The global optical current transformers market size is likely to be valued at US$ 157.6 million in 2023. The increasing demand for cleaner and sustainable energy sources is driving market growth. The market is estimated to garner US$ 353 million in 2033, recording a CAGR of 8.4% from 2023 to 2033
The increasing deployment of renewable energy sources, such as solar and wind power, requires reliable current measurement in power generation systems. Optical current transformers provide accurate current measurement capabilities without the need for invasive wiring or potential safety hazards, making them well-suited for integration into renewable energy infrastructure.
Increasing grid modernization in countries and upgradation of power infrastructure to improve efficiency, reliability, and safety. Optical current transformers play a vital role in modernizing power grids by offering advanced measurement capabilities, compatibility with digital monitoring systems, and reduced maintenance requirements.
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The growing global demand for electricity drives the need for accurate current measurement in power generation, transmission, and distribution systems. Optical current transformers help meet this demand by offering reliable current measurement solutions that can handle high currents without sacrificing accuracy
Increasing technological advancements in optical and sensing technologies are fueling the development of more advanced and cost-effective optical current transformers. These technological advancements drive market growth by improving the performance, reliability, and affordability of OCTs, making them more accessible to a wider range of applications.
Key Takeaways from the Market Study
- From 2018 to 2022, the optical current transformers market demand expanded at a CAGR of 7.6%
- Based on type, the magnetic segment accounts for a CAGR of 8.3%
- By application, the power system & infrastructure segment is expected to expand at a CAGR of 8.2% during the forecast period
- North America to emerge as a promising optical current transformers market, capturing a CAGR of 8.2%
- The optical current transformers industry in the United Kingdom is predicted to reach US$ 213.4 million by 2033
- South Asia and the Pacific to be an opportunistic optical current transformers market, expected to capture a CAGR of 8.1% during the forecast period.
Competitive Landscape
The global optical current transformers market is fragmented with the presence of several large and medium-scale players. The leading players in the optical current transformers market are investing in strategic agreements in order to capture market share.
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Prominent players in the optical current transformers market are:
- Siemens Energy
- Arteche
- General Electric
- Profotech JSC
- CONDIS Group
- Zhejiang Great Electrical Co., Ltd
- Sieyuan Electric Co., Ltd.
- Yangtze Optical Electronic Co., Ltd.
- ABB
- Comcore Technologies
- Hitachi Energy Ltd.
Recent Developments
GE Grid Solutions launched the Green Gas for Grid (g³) 420 kV gas-insulated switchgear (GIS) equipped with an optical current transformer. This technology enables accurate current measurement and contributes to reducing the carbon footprint of high-voltage substations.GE Grid Solutions announced the acquisition of Power Quality Engineering, a leading provider of custom-engineered optical current transformers. This acquisition strengthens GE’s portfolio of high-accuracy OCT solutions.
Siemens developed the Sensor Intelligence Unit (SIU) for its OCTs. The SIU integrates advanced analytics capabilities to enhance the monitoring and diagnostics of power grids, enabling proactive maintenance and optimizing grid performance. Siemens partnered with PJM Interconnection, a regional transmission organization in the United States, to deploy Siemens’ OCT technology for dynamic line ratings. The collaboration aims to enable more efficient utilization of transmission lines through real-time current measurements.
