rising demand for power for commercial, industrial, and household activities has increased the need to develop a diverse energy generation portfolio. High voltage transmission systems refer to all the major equipment used to carry out the entire task of electric power transmission.
Accelerate at a CAGR of 4.75%
APAC, North America, Europe, the Middle East and Africa, and South America
US, Canada, China, India, and Germany
Leading companies, competitive strategies, consumer engagement scope
ABB Ltd., CGS Instrument Transformers, FRER Srl V.le, Hammond Manufacturing Co. Ltd., Huayi Group. Co. Ltd., Hyosung Corp., IMA Spa, Littelfuse Inc., Megacon Group, Murugappa Group, PREMO SL, Schneider Electric SE, Siemens AG, SOCOMEC Group, Sumitomo Electric Industries Ltd., General Electric Co, Trench Ltd., VACUUMSCHMELZE GmbH & Co. KG, and Fanox Electronic SL
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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