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 metering over an extensive range of current, improved safety features, reduced magnetic losses, and eco-friendly properties of optical current transformer 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.
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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 Power Transformers Ltd., DYH (Activ1 Technology Co. Ltd.), Dalian Beifang, Daelim Belefic, KA Factor Group, EnglishCo LLC, Netico GmBH, Qoitech AB, DeepStream Technologies Ltd., and Hangzhou Anmaisheng Intelligent Technology Co. Ltd., among others are the some of the manufacturers of optical current transformers profiled in the full version of the report.
Key players in the global optical current transformer market are expanding their product portfolios by accelerating their R&D activities. These market players are also employing strategic collaborations and partnerships that encourage expansion and development..
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More Insights into the Optical Current Transformer Market Report
In its latest report, FMI offers an unbiased analysis of the global optical current transformer market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type, application, and region.
Optical Current Transformer Market Regional Analysis
According to the latest FMI reports, North America optical current transformers market is set to account for 23% of the global market share. This makes North America the leading region in terms of market growth. This is due to the elevated demand for current transformers in industries as well as households. High demand of transformers in both industrial and household sector is owing to the extensive use of electrical equipment seen in developed nations.
The Asia Pacific is predicted to reflect significant growth during the forecast period. It is following closely after North America in terms of market growth. Rising number of power stations and high demand for commercial power; growing industrial utility of transformers, and increasing electrical consumption propel the regional market towards growth.
Optical Current Transformer Market Segmentation Analysis
Owing to innovative features and regulation benefits that come with the usage of magneto optical current transformer, this transformer is much preferred over the fiber optical current transformer. Thus the magneto optical current transformer contributes towards the global optical current transformer market growth.