Magnetic Optical Current Transformer Market Revenue Share, Business Insights, Forecast By 2032
Research Reports
Sep 13, 2023
Magnetic Optical Current Transformer Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), Magnetic Optical Current Transformer Market Information by Type, Material Type, Application, Sales Channel, and Region – Forecast till 2032, The Magnetic Optical Current Transformer market can rise from USD 211.6 Billion in 2023 to USD 397.5 Billion by 2032, at a rate of 8.20% from 2023 to 2032.
A magneto-optic current transformer rotates polarized light’s direction by harnessing the power of a magnetic field. The rotation angle depends on the magnitude of the magnetic field. The electric current is therefore detected by the magneto-optical current transformer using the Faraday effect. Inductive-type transformers with cores and windings are used at substations and power plants to detect electric current.
Magneto-optic current transformers are used in a larger variety of power plant and measurement applications because of their high voltage tolerance and lack of saturation state. Because conventional transformers have drawbacks such magnetic field saturation under high currents, electromagnetic interference, and challenging insulation, the market for improved magnetic optical current transformers is growing.
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Market Competitive Landscape:
- ABB
- PROFOTECH
- TRENCH Group
- ARTECHE
- NR Electric Co.
- T&D
Market Drivers:
A rise in the usage of computer-controlled and digital equipment, as well as an increase in the use of high-voltage equipment throughout power production, transmission, and distribution facilities, are some of the factors driving the expansion of the magnetic optical current transformer market. For high-power applications, inductive-type current transformers are utilized in power stations and substations, porcelain insulators, and other locations where traditional transformers are less reliable in terms of device breakage and damage. Magneto-optical current transformers are used to provide resistance in high voltage operations.
Switchyard damage, electric damage to relays, and power service outages have all frequently resulted from the use of standard transformers under high voltage current. Magnetic optical current transformers are preferred for use in digital devices and computerized control systems because of their high saturation level, which solves this problem. The advantages of high voltage current resistance have consequently had an impact on the power generation business where it is used. Magnetic optical current transformers are employed to protect the electronics against electromagnetic interference caused by the ground loop.
Both individual lives and the community at large were severely weakened by the 2019 coronavirus (COVID-19). It rapidly spread to several countries and regions. It started off as a health issue for people, but over time it turned into a serious threat to global trade, the economy, and the financial system. Lockdowns brought on by the COVID-19 outbreak caused the manufacturing of several products in the magnetic optical current transformer industry to be put on hold. The COVID-19 vaccine’s release to the market is also expected to result in fewer disease instances in the future. Because of this, businesses that produce magnetic optical current transformers have reopened at full strength. Consequently, the market has made a comeback.
Market Restraints:
An optical fiber’s refractive index may fluctuate due to the hoops in the fiber, which may also reduce response sensitivity and increase the influence of temperature. As a result, the market for magnetic optical current transformers is significantly hampered. The development in process automation in the power and energy sector, including management, switching, industrial control systems, and various computing devices, on the other hand, will lead to a more promising future for the market for magnetic optical current transformers.
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Market Segmentation
The Magnetic Optical Current Transformer types include spreader bar, and conventional.
The Magnetic Optical Current Transformer Market, in terms of material type, covers cotton type, fiber type, and non-fiber type.
Transformers, electronic measuring tools, networking tools, power systems and instrumentation, transmission line-bus, electrical high voltage (EHV) substations, polypropylene, and others are the main applications.
The major sales channels in the Magnetic Optical Current Transformer industry are offline as well as online channels.
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Regional Insights
Since 2022 (45.80%), the North American market has remained at the forefront. The adoption of innovative technology like MOCTs may be impacted by the growing need to repair North America’s deteriorating power supply. MOCTs are a preferred substitute for traditional current transformers for utilities wishing to improve their grid systems because they are more accurate, dependable, and low-maintenance. In addition, while the U.S. market currently rules the region, the Canadian industry has the fastest CAGR potential in the near future.
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