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:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
3.31% |
Segments Covered |
By technology, Application, End-use & Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global current transducer market has been segmented and sub-segmented into the following categories.
Current Transducer Market – By Technology:
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:
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:
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:
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:
Frequently Asked Questions
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 and address the energy crisis and indicate a positive outlook for the emerging market.
The Current Transducer Market was valued at around 82.65 million USD in 2023 and is expected to reach 692.4 Million USD at a CAGR of 3.31% by the end of 2028.
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.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region