Global Current Transducer Markets; 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

Report Overview

The Global Current Transducer Market size is expected to be worth around USD 794 million by 2032 from USD 540.3 million in 2023, growing at a CAGR of 4.03% 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.

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 current 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 favourability 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.

COVID-19 Impact

Since the advent and outbreak of the covid-19 pandemic has assumed management over the regular styles and technique of dwelling of the not unusual place person, the marketplace gamers have been struggling to live aware of the developments and gift new and modified choices and demands.

One of the vast troubles which the diverse purposeful commercial enterprise sectors have checked out for the reason of the Covid-19 outbreak is that there’s the inaccessibility of gifted paintings due to the pressured lockdown of the transient and everlasting type nearby the faded accessibility of herbal assets and materials which are at final prompting a vast disturbance withinside the production and manufacturing community system.

Additionally, there was a lower withinside the painting’s openings. People are encountering battles and inflicting incapacity among the clients to satisfy their everyday desires additionally, which have been supplying vast troubles for end-use industries and for improvement for the global marketplace duties through the top of the forecast length in 2027. Government policies controlling the monitoring of data center power usage are also expanding the current transducer market growth during the given period.

The growing international authorities guide and the constant open region that will increase the pool of possibilities drives are likely to assist the marketplace in solving the misfortunes and, consequently, making do at the running and contributions throughout the discern time frame. Likewise, globally in a position marketplace, gamers who are functioning in important international places are increasing their hobby withinside the revolutionary paintings drives a good way to assist in growing lively gadgets a good way to enhance the marketplace length withinside the length.

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.

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.

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:

• North America
  • The US
  • Canada
  • Mexico
• Latin America
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• APAC
• • China
  • Vietnam
  • Japan
  • Indonesia
  • South Korea
  • India
  • Australia & New Zealand
  • Singapore
  • Thailand
  • Malaysia
  • Philippines
  • Rest of APAC
• Middle East & Africa
  • Algeria
  • Egypt
  • United Arab Emirates
  • Saudi Arabia
  • Kuwait
  • Nigeria
  • Israel
  • South Africa
  • Turkey
  • Rest of the Middle East and Africa.

Recent Developments

By application, the power converter market is segmented into motor drives, battery management, SMPS and UPS, converters and inverters, and others. The converters and inverters segment of the global market is projected to be the fastest-growing application segment during the forecast period to 2027. The widespread adoption of renewable technologies is increasing the demand for converters and inverters segment.

Electricity generated from renewable energy sources is either stored or supplied to the grid. Both processes require converters and inverters for energy conversion. Global growth in renewable energy sources is driving the market for the converters and inverters segment. This is responsible to drive the growth of the closed-loop power converter segment during the forecast period. Based on technology, the closed loop segment will hold the largest market share with nearly two-thirds of the global power converter market share in 2021, and is expected to maintain its position during the forecast period.

The Current Transducer market share is segmented by end-user into industrial, automotive, renewable energy, residential and commercial, etc. The renewable industry segment is considered the fastest-growing power converters market. The global market is driven by the growth of alternative energy programs in Europe, Asia Pacific, and North America. From the global market segment, the market demand for closed-loop power converters is likely to contribute to the market expansion by 2027. This is facilitated by increasing technological advances. These current transformers are increasing in use to provide higher noise immunity and accuracy. They are also used to measure continuous currents below the rated current.

Rising adoption in consumer electronics, medical, and defense and increasing penetration of robotics provide a powerful impetus for industrial growth. From the global market segment, the market demand for closed-loop power converters is expected to contribute to the market expansion by 2027. This is facilitated by technological advances. These current transformers are increasingly used to provide higher noise immunity and accuracy. It is also used to measure continuous current below rated current. Rising adoption in consumer electronics, medical, and defense sectors and the increasing prevalence of robotics are providing a powerful impetus to the growth of industry and market size.

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

Report Scope: