Current Transducer Market

Global Current Transducer Market Size (2023 to 2028)

The Current Transducer Market size is expected to be worth 82.65 million USD in 2023. It is expected to grow at a CAGR of 3.31% during the forecast period and reach a value of 692.4 Million USD by 2028.

The current transducer is almost the same as the current transformer. It is commonly used in the industry to track engines and load. The new transducer has different motor drive uses, including battery control, UPS, inverters, etc., to reduce carbon emissions, address the energy crisis and indicate a positive outlook for the emerging market. Today, carbon emissions are one of the nation's major concerns. Most of the country is taking initiatives to get rid of this big issue.

MARKET DRIVERS:

A current transducer can transform any non-standard electrical current into an industrial standard electrical signal that is much simpler to use for terminal equipment. Factors such as technological development, electric vehicle production, and automation drive the global current transducer market. In the case of high voltage or current impact, the current transducer keeps the entire system safe. It can improve the long-distance transmission signal. A change to renewable resource adoption, growing usage of electric vehicles, and industrial automation drive the development of the current global transducer industry. That inclination toward global power output, coupled with increasing production potential for automotive and consumer electronics, will have a positive impact on the current growth of the transducer market.

MARKET RESTRAINTS:

The large-scale advertising across the IOT sector, accompanied by increased deployment of existing sensors in Hall Effect, will have a positive impact on the outlook for the industry. Increasing integrated circuit adoption limits market growth. Besides, the other factor expected to curb the growth of the current global transducer market is the high cost compared to resistive sensing. Increasing the number of hybrid and electric vehicles (EV and HEV) will have a positive impact on consumer development. Also, the key factors shaping the market environment are the successful deployment of these units through positioning, speed detection, proximity switching, and current sensing in different industries.

REPORT COVERAGE:

This research report on the global current transducer market has been segmented and sub-segmented into the following categories.

Current Transducer Market – By Technology:

• Open Loop
• Closed Loop

The closed-loop segment is estimated to have the largest market share in the technology segmentation of the target market. Closed-loop current transducers are costlier than open-loop current transducers, as they are technologically advanced, which is attributed to their high market share during the forecast period.

Current Transducer Market – By Application:

• Motor Drive
• Battery Management
• UPS & SMPS
• Converter & Inverter
• Others

Based on the application segmentation of the current transducer market, the converter & inverter segment is estimated to be the fastest-growing segment during the outlook period owing to the adoption of renewable technology and the growth of renewable energy sources across the globe.

Current Transducer Market - By End-Use Industry:

• Industrial
• Automotive
• Renewable
• Residential & Commercial

In the end-user segmentation of the global current transducer market, the renewable industry is estimated to witness the rapid growth from 2020 to 2025. This segment's growth is attributed to the rise in alternative energy programs in regions like Europe, Asia Pacific, and North America.

Current Transducer Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

It is projected that the Asia Pacific market will be the biggest in the global transducer industry during the forecast period. The next in the lead is North America, followed by Europe. The US is heavily dominated in North America by the emerging transducer market. Large corporations like Tesla spends more on electric vehicle. Also, high investment to curb carbon emissions in renewable energy sources is magnifying the demand of the market. Rising investments in the development of innovative electronic devices are fueling the demand of the market in this region.  In Europe, Germany is investing and highly adopting advanced technologies like electric vehicles with integrated sensors.

KEY MARKET PLAYERS:

ABB, LEM, CR Magnetics, Veris Industries, Siemens, Hobut, IME, Texas Instrument, Phoenix Contact, Johnson Controls, NK Technologies, American Aerospace Control (CR), Topstek

Recent Developments:

• Siemens Mobility has announced that they are continuing their investments in Strategy’s 3D printers for a Russian project.
• Johnson Controls has introduced a Tyco HD Encoder for Analog IP Integration which is supported by exact Vision, American Dynamics and Video Edge.