Europe is currently dominating the global optical current transformer market with a share of 34.7%, North America is following the lead of the optical current transformer with a share of 23%
NEWARK, Del., July 21, 2022 /PRNewswire/ — The global optical current transformer market is anticipated to reach a valuation of US$322.7 Mn by 2032, scaling up from a value of US$145.4 Mn in 2022. It is expected to exhibit a robust CAGR of 8.3% during the forecast period of 2022-2032. Lightweight and small size of optical current transformer coupled with dispensable requirement of oil and gas insulation will fuel the market growth over the forecast period.
High accuracy for transformer metering over an extensive range of current, improved safety features, reduced magnetic losses, and eco-friendly properties of optical current promotes its overall market growth. Resistance during high voltage operations, device protection and resistance against electromagnetic interference introduced by the ground loop properties of optical current transformer propels the market growth.
The optical current transformer market is propelled to grow and expand due to its lower power consumption and electrical isolation properties. Optical current transformer enables process automation in the power and energy sector which coupled with adoption of optical current transformer in industrial control systems and various computing devices increases the demand for optical current transformer.
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Furthermore, inefficiency of inductive type current transformer or porcelain insulators and the fallibility of conventional transformers in terms of breakage and device damage increases the demand for optical current transformer. The use of single fiber cable, small size and lightweight units bodes well for the global optical current transformer market.
“Rising adoption of high voltage devices across the transmission, distribution station, and power generations will augment the growth of optical current transformer market over the forecast period,” says an FMI analyst.
- Magneto optical current transformer is expected to dominate the market over the forecast period.
- Demand in the power and energy sectors will continue gaining traction over the assessment period.
- North America will account for 23% of market share over the forecast period
- Asia Pacific is predicted to exhibit substantial growth during the assessment period.
- Large-scale induction of transformers in renewable energy production will propel market through 2032.
ARTECHE, TRENCH Group, Asea Brown Boveri (ABB) Group Ltd., GE Grid Solution, SIEMENS AG, JSC PROFOTECH, Beijing Daelim Green EP Tech Co., NR Electric Co., T&D, Pfiffner, RITZ INSTRUMENT TRANSFORMERS GMBH, Emek Elektrik Endustrisi , Indian Transformers, Koncar…