The global optical current transformer market is forecasted to be valued at US$ 322.7 Million by 2032, up from US$ 145.4 Million in 2022, advancing at a CAGR of 8.3% during the forecast period. The dispensable requirement of oil and gas insulation promotes the growth of the optical current transformer market share.
Demand for optical current transformers sustains due to their lighter weight and smaller size. No mechanism of failure with improved safety induces the adoption of the optical current transformer. High accuracy for metering over an extensive range of primary currents increases sales of optical current transformer.
Magneto optical current transformer is preferred over fiber optical current transformer owing to its innovative features and benefits regarding regulations expands the overall optical current transformer market growth.
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The optical current transformer market share is expanded by providing device protection and resistance to electromagnetic interference introduced by the ground loop. Because of its small size and low cost, the optical current transformer market share is growing.
Competitive Landscape
Some of the key market participants in the optical current transformer market are 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., Hangzhou Anmaisheng Intelligent Technology Co. Ltd., etc.
They assist in increasing revenues and expand product offerings in standardised form by introducing R&D activities and strategies that encourage expansion, collaboration, and development with other firms.
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Some of the recent developments in the optical current transformer market are:
- In 2018, Profotech became a resident of the special economic zone ‘Technopolis Moscow’ and set up serial production.
- In 2022, ARTECHE participated in the hackathon ‘2022-Weetbe’, innovating in the asset management of the High Voltage Power Grid.
- In May 2022, Hunan 500kV Shuicheng substation was successfully put into operation to realize the remote “one key sequence control” function.
- In December 2020, NR Electric Co. independently developed the complete set of voltage sag control equipment based on high-speed switch, and successfully passed the full set type test of Xi’an High Voltage Apparatus Research Institute and its performance was fully certified by authority.
The increasing use of high voltage devices in transmission, distribution, and power generation drives optical current transformer sales.
The use of optical current transformers is increasing as industries encourage the increased use of computerised control techniques and digital devices. The brittleness and device damage of conventional transformers increases demand for optical current transformers.
The provision of resistance in high voltage operations increases the size of the global optical current transformer market. The inefficiency of inductive type current transformers or porcelain insulators forces power stations and substations to use optical current transformers.
Key Segments
By Type:
- Magnetic Optical Current Transformer
- Fiber Optical Current Transformer
By Application:
- Electrical High Voltage Substation
- Network Applications
- Power System & Instrumentation
- Modern Electronic Meter Transformer
- Transmission Line
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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