Optical Current Transformer Market to Exceed US$ 322.7 Mn by 2032, Based on Cutting-Edge Patented Technology | Future Market Insights, Inc.
NEWARK, Del., July 21, 2022 /PRNewswire/ -- The global optical current transformer market is anticipated to reach a valuation of US$322.7 Mn by 2032, scaling up from a value of US$145.4 Mn in 2022. It is expected to exhibit a robust CAGR of 8.3% during the forecast period of 2022-2032. Lightweight and small size of optical current transformer coupled with dispensable requirement of oil and gas insulation will fuel the market growth over the forecast period.
- The optical current transformer market is propelled to grow and expand due to its lower power consumption and electrical isolation properties.
- Optical current transformer enables process automation in the power and energy sector which coupled with adoption of optical current transformer in industrial control systems and various computing devices increases the demand for optical current transformer.
- Owing to innovative features and regulation benefits that come with the usage of magneto optical current transformer, this transformer is much preferred over the fiber optical current transformer.
- Thus the magneto optical current transformer contributes towards the global optical current transformer market growth.