According to a recent market research report published by QYResearch, the global market for opto-current transformers (OCT) is expected to grow from $270 million in 2022 to $930 million in 2029, with a compound annual growth rate (CAGR) of 18.30%. OCT, also known as magneto-optical opto-current transformer, is a type of electronic current transformer that uses the Faraday magneto-optical effect to measure electric current.
One of the key advantages of OCT is its high safety performance, as it allows for high-voltage signals to be measured without direct contact with high-voltage electricity, reducing the risk of accidents. Additionally, OCT offers high measurement accuracy, portability, wide measurement range, and environmental friendliness compared to traditional electromagnetic wave transmission.
The report highlights that the photocurrent transformer industry supply chain mainly consists of optical fiber materials, insulation materials, steel materials, and other related industries. Downstream applications for OCTs include substations, converter stations, DC power networks, and smart grids.
The market concentration for OCT is decreasing as more enterprises master the production technology and enter the market. Furthermore, the use of OCT is expanding as it becomes widely used in various industries such as electroplating metallurgy and electromagnetic wave weapon systems.
At the regional level, China is expected to account for about 17.16% of the global market in 2022, with a market size of $46.25 million, and 15.20% in 2029, reaching $140 million. Europe and the Asia-Pacific region have been the top two consuming regions for OCTs in recent years, with Asia-Pacific projected to grow at a higher CAGR in the coming years.
By product types and technologies, all-fiber photocurrent transformers (FOCT) are expected to account for about 46.93% of the market in 2022, with a market size of $130 million, while hybrid opto-current transformers (HOCT) will account for about 63.81% of the opto-current transformer market, reaching $590 million in 2029.
Overall, the opto-current transformer market is expected to experience significant growth in the coming years, driven by the increasing demand for safer, more accurate, and more environmentally-friendly technologies in various industries.
A recent market research report published by QYResearch reveals that the opto-current transformer (OCT) market is rapidly expanding and is expected to continue to grow in the coming years. The report highlights the key technology of photocurrent transformers and their advantages over traditional transformers.
Opto-current transformers, also known as magneto-optical opto-current transformers, are a large category of electronic current transformers. They work by using the Faraday magneto-optical effect to measure electric current. The measurement is based on the magnetic field around the measured current for linear integration. The use of a detector results in a change in the polarization angle due to changes in the output light, which is then processed to detect the changing current magnitude.
The report notes that photocurrent transformers are similar in appearance to conventional transformers but are smaller and lighter. They consist of three main parts: a sensing head, an insulating pole, and an optical cable. The key technology of photocurrent transformers has several advantages, including high safety performance, high measurement accuracy, high portability, wide measurement range, and environmental friendliness.
The report also highlights the supply chain analysis of the photoelectric converter industry, which includes upstream industries such as optical fiber materials, insulation materials, and steel materials. Downstream applications of photocurrent transformers include substations, converter stations, DC power networks, smart grids, and many other industries.
The report predicts that the photocurrent transformer market will continue to grow due to the expanding downstream applications and the decreasing market concentration. As more enterprises master the production technology and enter the market, the scale of the industry is expanding, and the concentration of the market is gradually declining.
The report concludes that with the excellent characteristics of photocurrent transformers, they have become a hot research topic in the field of transformers both at home and abroad. Photocurrent transformers have begun to be widely used in various fields, including large current measurement, electroplating metallurgy, and electromagnetic wave weapon systems, among others.