In 2032, the market for magneto optic current transformers, which is currently valued at US$ 232.4 million, is anticipated to reach US$ 563.6 million, growing at a CAGR of 9.3%.
Increased demand for electricity across all sectors, quick advances in electrical and electronic technology, and a number of other factors have all contributed to the growth of the magneto optical current transformer market.
The rotation angle of a magnetic field is calculated and converted into proportional electric energy by a magneto optic current transformer. A sensor head, a signal processing unit, and fibre optic cables make up the majority of the device.
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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