Optical Current Transformer Market to reach USD 60.07 Mn by 2029, growing at a CAGR of 8.2 percent and forecast (2023

Pune, May 31, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the " Optical Current Transformer Market ". The total global market size for the "Optical Current Transformer Market" was valued at USD 33.14 Mn in 2022 and is expected to grow at a CAGR of 8.2 percent over the forecast period to reach USD 60.07 Mn by 2029.

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Optical Current Transformer Market Report Scope and Research Methodology

The report on Optical Current Transformer Market provides a thorough analysis including the CAGR of the market, market size, value, volume, revenue, sales, and other major factors related to the Market. The report presents comprehensive information on the sections’ revenue and size for the forecast period and provides a clear decision-making point of view to the investor or stakeholders and businessmen. The global Optical Current Transformer Market is segmented on the basis of various segments and their geographic regions. SWOT analysis was used to analyze the strength and weaknesses of the industry and the bottom-up approach is used for the estimation of market size. The report included an in-depth analysis of the Optical Current Transformer industry including company profile, share revenue , business strategies, current development, major market strategies, and other related details given.

Optical Current Transformer Market Overview

An Optical Current Transformer is used to measure electric current, which offers various advantages and measurement solutions. The increasing demand for electricity across the world and the rising need for accurate, reliable, and fast measurement devices in power generation systems is a key driving factor for the Optical Current Transformer Market growth.

Growth of Smart Grid Infrastructure and Huge Investment in Development to Drive the Market

The increase in concern toward renewable energy sources such as wind and solar energy power is propelling the Optical Current Transformer Market growth. Government initiatives and key player investment are crucial factors for market growth development. Manufacturers are continuously improving energy efficiency sources, which is expected to influence the adoption of Optical Current Transformers for several applications. Market growth trends such as increasing investment for smart grid infrastructure development due to rapid urbanization and modernization as well as advanced technologies adoption in sensors, communication devices, and automation . The deployment of solar and wind power renewable energy sources, advanced monitoring and control technologies, and OTCs is expected to boost the market growth potential. However, more accurate measurement devices and the growing popularity of magnetic optical current transformers are expected to create lucrative opportunities for Optical Current Transformer Market growth during the forecast period.

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Europe dominated the market share in 2022 and is expected to grow at a significant CAGR during the forecast period

The regional Optical Current Transformer Market growth is driven by the growth of transformer industries and households due to the increasing need and demand for current transformers in such industries. The Government regulation for reducing CO2 gas emission and robust technology is expected to boost the market growth. Also, in North America, the market is expected to grow at a significant CAGR over the forecast period. This is due to the increasing use of electric equipment and smart grid transformation for power generation as well as the growing number of power stations in the region are influencing factors for the Optical Current Transformer Market growth.

Optical Current Transformer Market Segmentation

By Product:

• Magnetic Optical Current Transformer • Fiber Optical Current Transformer

Based on the product, the Magnetic Optical Current Transformer segment to dominate the market over the forecast period

The Magnetic Optical Current Transformer segment accounted for the largest Optical Current Transformer Market share in 2022. The magnetic optical transformer measures the electric current accurately and has a high tolerance and less saturation state. It provides resistance against electromagnetic interference and protects the devices. Also, it has no risk of explosion and fire as a result of magnetic optical current transformer segment growth driven in the Optical Current Transformer Market.

By Design Type: • Electronics Part o Analog Model o Digital Model • Optical

By Type:

• Faraday Effect • Interferometric principle • Bragg Grating • Micromechanical Sensors with Optical readout

Based on the types, the Faraday Effect segment to dominate the market during the forecast period

In 2022, the Faraday Effect segment held the largest Optical Current Transformer Market share and is expected to maintain its dominance over the forecast period. The segment growth is driven by the increasing use of Faraday Effect for the construction of optical isolators in telecom systems, which provides accurate current measurement. This is the main influencing key driver for the Optical Current Transformer Market growth during the forecast period.

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By Current Type • Alternating Current(AC) • Direct Current ((DC)

By Voltage range • Up to 36 kV • 36 kV to 200 kV • 200 KV to 400 kV • Above 400 kV

By Current Range • Up to 2500A • 2500A to 3500A • 3500A to 4500A • Above 4500A

By Detection Method • Polari metric Detection • Interferometry Detection

By Functionality • Metering • Fault Monitoring • Equipment Diagnostic • Others

By Application

• Power Transmission Line • Electric Power System • Digital Substations • Others

By End-Use • Power and Distribution • Industrial • Commercial • Railway and Metro • Others

Optical Current Transformer Key Players include:

• ARTECHE • TRENCH Group • ABB Group • GE Grid Solution • JSC PROFOTECH • Beijing Daelim Green EP Tech Co. • NR Electric Co • Hitachi energy ltd • sieyuan electric co. ltd • ka factor group • NR Electric Co., • Koncar Power Transformers Ltd., • RITZ INSTRUMENT TRANSFORMERS GMBH • Koncar Power Transformers Ltd.

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Key questions answered in the Optical Current Transformer Market are:

Key Offerings:

Maximize Market Research is a leading Energy & Power research firm that has also published the following reports:

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