Technavio has published a market study covering the present scenario and growth prospects of the global current transformers market in the forecast period 2017-2021.
According to Technavio’s analyst, the global current transformer market is anticipated to grow at a steady rate and will post a CAGR of close to 8% during the forecast period.
The modernization of existing transformers will drive the growth prospects for the current transformer market until the end of 2021. The introduction of smart grid systems will further drive the market’s growth because transformers form an integral part of the smart grid network. Also, the introduction of auxiliary current transformers will drive the growth prospects for the market in the next four years.
The report also lists switchgears and power transformers as the two major application segments.
The companies identified as the leading players in the global current transformer market are ABB, CG, General Electric, Instrument Transformers, and Schneider Electric.