The demand within the global magneto optic current transformer market is growing on account of advancements in the field of magnetic and light studies. The discovery made by Michael Faraday, with regard to linearly polarized light, holds relevance across a wide range of applications. The use of magneto optic current transformer (MOCT) is also closely aligned with the magnetic influences discovered by Faraday in his studies.
- Advancements in electric and electronic manufacturing have played an integral role in the growth of the global magneto optic current transformer market. The need for accuracy within the domain electric transduction has generated fresh opportunities for market growth. Besides, need for efficiency within transformers has also emerged a key demand driver.
- Moreover, need for measuring currents across power stations also necessitates the use of MOCTs. Emergence of substation for current monitoring has also become a resilient market dynamic. There is a rapid requirement for improved energy technologies, and this factor has played a guarded role in driving market demand.
- High Voltage applications also require tremendous control and monitoring. The use of a magneto optic current transformer helps in achieving such high levels of monitoring. Porcelain insulators have made their way the electronics and automobile industry. This factor has also emerged as a key dynamic from the perspective of market growth.
The volume of revenues in the magneto optic current transformer market is set to touch unprecedented levels in the following years. The wide scale induction of transformers in the field of renewable energy production shall bring in fresh revenues within the global market. The European market is projected to lead the way in terms of investments in the global magneto optic current transformer market.
Magneto Optic Current Transformer Market - Overview
Magneto Optic Current Transformer is a device in which electromagnetic waves propagate through a medium that has been altered by the presence of very slowly changing reversible magnetic field. In this instrument, the material used is also called as gyromagnetic, which is an elliptical polarizers that can rotate in left and right direction and can travel at different speeds, and when light is transmitted through a layer of magneto optic material to form a Faraday rotator Magneto optic current transformer (MOCT) is an advanced technology that is used to overcome the problem associated with conventional transformer. In this technology electromagnetic interference does not occur, and also breaking the conductor is not required to enclose the optical path in the current carrying circuit. A magneto optic current transformer consists of an electronic signal processing unit, a sensor head which is present near current carrying conductor, and a fiber optical cable to link these two parts. In magneto optic current transformer, passive optical current transducer uses light to measure current accurately on high voltage system with the help of signal processing unit by converting optical signal into electrical signal.
Magneto Optic Current Transformer Market - Drivers and Restraints
One of the major driving factor for the growth of global magneto optic current transformer market is increasing use of magneto optic current transformer in power station, and industrial applications. Magneto optic current transformers are increasingly used to overcome the drawbacks of conventional current transformers such as electromagnetic interference, saturation of magnetic field under high current, complicated cooling structure, and measuring accurate current at high voltage. Furthermore, various properties of the magneto optic current transformer such as the possibility of measuring AC & DC, wide frequency response, simpler insulation structure, and reduced risks of fire and explosions, all these factors are anticipated to drive the demand of magneto optic current transformer market during forecast period. Moreover, magneto optic current transformers have small size and low weight ratio, owing to this during installation and relocation it does not require heavy machinery, consequently making the process more economical. In addition to this, with technological advancement magneto optic current transformer are capable to provide output in digital format as they are compatible with computer systems. Furthermore, effects of electromagnetic interference, vibration, temperature, and humidity are negligible when magneto optic current transformer system as compared to conventional current transformer system. Considering the advantages offered by magneto optic current transformer the demand of magneto optic current transformer is expected to boost significantly in coming years. Furthermore, capability to withstand at high mechanical load, and low power consumption of MOCT are expected to bring new lucrative opportunities for investors to invest in magneto optic current transformer market. However, temperature and stress induced linear birefringence in the sensing material cause error and instability which is expected to be the major restraining factor for growth of global magneto optic current transformer market.
Magneto Optic Current Transformer Market - Segmentation
The global magneto optic current transformer market has been segmented based on product type, application, and region. Based on product type, the global magneto optic current transformer market can be classified into fiber type, and non-fiber type. Based on application, the magneto optic current transformer market can be segmented into transformer, power systems and instrumentations, electronic meters, transmission line-bus, network equipment, and electrical high voltage (EHV) substations. Additionally, based on geography, the magneto optic current transformer market is further segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Magneto Optic Current Transformer Market - Key Players
Some of the key players operating in the global magneto optic current transformer market with significant developments include Asea Brown Boveri (ABB) Ltd., NR Electric Co., Ltd., Trench Group, ARTECHE, and Profotech among others.
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