New York, US, Aug. 29, 2023 (GLOBE NEWSWIRE) -- 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.
Magnetic Optical Current Transformer Market Overview
Using the effect of a magnetic field, a magneto-optic current transformer rotates the direction of polarized light. The magnetic field's strength affects the rotation angle. The magneto-optical current transformer uses the Faraday effect to detect the electric current as a result. Electric current is measured at substations and power plants using inductive-type transformers with cores and windings.
Due to its high voltage tolerance and lack of saturation state, magneto-optic current transformers have a wider range of applications in the power plant industry and instrumentation. The market for advanced magnetic optical current transformers is expanding due to the shortcomings of conventional transformers, such as magnetic field saturation under high currents, electromagnetic interference, and difficult insulation.
Competitive Landscape:
The crucial manufacturers of magnetic optical current transformers in the market are:
- ABB
- PROFOTECH
- TRENCH Group
- ARTECHE
- NR Electric Co.
- T&D
- Among others.
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/12037
Magnetic Optical Current Transformer Market USP Covered:
Magnetic Optical Current Transformer Market Drivers:
The expansion of the magnetic optical current transformer market is fueled by factors such as an increase in the use of high-voltage equipment throughout power production, transmission, and distribution facilities, as well as a rise in the use of computer-controlled and digital equipment. Inductive-type current transformers are used in power station and substations for high-power applications, porcelain insulators, and other places where conventional transformers are less reliable in terms of breakage and device damage. In order to offer resistance in high voltage activities, magneto-optical current transformers are used.
The usage of ordinary transformers under high voltage current has on numerous occasions led to damage to switchyards, electric damage to relays, and interruptions in power services. This problem is solved by the high saturation level of magnetic optical current transformers, which is why they are favored for usage in digital devices and computerized control methods. The benefits of high voltage current resistance have thereby influenced the market for power generation where it is used. In order to shield the electronics from electromagnetic interference brought on by the ground loop, magnetic optical current transformers are used.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 397.5 Billion |
| CAGR during 2023-2032 | 8.20% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material Type, Application, Sales Channel, and Region |
| Key Market Opportunities | Integration with Digital Systems |
| Key Market Dynamics | Growing Adoption of Renewable Energy Sources |
Browse In-depth Market Research Report (128 Pages) on Magnetic Optical Current Transformer Market:
https://www.marketresearchfuture.com/reports/magnetic-optical-current-transformer-market-12037
Market Restraints:
As a result of the hoops in the fiber, the bending of an optical fiber may change its refractive index, lessen response sensitivity, and enhance the effect of temperature. Consequently, it serves as a significant inhibitor to the market for magnetic optical current transformers. On the other hand, the market for magnetic optical current transformers will have a brighter future due to the rise in process automation in the power and energy sector, including management, switching, industrial control systems, and various computing devices. These devices require the use of magnetic optical current transformers for precision in current measurement.
COVID 19 Analysis
The 2019 coronavirus (COVID-19) had a substantial negative impact on both individual lives and the community as a whole. It quickly expanded across numerous nations and regions. It began as a problem for human health but has since developed into a significant threat to world trade, the economy, and the financial system. The COVID-19 pandemic led to lockdowns that suspended the production of a number of goods in the magnetic optical current transformer sector. In addition, fewer cases of the disease are projected in the future with the introduction of the COVID-19 vaccine to the market. As a result, companies that make magnetic optical current transformers have started operating again at full capacity. As a result, the market has recovered.
Magnetic Optical Current Transformer Market Segmentation
By Type
The Magnetic Optical Current Transformer Market segmentation, based on type includes spreader bar, and conventional.
By Material Type
The Magnetic Optical Current Transformer Market segmentation, based on material type, includes cotton type, fiber type, and non-fiber type.
Ask for Customization:
https://www.marketresearchfuture.com/ask_for_customize/12037
By Application
Transformers, electronic measuring tools, networking tools, power systems and instrumentation, transmission line-bus, electrical high voltage (EHV) substations, polypropylene, and others are included in the market segmentation for magnetic optical current transformers, with respect to the application.
By Sales Channel
Based on the sales channel, the Magnetic Optical Current Transformer Market is segmented into offline and online channels.
Buy Now Premium Research Report:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=12037
Regional Insights
The top position has remained with the North American market since 2022 (45.80%). The rising requirement to restore North America's failing power system might influence the adoption of cutting-edge technologies like MOCTs. For utilities looking to upgrade their grid systems, MOCTs are a desirable alternative to conventional current transformers because they are more precise, dependable, and low maintenance. Additionally, the Canadian market has the fastest CAGR potential in the near future whereas the U.S. market now dominates the region.
Related Reports:
Transformer Market Research Report Information By Type, Power Rating, Cooling Type, Insulation, End-User - Forecast till 2030
Power Transformer Market Research Report Information by Cooling Type, Power Rating and Region–Market Forecast Till 2032
Dry Transformer Market Research Report Information by Type, Phase, Voltage range, Application and Region –Market Forecast Till 2032
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
