LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global current transformers market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global current transformers market for 2017-2021. The report also lists switchgears and power transformers as the two major application segments, of which the switchgear segment accounted for more than 57% of the market share in 2016.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global current transformers market:
- Enhanced accuracy of current transformers at extremely low current levels
- Increased demand for electricity from emerging countries
- Modernization of existing transformers
Enhanced accuracy of current transformers at extremely low current levels
Independent power producers (IPPs) are causing changes in the overall power flow. This, when coupled with the rising need for precise measurement even at low current levels, has generated the demand for newly designed current transformers to cater to the needs of end-users.
Current transformer designers and manufacturers have been able to achieve accuracy levels that are efficient enough to perform in extremely low current situations, regardless of factors like the availability of wind turbines or the required wind speed. This helps the wind farms to generate higher revenue even when low levels of power are generated. Also, modern current transformers can be conveniently interfaced with the existing on-field equipment.
Increased demand for electricity from emerging countries
APAC is one of the regions that is undergoing far-reaching changes in many ways. Countries including China, Thailand, Philippines, Vietnam, India, Japan, and Australia, are witnessing the extensive growth of their economies along with industrial development and commercialization. Therefore, demand for power in these countries is also increasing.
“Industrial development has a direct impact on urbanization, which, in turn, boosts construction activities in the residential and commercial sector. India has one of the fastest rates of urban development worldwide due to rapid population growth and rising disposable incomes,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
Apart from industrialization and rapid urbanization, the manufacturing sector in these regions is exhibiting considerable potential for growth. Thus, these countries will become a hub for major manufacturing
Modernization of existing transformers
The increase in installation activities regarding new transformers and the replacement of old transformers with new ones is a factor that is impacting the growth of the global current transformer market.
Many transmission and distribution (T&D) infrastructure globally need renovation, mainly because existing networks are unable to meet the growth in demand for power. Not only is there a need to replace the old systems with new ones, but the market also perceives a need to expand the existing infrastructure.
“For example, Malaysia has been working on expanding and renovating its T&D network at the cost of billions of dollars. Therefore, the rise in the installation of new transformers is powering significant growth in the global current transformer market”, says Gaurav.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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