Magnetic Optical Current Transformer Market Research Report Information By Type (Spreader Bar, Conventional), By Material Type (Cotton Type, Fiber Type, Non-fiber Type), By Application (Transformer , Electronic Measurement Devices, Networking Devices, Power Systems & Instrumentations, Transmission Line-bus, Electrical High Voltage (EHV) Substations, Polypropylene, Others), By Sales Channel (Offline Channels, Online Channels) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Magnetic Optical Current Transformer Market Overview

Magnetic Optical Current Transformer Market Size was valued at USD 195.6 Billion in 2022. The Magnetic Optical Current Transformer market industry is projected to grow from USD 211.6 Billion in 2023 to USD 397.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2023 - 2032). The expansion of the magnetic optical current transformer market is fueled by market drivers such as an increase in the use of high voltage equipment across power production, transmission, and distribution facilities, as well as an increase in the use of computer-controlled and digital equipment.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Magnetic Optical Current Transformer Market Trends

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  Improved safety and reliability is driving the market growth

  
  

The removal of galvanic isolation is one of the main factors driving the MOCT market, along with enhanced safety and dependability. Traditional CTs, which are frequently used in power systems, call for a physical connection to be made between the primary and secondary windings, which could be dangerous. There is a risk of electrical shock to workers who are close to the equipment or potential damage to the linked equipment in the event of insulation failure or a fault situation. Traditional CTs with galvanic isolation can also be vulnerable to internal arcing, partial discharge, and insulation failure, which further jeopardizes safety and dependability.

MOCTs, on the other hand, provide a non-contact method of measuring current since they do so by utilizing the Faraday effect in magneto-optical materials. Electrical dangers are considerably decreased by this intrinsic isolation from the main current-carrying wire, assuring the safety of both people and equipment. MOCTs offer improved protection against electrical faults and improve electrical fault protection by doing away with the requirement for physical connections and galvanic isolation, making installations safer and more dependable.

Additionally, MOCTs have a higher dependability than conventional CTs due to the lack of physical touch and moving parts. Due to the physical contact between the windings and the magnetic core, mechanical wear and tear are frequent problems with CTs, potentially resulting in performance deterioration over time. MOCTs, in contrast, do not experience such mechanical problems, ensuring reliable observations throughout time.

Furthermore, MOCTs are made to be resistant to magnetic saturation, a fundamental drawback of conventional CTs. Traditional CTs may be inaccurate in high-current applications because the core material has reached its magnetic saturation threshold. This saturation effect can affect the power system's overall performance and result in misleading current measurements. With their resistance to magnetic saturation, MOCTs can operate reliably under a variety of load circumstances by providing precise measurements even when the current is high. Thus, driving the Magnetic Optical Current Transformer market revenue.

Magnetic Optical Current Transformer Market Segment Insights:

Magnetic Optical Current Transformer Type Insights

The Magnetic Optical Current Transformer Market segmentation, based on type includes spreader bar, conventional. The conventional segment dominated the market, accounting for 35.45% of market revenue. Comparatively speaking, conventional MOCTs have been in use for a longer period of time than more recent versions like "Spreader bar." They have a history of demonstrated performance and dependability as a result.

Magnetic Optical Current Transformer Material Type Insights

The Magnetic Optical Current Transformer Market segmentation, based on material type, includes cotton type, fiber type, non-fiber type. The fiber type category generated the most income. Optical fibers provide superior electrical isolation between the measurement circuit and the main current-carrying conductor. This isolation enhances general safety by reducing the possibility of current leakage or electrical failures and preventing electrical risks.

Magnetic Optical Current Transformer Application Insights

The Magnetic Optical Current Transformer Market segmentation, based on application, includes transformer, electronic measurement devices, networking devices, power systems & instrumentations, transmission line-bus, electrical high voltage (EHV) substations, polypropylene, others. The category of transformers brought in the greatest money. Power generation capacity expansion, the development of grid infrastructure, and the incorporation of renewable energy sources have all contributed to a steady rise in the demand for power transformers on a global scale.  

Magnetic Optical Current Transformer Sales Channel Insights

The Magnetic Optical Current Transformer Market segmentation, based on sales channel, includes offline channels, online channels. The online channels category generated the most income. More businesses are utilizing online channels to connect with clients and do business as e-commerce and the digitalization of industries grow.

Figure 1: Magnetic Optical Current Transformer Market, by Sales Channel, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Magnetic Optical Current Transformer Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Magnetic Optical Current Transformer Market dominated this market in 2022 (45.80%). The adoption of cutting-edge technology like MOCTs may be influenced by the need to rebuild North America's deteriorating power grid. In comparison to conventional current transformers, MOCTs are more accurate, dependable, and require less maintenance, which makes them a desirable option for utilities wishing to update their grid systems. Further, the U.S. Magnetic Optical Current Transformer market held the largest market share, and the Canada Magnetic Optical Current Transformer market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Magnetic Optical Current Transformer Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Magnetic Optical Current Transformer market accounts for the second-largest market share. European nations have made a concerted effort to encourage the switch to renewable energy sources and lower carbon emissions. In order to create a more environmentally friendly and sustainable energy system, MOCTs can play a key role in the grid integration of renewable energy sources. Further, the German Magnetic Optical Current Transformer market held the largest market share, and the UK Magnetic Optical Current Transformer market was the fastest growing market in the European region

The Asia-Pacific Magnetic Optical Current Transformer Market is expected to grow at the fastest CAGR from 2023 to 2032. The industrial and urban sectors in APAC are experiencing tremendous economic growth, which has led to an increase in energy demand. Upgraded power systems are required to accommodate increased demand, which presents chances for MOCTs to improve grid efficiency and dependability. Moreover, China’s Magnetic Optical Current Transformer market held the largest market share, and the Indian Magnetic Optical Current Transformer market was the fastest growing market in the Asia-Pacific region.

Magnetic Optical Current Transformer Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Magnetic Optical Current Transformer market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Magnetic Optical Current Transformer industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Magnetic Optical Current Transformer industry to benefit clients and increase the market sector. In recent years, the Magnetic Optical Current Transformer industry has offered some of the most significant advantages to medicine. Major players in the Magnetic Optical Current Transformer market, including ABB, PROFOTECH, TRENCH Group, ARTECHE, NR Electric Co., T&D, and others., are attempting to increase market demand by investing in research and development operations.

Electricity and automation technology and solutions are offered by ABB Ltd (ABB). The business provides goods, systems, services, and solutions for electrification, motion, and industrial automation. Its offers harness power reliability, boost industrial productivity, and improve energy efficiency, and its solutions incorporate engineering know-how and software. ABB offers its goods directly to consumers as well as through third-party channel partners as distributors, installers, wholesalers, machine manufacturers, original equipment manufacturers, and system integrators. The company offers customers in the utilities, industry, transportation, and infrastructure sectors throughout Asia, the Americas, the Middle East, Africa, and Europe industrial equipment and systems that are digitally connected and enabled. The headquarters of ABB are in Zurich, Switzerland.

A Russian business called Profotech creates, markets, and distributes its own cutting-edge photonics technology. Their product line consists of electronic voltage transformers and fiber optical instrument transformers for current measurement, enabling solutions for digital smart grids and power-hungry businesses. Moscow is the company's main office, and Profotech was established in 2010. The business employs a group of seasoned experts with backgrounds in electrical engineering, fiber optics, and nanotechnology. The products of Profotech have passed experimental tests at Russian large-scale electric power consumption facilities and are included in the State Register of Measuring Equipment of Russia.

Key Companies in the Magnetic Optical Current Transformer market include

• ABB


• PROFOTECH


• TRENCH Group


• ARTECHE


• NR Electric Co.


• T&D

Magnetic Optical Current Transformer Industry Developments

May 2022:The first 500 kV substation in Hunan with remote one key sequence control has been operationally deployed. The entire system, which was put into operation by NR Electric Co., received good marks from its users.

Magnetic Optical Current Transformer Market Segmentation

Magnetic Optical Current Transformer Type Outlook

• Spreader bar


• Conventional

Magnetic Optical Current Transformer Material Type Outlook

• Cotton Type


• Fiber Type


• Non-fiber Type

Magnetic Optical Current Transformer Application Outlook

• Transformer


• Electronic Measurement Devices


• Networking Devices


• Power Systems & Instrumentations


• Transmission Line-bus


• Electrical High Voltage (EHV) Substations


• Polypropylene


• Others

Magnetic Optical Current Transformer Sales Channel Outlook

• Offline Channels


• Online Channels

Magnetic Optical Current Transformer Regional Outlook

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  North America
  
  
  
  • U.S.
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America