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 fiber 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
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 the absence of saturation effects are attributing to drive the magneto optic current transformer market over forthcoming years.
In addition to the above, electrical isolation and low power consumption of magneto optic current transformers 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.
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, it 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 the 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.
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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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