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The global optical current transformer market is anticipated at US$ 145.4 million in 2022. Demand is likely to remain high for optical current transformers during the assessment period. This is due to the increased technological advances and urbanization and garnering US$ 353.0 million in 2033, recording a CAGR of 8.4 % from 2023 to 2033. The market is likely to secure US$ 157.6 million in 2023.
Key Factors Shaping the Demand Outlook of the Optical Current Transformer Industry:
· The dispensable requirement of oil and gas insulation promotes the growth of the optical current transformer market share.
· Demand for optical current transformers sustains due to their lighter weight and smaller size.
· No mechanism of failure with improved safety induces the adoption of the optical current transformer.
· High accuracy for metering over an extensive range of primary currents increases sales of optical current transformers.
· A magneto-optical current transformer is preferred over a fiber optical current transformer owing to its innovative features and benefits regarding regulations expanding the overall optical current transformer market growth.
· The eco-friendliness of the insulation system and reduced magnetic losses secure the growth of optical current transformer market trends.
· The use of single fiber cables as opposed to several copper cables increases the demand for optical current transformers.
Optical Current Transformer Market Revenue Analysis from 2018 to 2022 Vs Market Outlook for 2023 to 2033
The capability to withstand high mechanical loads promises growth for the optical current transformer market size. Demand for optical current transformers increases owing to low power consumption and electrical isolation.
Increasing process automation in the power and energy sector, like management and switching, promotes the sales of optical current transformers. Industrial control systems and various computing devices require the adoption of optical current transformers.
The need for measuring currents across power stations, along with the emergence of substations for current monitoring, further propels the optical current transformer market share. The market growth outcome is due to the need for accuracy in the domain of electric transduction rising the sales of optical current transformers.
The wide-scale induction of transformers in the field of renewable energy production expands the optical current transformer market size. According to Future Market Insights (FMI). In 2023, the demand for optical current transformers is estimated to reach a valuation of US$ 157.6 million.
What are the Key Factors that Drive the Optical Current Transformer Market?
Increasing Investment in Smart Grid Infrastructure to Drive the Market Growth
Increasing usage of high voltage devices across the transmission, distribution station, and power generation drives the sales of the optical current transformers. Industries encouraging the increasing use of computerized control techniques and digital devices surges the adoption of optical current transformers.
The fallibility of conventional transformers in terms of breakage and device damage increases demand for optical current transformers. Providing resistance in high voltage operations bolsters the global optical current transformer market size.
The inefficiency of inductive-type current transformers or porcelain insulators compels the adoption of optical current transformers by power stations and substations. Providing device protection and resistance against electromagnetic interference introduced by the ground loop broadens the optical current transformer market share.
The optical current transformer market share expands owing to its small and lightweight units. High voltage current causing damage to switchyards propels the sales of the optical current transformers.
Electric damage to relays, along with power service disruptions, grows the demand for optical current transformers. The economic aspect and liberty from using heavy machinery, both contribute to the global optical current transformer market size.
Complicated cooling structure and saturation of magnetic field under high currents of conventional transformers escalate the adoption of the optical current transformers.
The potential to accurately measure current at high voltage surges raises the sales of optical current transformers. Demand for optical current transformers increases owing to the possibility of measuring AC & DC.
Simpler insulation structure and wide frequency response further propel the optical current transformer market size. The sales of optical current transformers grow due to reduced risks of fire and explosions.
Compatibility with computer systems and capability to provide output in digital format owing to technological advancements promotes the global optical current transformer market share.
What are the Restraints of the Optical Current Transformer Market?
The Lack of Skilled Labour May Hamper the Market Growth
The bending of optical fiber causes the refractive index to alter; therefore, reducing the response to sensitivity hinders the sales of the optical current transformers.
Hoops in the fiber increase in the influence of temperature obstructs the demand for optical current transformers. The demand for optical current transformers additionally hampers due to the lack of skilled labor.
Adoption of optical current transformer hampers due to long-run stability and accuracy problems. The bad transient performance further impedes the global optical current transformer market size.
The complex process involved in maintaining these specialty reformers further curbs the sales of the optical current transformers. Error and instability caused due to temperature, and stress-induced linear birefringence in the sending material also thwart the adoption of the optical current transformer.
What is the Growth Outlook for the North America Optical Current Transformer Market?
Increasing Grid Modernization Activity in The Region to Boost the Market Growth
North America is following the lead of the optical current transformer with a share of 23.5%. Increasing demand for current transformers in industries and society collectively expands the optical current transformer market growth of this region.
The massive growth in both regions is a result of the applications of electric equipment in developed economies. Increasing investment in grid modernization to enhance the efficiency, reliability, and resilience of power infrastructure.
Optical current transformers are being increasingly deployed to replace traditional current transformers due to their advanced measurement capabilities and compatibility with digital monitoring systems.
Start-up Ecosystem
How is the Start-up Ecosystem in the Optical Current Transformer Market?
Growth opportunities in the optical current transformer market share are increasing due to the advancement in current transformer solutions. The ongoing research and development activities by manufacturers, including rapid investments are increasing the demand.
The wide dynamic range and needless electric components, and the availability of dual types of current transformers propel the sales of the optical current transformers.
Some startup companies that are greatly contributing to the advancement and distribution are EnglishCo LLC, Netico GmBH, Qoitech AB, DeepStream Technologies Ltd., Hangzhou Anmaisheng Intelligent Technology Co. Ltd., etc.
With the help of their leading innovations and growing global factory network, they provide the highest level of quality and reliability to consumers.
What are the Key Developments of the Optical Current Transformer Market?
Some of the key market participants in the optical current transformer market are ARTECH, TRENCH Group, Asea Brown Boveri (ABB) Group Ltd., GE Grid Solution, SIEMENS AG, JSC PROFOTECH, Beijing Daelim Green EP Tech Co., NR Electric Co., T&D, Pfiffner, RITZ INSTRUMENT TRANSFORMERS GMBH, Emek Elektrik Industries, Indian Transformers, Koncar Power Transformers Ltd., DYH (Activ1 Technology Co. Ltd.), Dalian Beifang, Daelim Belefic, KA Factor Group, EnglishCo LLC, Netico GmBH, Qoitech AB, DeepStream Technologies Ltd., Hangzhou Anmaisheng Intelligent Technology Co. Ltd., etc.
They assist in increasing revenues and expanding product offerings in standardized form by introducing Research and Development activities and strategies that encourage expansion, collaboration, and development with other firms.
Some of the recent developments in the optical current transformer market are:
In 2018, Profotech became a resident of the special economic zone ‘Technopolis Moscow’ and set up serial production.
In 2022, ARTECHE participated in the hackathon ‘2022-Weetbe’, innovating in the asset management of the High Voltage Power Grid.
In May 2022, the Hunan 500kV Shuicheng substation was successfully put into operation to realize the remote one key sequence control function.
In December 2020, NR Electric Co. independently developed the complete set of voltage sag control equipment based on the high-speed switch and successfully passed the full set type test of Xi’an High Voltage Apparatus Research Institute, and its performance was fully certified by the authority.
ABB introduced OPTICALCAL, an optical calibration system for optical current transformers. It enables accurate calibration of OCTs, ensuring reliable and precise current measurements. ABB collaborated with Rievtech Electronic Co. to develop a new range of high-voltage optical current transformers for the Chinese market. The collaboration aims to leverage ABB's expertise in OCT tech
These insights are based on a report on
optical current transformer market
by Future Market Insights
Source: Email/GFMM
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