The global optical current transformer market is anticipated at USD 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 USD 353.0 million in 2033, recording a CAGR of 8.4 % from 2023 to 2033. The market is likely to secure USD 157.6 million in 2023.
Data Points | Key Statistics |
---|---|
Optical Current Transformer Market Size Value in 2023 | USD 157.6 million |
Optical Current Transformer Market Forecast Value in 2033 | USD 353.0 million |
Global Growth Rate | 8.4% |
Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Optical Current Transformer Industry:
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Historical CAGR (2018 to 2022) | 7.6% |
---|---|
Forecasted CAGR (2023 to 2033) | 8.4% |
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 USD 157.6 million.
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.
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.
Increasing Technological Advances to Drive Market Growth in The Region
Europe is currently dominating the global optical current transformer market with a share of 35.4%. Due to increasing investments and rapid technological development and urbanization, the European market witnesses a continuous growth of their optical current transformer market.
Europe is a significant market for OCTs, driven by the region's focus on renewable energy integration, energy efficiency, and the transition to a low-carbon economy. European countries have been at the forefront of grid modernization efforts and have implemented policies and regulations to promote sustainable energy practices. This creates a favorable market environment for OCTs
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.
Increasing Industrialization to Drive the Market Growth
South Asia and the Pacific are anticipated to account for a significant share of the global optical current transformer market over the forecast period 2023 to 2033. The region is expected to account for a CAGR of 8.1% during the forecast period.
South Asia and the Pacific are closely following and are anticipated to witness significant growth owing to the rising number of power stations and the increase in demand for commercial power.
Rapid advancement in electrical components along with rising industrial utility are expected to drive the market in the forecast period. Global electrical distribution or consumption growth over the years is spurring market growth.
Factors such as increasing power demand, expanding power infrastructure, and the adoption of renewable energy contribute to the market's growth. Government initiatives, particularly in China, to upgrade power grids and support the integration of renewable energy sources have driven the demand for optical current transformers in the region.
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Magnetic Segment to Remain Highly Sought After
In terms of type, the global market has been segmented into magnetic optical current transformers and fiber optical current transformers. The magnetic optical current transformer type segment is likely to lead the global market during the forecast period.
Magnetic optical current transformers provide accurate current measurements with a high degree of precision. These transformers are ideal for applications that require reliable and precise current measurements. The segment is projected to account for a CAGR of 8.3% during the forecast period.
Power System Instrumentation segment to generate high Revenue
As per FMI’s analysis, the power system instrumentation segment accounts for 27.3% of the total optical current transformer market share. The segment is projected to account for a CAGR of 8.2% during the forecast period.
Optical current transformers offer several advantages over magnetic CTs, including higher bandwidth, greater accuracy, and immunity to electromagnetic interference. These features make OCTs ideal for power system protection applications, where fast and accurate measurement of current is essential for detecting faults and triggering protective devices.
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.
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:
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 8.4% from 2023 to2033 |
Market Value in 2023 | USD 157.6 million |
Market Value in 2033 | USD 353 million |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Payload Capacity, Mineral Type, Region |
Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
Key Companies Profiled | Siemens Energy; Arteche; General Electric; Profotech JSC; CONDIS Group; Zhejiang Great Electrical Co., Ltd; Sieyuan Electric Co., Ltd.; Yangtze Optical Electronic Co., Ltd.; ABB; Comcore Technologies; Hitachi Energy Ltd. |
Increasing technological advances is estimated to drive market growth in the region.
Arteche, General Electric, Profotech JSC are the prominent market players.
The industry is forecast to register a CAGR of 8.4% through 2033.
The industry is estimated to be worth USD 353.0 million by 2033.
The magnetic segment is likely to lead the global market during the forecast period.
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