Current Transformer Market

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Current Transformer Market is expected to be USD
3 Billion by 2030
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Industry Overview

• 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. governments
  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.
• 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

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• 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
  clients 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.
• The manufacturing sector is expanding at a strong
  rate due to factors, such as growing network of
  industries and surge in average disposable
  incomes.

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Current Transformer Market

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