Current transformer market is anticipated to experience robust development due to the growing dependence on renewable sources of energy to combat grave climate issues. The consumption of renewable energy sources has soared in recent years as they can help the power generation industry accelerate its decarbonization efforts.
More countries are realizing the importance of transitioning to sustainable sources of power and are taking important steps in this regard. For example, in January 2022, the U.S. government’s Department of the Interior announced plans to conduct one of the largest offshore wind lease sales, which is expected to produce 7 gigawatts (GW) of clean energy. The electricity will be used to power around 2 million households across the country, thereby bolstering the installation of current transformers.
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According to Global Market Insights Inc., global current transformer market revenue may surpass USD 3 billion by 2030. The following is a detailed discussion on the prominent trends favoring the product adoption:
Dry-type transformers may be ideal for harsh conditions:
Dry-type current transformers are gaining significant traction among commercial and residential end-users as they deliver superior performance in harsh conditions. These transformers do not use any insulating liquid and can be useful in high moisture areas.
Different variants are available to suit a client’s unique electricity needs. For instance, cast resin dry type transformers have low partial discharge and energy loss, thereby making them quite efficient in their operation. They are safe to use as they come with a non-inflammable winding insulation.
Recent product launches have given customers a wider range of products to choose from to meet their energy requirements. For example, German energy company Siemens Energy launched a cutting-edge pole-mounted dry-type transformer in the American market in April 2022. Named CAREPOLE, the single-phase cast-resin transformer is designed to handle high overloads and can offer a smooth supply of electricity in extreme climatic conditions.
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Need for uninterrupted power supply in manufacturing sector:
The manufacturing sector is expanding at a strong rate due to factors, such as growing network of industries and surge in average disposable incomes. This industry is a heavy consumer of electricity. According to the U.S. Energy Information Administration (EIA), in 2021, factories were responsible for 35% of the total electricity consumption in the country. It necessitates an uninterrupted supply of power to ensure the smooth flow of various production processes.
Current transformers can help manufacturers overcome several challenges associated with an unstable electricity supply. These glitches include instability in voltage supply and frequent machine breakdowns due to persistent voltage fluctuations. They are also capable of carrying high voltage power that can help companies operate specialized machines.
Current transformers may witness robust demand in Asia Pacific countries:
Rapid urbanization is one of the major factors that has contributed to the vigorous need for a consistent power supply. It has prompted governments to increase their spending on upgrading the aging electric grids. Organizations are also signing partnership and acquisition agreements to encourage the usage of renewable energy across small and large-scale industries. The scenario will also favor the deployment of current transformers.
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For example, Japanese company Chubu Electric Power Co. Inc. declared plans to spend up to USD 39 million to purchase a 20% stake in OMC Power Private Ltd., an Indian rural renewable energy service organization. The deal will help OMC Power in expanding its network of green power plants to 5,000 by 2030.
Current transformer industry value will increase at a steady rate as several countries and sectors are moving away from fossil-fueled energy sources. It will not only help them reduce their carbon emissions, but also improve their operational efficiency. Governments are introducing strict norms to normalize the consumption of green energy in day-to-day activities, further enhancing the product installation.
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