New York, NY -- (SBWIRE) -- 07/23/2019 -- 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.

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Optical Current Transformer Market: Market Dynamics

Drivers

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.

Restraint

Lack of skilled labors coupled with complex process involved in maintaining these specialty transformer is anticipated to affect the positive growth of the global optical current transformer market in near future. That apart, the different disadvantages such as bad transient performance and hard to insulate are also consider as a restraining factor for the growth of optical current transformer market. Moreover, accuracy problem and long-run stability also hampers the growth of optical current transformer market.

Trends

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:

Magneto Optical Current Transformer (MOCT)
Fiber Optical Current Transformer (FOCT) Electronic Fiber Optical Current Transformer (EFOCT) Flexible Electronic Fiber Optical Current Transformer (FEFOCT)
On the basis of voltage range, the optical current transformer market can be segmented into:

Upto 123KV
123KV – 170KV
170KV – 300KV
300KV – 420KV
Above 420KV
On the basis of application, the optical current transformer market can be segmented into:

Electrical High Voltage (EHV) Substation
Network Applications
Power System and Instrumentation
Modern Electronic Meter
Transformer
Transmission Line
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.

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Optical Current Transformer Market: Market Participants

Some of the market participants identified across the value chain of the global optical current transformer market include:

ARTECHE
TRENCH Group
ABB Group
GE Grid Solution
SIEMENS AG
JSC PROFOTECH
Beijing Daelim Green EP Tech Co.
NR Electric Co