Explosive Growth Forecasted for Magneto Optic Current Transformer Market: CAGR of 9.3% Expected from 2022 to 2032 | FMI

The magneto optic current transformer market, which is presently valued at US$ 232.4 in million 2022 and is expected to reach US$ 563.6 million in 2032, increasing at a CAGR of 9.3%.

Increased need for power across all industries, rapid improvements in electrical and electronic technologies, and a variety of other reasons have all contributed to the magneto optical current transformer market’s rise.

A magneto optic current transformer calculates and converts the rotation angle of a magnetic field into proportional electric energy. The majority of the gadget is made up of a sensor head, a signal processing unit, and fibre optic connections.

Due to its high voltage tolerance and lack of a saturation state, it is incredibly helpful and a crucial component in almost every electronic device.

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Magneto Optic Current Transformer Market: Drivers and Restraints 

With increasing drawbacks of conventional current transformers such as saturation of magnetic field under high current, electromagnetic interference and complicated insulation and cooling structures are driving the demand for advanced electrical equipment, for instance, magneto optic current transformer market over the forecast period.

Further various intrinsic properties of the magneto optic current transformer such as immunity against electromagnetic interferences (EMI), the possibility of measuring AC & DC, and absence of saturation effects are attributing to drive the magneto optic current transformer market over forthcoming years.

In addition to above, electrical isolation and low power consumption of magneto optic current transformer are the other drivers of the market, which are enabling new lucrative opportunities for investors to invest in the respective industry.

Who are Some of the Important Players in the Magneto Optic Current Transformer Market?

The magneto optic current transformer market size is anticipated to increase in the future. Some of the key players are:

  • NR Electric Co.,
  • ARTECHE, T&D,
  • Trench Group,
  • Profotech, and
  • Asea Brown Boveri (ABB) ltd.
  • Hunan’s first 500 kV substation with remote one key sequence control was successfully put into operation. NR Electric Co. commissioned the whole system, which was highly praised by the users.
  • Profotech and Elektrozavod have entered into a scientific and technological cooperation, which is based on execution of complex projects on buildings, reconstruction of power facilities, and development and testing of new products based on joint R&D.

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Global Magneto Optic Current Transformer Market: Regional Trend 

Owing to massive growth in the applications of electric equipment in developed economies such as North America and Europe are anticipated to drive the market in developed countries. Further increasing worldwide electrical distribution/consumption are spurring the market growth in forthcoming years.

Asia Pacific is emerging a fastest growing segment of magneto optic current transformer market owing to rapid advancement in electrical components and increasing industrial utility are anticipated to drive the market in recent years.

Key Segments Profiled in the Magneto Optic Current Transformer Market Survey

By Type:

  • Fiber Type
  • Non-Fiber Type

By Application:

  • Transformer
  • Electronic Measurement Devices
  • Network Devices
  • Power System & Instrumentation
  • Transmission-Line Bus
  • Electrical High Voltage Substations

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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