Global Current Transducer Market By Technology (Closed Loop and Open Loop), By Applications (Battery Management, Motor Drive, and UPS & SMPS), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast; 2023-2032
- Published date: Nov. 2023
- Report ID: 64672
- Number of Pages: 273
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Report Overview
The Global Current Transducer Market size is expected to be worth around USD 792.0 million by 2032 from USD 561.9 million in 2023, growing at a CAGR of 4.0% during the forecast period 2023 to 2032.
Current transformers convert raw power to standard industrial power and help reduce mechanical nonlinearities to extend the life of electrical equipment and components. Due to the increasing use of electrical appliances such as AC, LED, TV, LCD, etc., this factor is expected to create a worthwhile opportunity for the expansion of the current converter market in the future.
A current transformer helps the conversion of power electricity into industry-standard power for the manufacturing industry. Current transformers have different characteristics: B. Be linear, dimensionally stable, and maintain electrical flow within the system. Used various industries, including automotive, electronics, transportation, aerospace, construction, and other end-use sectors. As a result of this expansion in the electric vehicle market, the market for transducers is currently expanding.
Note: Actual Numbers Might Vary In The Final Report
Key Takeaway
- Current Transducer Market to Reach USD 792.0 Mn in 2032
- Based on Technology, close-loop current transducers lead the market with 64.6% market share based on revenue share.
- Market Trends: As renewable energy sources continue to gain ground, renewable power generation sources are driving an uptick in current transducer use in power applications, while growing interest for electric cars has spurred on their market development within automotive applications.
- Driver: The increasing demand for industrial automation and process control systems.
- Restraint: The high cost of current transducers and Lack of awareness regarding current transducers in some developing nations.
- Opportunities: Demand for current transducers has steadily grown as new applications requiring them are developed, including electric vehicles and renewable energy generation sources.
- Challenges: Development of innovative current transducer technologies
- Based on Application, motor drive holds the largest revenue share with 43.6% to lead this segment.
- Based on region, Asia Pacific dominates with 44% revenue share of the market.
- North America represents the second-most lucrative region within this market.
Adopting power management systems in data centers to reduce power consumption and improve efficiency and speed is driving and stimulating market demand. The concepts related to the functioning of the power converter market are integrated with a backup power system that protects the battery during charging of the system, such as Investors and UPS and provides efficiency, increasing demand in data centers. Furthermore, strict government regulations on controlling power consumption in data centers are the major factor driving the market growth.
The rise in urbanization is the main reason for the uprise of the current transducer market, the rise in disposable income, and the growing consumer demand for electric vehicles. The current transducer is used in various electrical components as it is very sensible, reliable, a power analyzer, and possesses a primary current conversion ability. These are the factors that contribute to the growth of the global current transducer Market. The rise in the demand for power management systems helps to drive the growth of the industry.
The rapid increase in the population in both the developed and the developing economies improves the standard of living, and the need for global power conversion has increased, which in turn forces the Increase in power generation potential of power plants when current transformers are used in electrical components, devices, and renewable sources. It helps convert current into industrial standard electrical signals, increasing the electrical components’ efficiency. As a result, these factors drive the growth of the global transformer market over the forecast period.
Driving Factors
Absorbents are the key driver which is Driving the Current transducer Market
The Current Transducer market trends for converters show a growing favorability for current converters in the form of absorbents, which can be used in various markets such as wastewater treatment, air purification, personal care products, and other products such as cosmetics. Applications may create lucrative market opportunities. Players operating in the global market will significantly expand international sites during the forecast period to 2032.
Restraining Factors
The issue that affects the market is the cost that is associated with the market products.
However, one of the major issues likely to affect the current market value of converters during the forecast period is the high costs associated with deploying market products across a wide range of industries and end-user companies. This can have an impact on your work budget. Moreover, the lack of reliable real-time information about market products poses challenges to the global marketplace and limits opportunities to engage in forecasting by market participants, industry leaders, and analysts.
By Technology Analysis
Open Loop Current Transducers measure AC and DC currents and provide galvanic isolation between the measuring circuit and the sensor’s output by measuring the primary current without making electrical contact with the primary circuit. Open-loop current transducers are generally preferred in battery-powered circuits due to their low operating power requirements and small footprint, making them less expensive than their closed-loop counterparts.
In terms of revenue in 2020, the closed segment held a 65 percent share of the global market. This is because the demand for various automated electronic devices has increased as a result of automation adoption and technological advancement. Due to its ability to regulate the system without human intervention, closed loop-based current transducers are frequently found in automated irons, air conditioners, and other electronic devices. During the forecast period, this is anticipated to drive the expansion of the closed loop-based current transducer market.
By Application Analysis
The motor drive segment dominated the global market. One of the main benefits of using a motor drive in current transducers is that it can handle more load without affecting the machine’s shelf life and is more efficient. During the forecast period, it is anticipated that these factors will increase the demand for current transducer-based motor drives and current transducers based on motor drives. With 33% of the total revenue in 2021 is the most dominant in the segment.
Note: Actual Numbers Might Vary In The Final Report
Key Market Segments
By Technology
- Open Loop current sensors
- Closed Loop current sensors
By Application
- Motor Drive
- Battery Management
- UPS & SMPS
- Converter & Inverter
- Others
By Region
- Asia Pacific
- Europe
- North America
- South America
- Middle East & Africa
Regional Analysis
The Asia Pacific Current Transducer market size is expected to grow rapidly during the forecast period, accounting for 44% of the current power transformer market share in 2021. According to a report posted by the United Nations Bureau of Statistics, China accounted for about 28.7% of the world’s home appliance production market share in 2019, and countries such as India and Australia are also among the countries where current transformers are used for power monitoring.
The department is growing rapidly. Improves the device and structural integrity of vehicles and extends their life expectancy. As industrial automation and smart cities become more prevalent, regional markets grow. For example, according to a report released by the Indian Ministry of Trade and Industry, India’s transport sector is expected to grow at a compound annual growth rate (CAGR) of 5.9%, owing to the development of highways, extensive rail network, and aviation. Ports and waterway structures.
Note: Actual Numbers Might Vary In The Final Report
North America holds the second largest market share after APAC. Increased global government support and steady openness increasing the pool of opportunities could help markets hide the tragedy and, as a result, settle for work and contributions during the chart period. Similarly, globally competent market players operating in key locations around the world are interested in innovative work drives that will help them create energetic products that will increase their market size during this period is expansion.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Market Key Players
- ABB
- Phoenix Contact(us)
- Texas Instrument Inc.
- Johnson Control Inc
- Topstek Inc
- Veris industries
- NK Technologies
- CR Magnetic
- Siemens AG
- Hobart
- Johnson controls
- Other Key Players
Recent Developments
- In May 2022, Danisense presented its latest fluxgate current transducers featuring ultra-stable precision (ppm class) for isolated DC and AC current measurements up to 200 Arms at PCIM 2022. These devices feature high-frequency bandwidths up to 2MHz and primary current ranges from 50A-200A, all while boasting significantly smaller sizes and 60% less volumes than previous product generations.
- In Jan. 2022, LEM announced in January 2022 its latest current transducer had an excellent linearity rating of 0.6ppm with an electrical offset range between 10ppm. additionally “in-house tests have demonstrated” its sensor’s capability of reaching linearity below 0.5ppm and offset ranges from +/-5ppm per its datasheet.
Report Scope
Report Features Description Market Value (2022) USD 540.3 Mn Forecast Revenue (2032) USD 792.0 Mn CAGR (2023-2032) 4.0% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Technology: Open Loop, Closed Loop; By Application: Motor Drive, Battery Management, UPS & SMPS, Converter & Inverter, Others; By End-User: Industrial, Automotive, Renewable, Residential & Commercial, Others; By Region: Asia Pacific, Europe, North America, South America, Middle East & Africa. Regional Analysis North America – The U.S. & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands & Rest of Europe; APAC- China, Japan, South Korea, India, Australia, New Zealand, Singapore, Thailand, Vietnam & Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- South Africa, Saudi Arabia, UAE & Rest of MEA Competitive Landscape ABB, Phoenix Contact, Texas Instrument Inc., Johnson Control Inc, Topstek Inc, veris industries, NK Technologies, CR Magnetic, Siemens AG, Hobart, Johnson controls, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the size of the Current Transducer Market in 2023?The Current Transducer Market size is USD 540.3 million in 2023.
What is the projected CAGR at which the Current Transducer Market is expected to grow at?The Current Transducer Market is expected to grow at a CAGR of 4.032% (2023-2032).
Which region is more appealing for vendors employed in the Current Transducer Market?The Asia Pacific Current Transducer market size is expected to grow rapidly during the forecast period, accounting for 44% of the current power transformer market share in 2022.
Name the key business areas for the Current Transducer Market.The US, Canada, China, India, Brazil, South Africa, Singapore, Indonesia, Portugal, etc., are leading key areas of operation for the Current Transducer Market.
List the segments encompassed in this report on the Current Transducer Market?Market.US has segmented the Current Transducer Market by geography (North America, Europe, APAC, South America, And Middle East and South Africa). The market has been segmented By Technology Open Loop Current Sensors and Closed-loop Current Sensors. By Application Motor Drive, Battery Management, UPS & SMPS, Converter & Inverter, and Others.
- ABB Ltd Company Profile
- Phoenix Contact(us)
- Texas Instrument Inc.
- Johnson Control Inc
- Topstek Inc
- veris industries
- NK Technologies
- CR Magnetic
- Siemens AG
- Hobart
- Johnson controls
- Other Key Players
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