The global optical current transformers market size is likely to be valued at USD 157.6 million in 2023. The increasing demand for cleaner and sustainable energy sources is driving market growth. The market is estimated to garner USD 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.
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 USD 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.
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.
Current Transformer Market Segmentation:
By Type:
- Magnetic
- Fiber
By Application:
- Electrical High Voltage Substation
- Network Applications
- Power System & Instrumentation
- Modern Electronic Meter Transformer
- Transmission Line
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
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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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