Current Transducer Market Size, Industry Share, Forecast Report, 2032

Current Transducer Market Insights

According to the report published by Zion Market Research, the global Current Transducer Market size was valued at USD 261.24 Million in 2023 and is predicted to reach USD 384.9 Million by the end of 2032. The market is expected to grow with a CAGR of 4.4% during the forecast period. The report analyzes the global Current Transducer Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Current Transducer industry.

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Global Current Transducer Market: Overview

Current transducer transforms electrical signals (direct or alternating current) into a proportionate electrical signal of industrial standard. It modifies the input on a primary conductor to a different type of signal on the secondary conductor. Current transducers can operate actively with external power or passively without external power.

Global Current Transducer Market: Growth Factors

The global current transducer market is growing at a significant rate. Factors such as rapid industrialization in developing countries, expansion of automotive industries at a rapid rate, and growing demand for closed-loop current transducers owing to its advantages are driving the growth of the global market. In the industrial environment, there is a lot of interference that causes measurement signals to be inaccurate. The current transducers can get rid of such interferences so that the measured signal can be fully represented by the output signal. In addition to this, the current transducers enhance the week current long distance transfer of the output signal. Further, the current transducers also have a safety function which enables to go into protection mode when it experiences current impact or high voltage. Current transducers play a vital role in several different industry systems which have led to a rise in the adoption of current transducers across several industries. This is boosting the growth of the global current transducer market.

Moreover, the rise in sales of hybrid & electric vehicles, growing use of consumer electronic applications including electronic & household appliances, and several expansion strategies of the market players are propelling the growth of the global market. Furthermore, technological advancements in the current transducer industry with the growing need for control and monitoring systems will create lucrative opportunities for the growth of the global current transducer market over the forecast period. However, the easy availability of integrated products and their growing use may limit the growth of the global current transducer market.

The Covid-19 pandemic has enforced most of the countries to implement nationwide lockdown and restrictions on movement to curb the spread of the infection. Most of the industries ceased all their operational, developmental, and production units during the first half of the year 2020. Thus, the demand for current transducers declined considerably. Though with ease in restrictions, the global market witnessed steady growth with all the industries operating smoothly, the subsequent waves in most of the countries are hampering the growth of the market.

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Global Current Transducer Market: Segmentation

The global current transducer market is fragmented based on application, technology, end-user, and region.

Based on the application, the global current transducer market is segregated into converter & inverter, UPS & SMPS, battery management, motor drive, and others.

The technology segment consists of a closed loop and an open loop.

Based on the end-user, the global market is bifurcated into residential & commercial, renewable, automotive, industrial, and others.

Current Transducer Market: Report Scope

Global Current Transducer Market: Regional Analysis

Regionally, Asia Pacific is estimated to hold the largest share in terms of revenue in the global current transducer market during the forecast period. Emerging projects of smart cities and industrialization in countries Japan, China, and India are the prime factors that have led to an increase in demand for the current transducers thereby boosting the growth of the market in this region.

In addition to this, major players seeking business expansion in this region and adoption of industrial 4.0 across several industries are also some of the factors that are equally contributing to the growth of the market in Asia Pacific region. The market growth in North America is estimated to witness a steady growth and emerge with the rise in demand for the current transducers with a rapidly expanding industrial sector. Europe, on the other hand, is anticipated to account for a significant share with the advancements in technology in the industrial sector and rising sales of electric vehicles.

Global Current Transducer Market: Competitive Players

Some of the key participants that are operating in the global current transducer market are;

• Phoenix Contact
• Veris Industries
• NK Technologies
• CR Magnetic
• LEM
• Honeywell
• ABB
• Hobut
• Texas Instruments
• Siemens

The global current transducer market is segmented as follows;

By Application Segment Analysis

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

By Technology Segment Analysis

• Closed Loop
• Open Loop

By End-User Segment Analysis

• Residential & Commercial
• Renewable
• Automotive
• Industrial
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.