Future Market Insights
Optical Current Transformer is a sensor which directly or indirectly use optical sensing to measure electric currents. It generally measures current by means of Faraday Effect. There are different features of optical current transformer such as environment friendly insulation system, no magnetic losses, single fiber cable instead of several copper cables, no electric component with the OCT and wide dynamic range.
Optical current transformer are available in two different types that are magneto optical current transformer and fiber optical current transformer. Among these, magneto optical current transformer is highly preferred due to its innovative features and benefits regarding regulations. Additionally, optical current transformer can be used in various applications such as substations, electric applications, power system and instrumentation, modern electric meter and transmission line to measure electric currents.
Optical Current Transformer Market: Market Dynamics
Increasing awareness and rising popularity of optical current transformer over the other transformer prototypes are expected to be the factors which boost the growth of optical current transformer market in the near future. Robust demand of optical current transformer from the power generation industry is expected to be a factor which drives the growth of optical current transformer market over the forecast period. Moreover, the feature of optical current transformer such as small and lightweight units as compared to conventional current transformer also gives traction to the growth of optical current transformer market over the forecast period. Additionally, rising popularity of optical current transformer instead of conventional current transformer also drives the growth of optical current transformer market.
Lack of skilled labours coupled with the complex process involved in maintaining these speciality transformers is anticipated to affect the positive growth of the global optical current transformer market in the near future. That apart, the different disadvantages such as bad transient performance and hard to insulate are also considering as a restraining factor for the growth of optical current transformer market. Moreover, accuracy problem and long-run stability also hamper the growth of optical current transformer market.
Magneto Optical Current Transformer (MOCT) is highly preferred optical current transformer over the others owing to its benefits such as no requirement for oil and gas insulation, significantly lighter weight and smaller size, improved safety with no mechanism of failure, high accuracy for metering over a wide range of primary currents, etc.
Optical Current Transformer Market: Segmentation
The global optical current transformer market can be segmented on the basis of type, voltage range and application.
On the basis of type, the optical current transformer market can be segmented into:
On the basis of voltage range, the optical current transformer market can be segmented into:
123KV – 170KV
170KV – 300KV
300KV – 420KV
On the basis of application, the optical current transformer market can be segmented into:
Electrical High Voltage (EHV) Substation
Power System and Instrumentation
Modern Electronic Meter
Optical Current Transformer Market: Region-Wise Outlook
During the forecast period, North America will be closely followed by Asia Pacific in terms of expected demand. Both these market are expected to witness rich growth in the optical current transformer market, owing to the increasing demand of optical current transformer in these regions. Asia Pacific in particular is expected to witness significant growth in the optical current transformer market, due to growing power stations and increase in demand for commercial power. The Middle East and Africa region is anticipated to support growth of the optical current transformer market over the forecast period, due to expected rapid industrialization in upcoming years.
Optical Current Transformer Market: Market Participants
Some of the market participants identified across the value chain of the global optical current transformer market include:
GE Grid Solution
Beijing Daelim Green EP Tech Co.
NR Electric Co
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
The main aim of the report is to:
MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.