Current Transducer Market: Global Industry Analysis and Forecast (2022-2029)

Current Transducer Market size was valued at US$ 641.55 Mn. in 2021 and the total revenue is expected to grow at a CAGR of 3.43% through 2022 to 2029, reaching nearly US$ 840.23 Mn.
Current Transducer Market Overview:
Current Transducer Market is expected to reach US$ 840.23 Mn. by 2029. A current transducer is a device that converts current into a proportional electrical signal that is used in industry. The sensitive component, conversion component, conversion circuit, and power circuit are the four main components of a current transducer. Motor Drive, Battery Management, UPS & SMPS, and Converter & Inverter are the application of the current transducer. Industrial, Automotive, Renewable, and Residential & Commercial are some of the end users of the current transducer.To know about the Research Methodology :- Request Free Sample Report
Current Transducer Market Dynamics:
Current Transducer Market demand is expected to be driven by the increased deployment of power management systems in data centres for greater speed and efficiency while using less electricity. Current sensors, which are used in backup power systems such as inverters and UPS systems, protect batteries throughout the charging process and increase their effectiveness, boosting their demand in data centres. Furthermore, rigorous government policies controlling the monitoring of data centre power usage are one of the major drivers driving the current transducer market growth during the forecast period.

Furthermore, the increased usage of renewable technologies is boosting demand for converters and inverters. In power generating applications where electricity is generated from renewable sources, converters and inverters play a critical role. The created energy is either stored or converted into a different form. For power conversion, converters and inverters are widely employed. Global demand for renewable energy sources is driving demand for current transducers, causing the Global Current Transducer Market to rise at a faster rate during the forecast period.

The COVID-19 outbreak has hampered research and development in the electronics manufacturing industry, resulting in the closure of various factories around the world. As a result of supply disruption, sensor manufacturers' manufacturing capacity is hampered by a scarcity or lack of availability of raw materials and components. Furthermore, market growth is hampered by a decline in consumer spending power as a result of an unsteady economy, as well as a fall in the use of electric vehicles.

The widespread implementation of 5G technology increases the potential for closed-loop current sensors, which would create profitable prospects in the current transducer market during the forecast period.
Current Transducer Market Segment Analysis:
Based on the Technology, the market is segmented into Open Loop, and Closed Loop. Closed Loop Current Transducer segment is expected to hold the largest market share of xx% by 2029. Closed-loop current transducers are more expensive and more advanced than open-loop current transducers, resulting in a large market share during the forecast period. The closed loop has the advantage of virtually eliminating eddy currents and providing increased bandwidth. The output can be treated as a current source, with a current proportional to the primary current in a ratio specified by the number of secondary windings.

Based on the Application, the market is segmented into Motor Drive, Battery Management, UPS & SMPS, Converter & Inverter, and Others. Converter & Inverter segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. In PV inverters, the product allows for the modulation of the RCM system's reaction as well as the precision of the current output waveform. Closed-loop transducers, which have a fast response time and are linear, are becoming more common, boosting the segment's growth even more.

Based on the End User, the market is segmented into Industrial, Automotive, Renewable, Residential & Commercial, and Others. Renewable segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Various renewable energy schemes exist in various parts of the world. During the forecast period, market growth is expected to be driven by a paradigm shift toward renewable energy, primarily in Middle Eastern oil-producing countries.
Current Transducer Market Regional Insights:
Asia Pacific region is expected to dominate the Current Transducer Market during the forecast period 2022-2029. Asia Pacific region is expected to hold the largest market share of xx% by 2029. Consumer electronics penetration has increased as a result of the region's rapid population growth and rising household incomes. The development in the number of smart cities, as well as the growing need for industrial automation, has an impact on regional market growth.

The North American region is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is due to the increasing demand for the Current Transducer in the United States, Canada, and Mexico. Also, the presence of major key players of Current Transducer in the North American region is expected to boost the growth of the region in the market during the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Current Transducer Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Current Transducer Market dynamic, structure by analyzing the market segments and projecting the Global Current Transducer Market size. Clear representation of competitive analysis of key players by Technique, price, financial position, product portfolio, growth strategies, and regional presence in the Current Transducer Market make the report investor’s guide.
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Current Transducer Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 641.55 Mn.


Forecast Period 2022 to 2029 CAGR:
3.43%
Market Size in 2029:
US $ 840.23 Mn.


 Segments Covered:
by Technology
• Open Loop
• Closed Loop


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


by End User
• Motor Drive
• Battery Management
• UPS & SMPS
• Converter & Inverter
• Others



Current Transducer Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Current Transducer Market, Key Players are:
• ABB
• LEM
• CR Magnetic
• Veris Industries
• Siemens
• Hobut
• IME
• Texas Instrument
• Phoenix Contact
• Johnson Controls
• NK Technologies
• American Aerospace Control (CR)
• Topstek
• Honeywell International Inc.
• Melexis NV

Frequently Asked Questions:

1. Which region has the largest share in Global Current Transducer Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Current Transducer Market?
Ans: The Global Current Transducer Market is growing at a CAGR of 3.43% during forecasting period 2022-2029.

3. What is scope of the Global Current Transducer Market report?
Ans: Global Current Transducer Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Current Transducer Market?
Ans: The important key players in the Global Current Transducer Market are – ABB, LEM, CR Magnetic, Veris Industries, Siemens, Hobut, IME, Texas Instrument, Phoenix Contact, Johnson Controls, NK Technologies, American Aerospace Control (CR), Topstek, Honeywell International Inc., and Melexis NV

5. What is the study period of this Market?
Ans: The Global Current Transducer Market is studied from 2021 to 2029.