The magneto optic current transformer market, which is presently valued at US$ 232.4 in million 2022 and is expected to reach US$ 563.6 million in 2032, increasing at a CAGR of 9.3%.
A magneto optic current transformer calculates and converts the rotation angle of a magnetic field into proportional electric energy. The majority of the gadget is made up of a sensor head, a signal processing unit, and fiber optic connections.
Due to its high voltage tolerance and lack of a saturation state, it is incredibly helpful and a crucial component in almost every electronic device.
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The Magneto-Optic Current Transformer (MOCT) market is experiencing growth driven by increasing demand for accurate and reliable current measurement in high voltage applications. MOCTs offer advantages such as high accuracy, wide dynamic range, and immunity to electromagnetic interference. They find applications in power grids, renewable energy, and industrial sectors where precise current measurement is critical for operational efficiency and safety. Factors such as technological advancements and the need for grid modernization are expected to fuel further market expansion.
Magneto Optic Current Transformer Market: Drivers and Restraints
Increasing drawbacks of conventional current transformers such as saturation of magnetic field under high current, electromagnetic interference, and complicated insulation and cooling structures are driving the demand for advanced electrical equipment, for instance, magneto optic current transformer market over the forecast period.
Further various intrinsic properties of the magneto optic current transformer such as immunity against electromagnetic interferences (EMI), the possibility of measuring AC & DC, and the absence of saturation effects are attributing to drive the magneto optic current transformer market over forthcoming years.
In addition to the above, electrical isolation and low power consumption of magneto-optic current transformers are the other drivers of the market, which are enabling new lucrative opportunities for investors to invest in the respective industry.
Global Magneto Optic Current Transformer Market: Regional Trend
Owing to massive growth in the applications of electric equipment in developed economies such as North America and Europe, it is anticipated to drive the market in developed countries. Further increasing worldwide electrical distribution/consumption are spurring the market growth in forthcoming years.
Asia Pacific is emerging the fastest growing segment of the magneto-optic current transformer market owing to rapid advancement in electrical components and increasing industrial utility are anticipated to drive the market in recent years.
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