[342 Pages Report] The global magneto optic current transformer market, which is valued at USD 232.4 million as on 2022, is expected to be valuated at around USD 563.6 million in 2032, and grow at a CAGR of 9.3% through 2032.
Rapid advancements in the field of Electrical and Electronics technology, growing demand for electricity across sectors, and many more factors have led to upsurge of magneto optic current transformer market.
| Report Attribute | Details |
|---|---|
| Magneto Optic Current Transformer Market Valuation as on 2022 | USD 232.4 million |
| Magneto Optic Current Transformer Market Expected Valuation in 2032 | USD 563.6 million |
| Magneto Optic Current Transformer Market Projected Growth Rate (2022 to 2032) | 9.3% |
Technically, a magneto optic current transformer calculates the rotation angle of a magnetic field and converts it into the proportional electric energy. It mainly consists of a sensor head, a signal processing unit, and fibre optic cables.
Its high voltage tolerance and having no saturation state makes it extremely useful and a critical component in almost every industry. The presence of optical isolation makes the magneto optic current transformers safe to use, as a result of which they are employed in substations.
Moreover, the magneto optic current transformers have very high immunity to electromagnetic interference, because of which they can perform seamlessly. Additionally, they also have the ability to work under wide frequency ranges, i.e., from 10 Hz to 10 KHz.
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The biggest advantage of employing magneto optic current transformers is that they show high voltage tolerance. The same is not the case if we employ conventional transformers, i.e., there are chances of break off, or the core circuit might become dysfunctional. This is something which might increase the demand for magneto optic current transformers.
Apart from the above point, being immune to electromagnetic interference makes the magneto optic current transformers extremely relevant in the current times. This is especially crucial when these are employed in the industries that are based on Internet of Things (IoT), Artificial Intelligence and Machine Learning (AI ML), and many other industries. This is something which may increase the sales of magneto optic current transformers.
Moreover, the electric consumption of the magneto optic current transformers is less as compared to other kinds of transformers. Even this is one of the crucial factors which makes them highly attractive. This might increase the adoption of magneto optic current transformers.
The magneto optic current transformers do not make use of metallic wires to transfer the signals, which makes these kinds of transformers extremely safe to use. Therefore, the simple insulation makes it very effective against any untoward incident. This is one of the major factors which might drive the sales of magneto optic current transformers.
One of the strongest points of using magneto optic current transformers are that these can measure both Alternate Currents and Direct Currents. The nature of both these currents are totally different. We have the luxury of measuring both if we make use of magneto optic current transformers. This might increase the magneto optic current transformer market share.
However, there are certain challenges pertaining to magneto optic current transformers. Their accuracy is a matter of concern as they are not accurate enough to be used in power systems.
There might be concerns about error and instability because of temperature and stress issues.
North America is the biggest market for magneto optic current transformers. This is because of the growth in the development of industries which make use of electrical devices, which are mainly driven by the development of IT and data related infrastructure. Europe is next in line.
Asia-Pacific is expected to be the fastest growing market for magneto optic current transformers. The reason being a rapid technological advance being made in the region, and also because of the land size being huge, which might possibly impact the market share as well.
China is one region which has technologically developed by leaps and bounds, and in such areas, magneto optic current transformers might be very useful. Apart from China, India is also a huge player in this market, and owing to huge investments and inflow of FDI, the magneto optic current transformer market might boom in the future.
The magneto optic current transformer market size is anticipated to increase in the future. Some of the key players are: NR Electric Co., ARTECHE, T&D, Trench Group, Profotech, and Asea Brown Boveri (ABB) ltd.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2014 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | NR Electric Co.; ARTECHE; T&D; Trench Group; Profotech; Asea Brown Boveri (ABB) ltd. |
| Customization | Available Upon Request |
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The expected CAGR for the magneto optic current transformer market during the forecast period is 9.3%.
North America is the largest market for magneto optic current transformer.
The magneto optic current transformer market is expected to be valuated at around USD 563.6 million in 2032.
| Market Size (2024E) | USD 6214 million |
|---|---|
| Market Projected Size (2034F) | USD 9376.7 million |
| Value CAGR (2024 to 2034) | 4.2% |
| Market Estimated Size (2023E) | USD 19,845.2 million |
|---|---|
| Projected Market Valuation (2033F) | USD 40,286 million |
| Value-based CAGR (2023 to 2033) | 7.3% |
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