Current Transducer Market Scope

The Current Transducer Market share is likely to witness a huge expansion during the forecast period of 2022-2030. The market is expected to attain a global CAGR that accounts for 4.50%.

Growth Boosters and Main Barriers

The current transducer industry is expanding on the back of growing investments in setting up and development of sustainable energy as well as battery powered establishments. The currently ongoing technological advancements in automotive electronic control system combined with the emergence of hybrid electric vehicles or HEV can enhance the business scenario in the approaching years.

The global market also stands to benefit from the large scale commercialization in the IOT industry in conjunction with the rising deployment of current transducers in Hall Effect current sensors. The current transducer market share can also increase in the coming years, owing to favorable regulations pertaining to sustainable energy as well as low carbon emission. The surge in investments by government and private sectors in research and development is likely to aid in market growth. These norms are also touted to leave a positive impact on the automobile segment, given the rising adoption of EV and HEV vehicles in the United States (U.S), Germany, China, and others.

Most of the eminent players are constantly adopting numerous expansion strategies such as business collaboration, product development and merger and acquisition, which sway the market in the right directions. Apart from this, soaring demand for integrated and fully programmable sensors in the automotive industry can lead to massive revenue generation in the current transducer market during the review period.

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Global Current Transducer Market Segmentation

The primary segments based on which the current transducer market has been covered in the report are technology, application, and end-use.

The various technologies discussed in the report are closed loop and open loop. Closed-loop current transducer’s share in the market will note a higher escalation because of its wide bandwidth, high accuracy linearity, low gain drift as well as quick response time. With these properties, closed-loop sensors are finding extensive use in industries like medical, aerospace defense, railways, consumer electronics, automotive, and more.

The main applications of current transducers are motor drive, converter inverter, switched-mode power supply (SMPS), uninterruptible power supply (UPS), battery management, and others. The converter inverter segment can achieve the highest expansion rate in the coming years, on account of the increasing adoption of renewable technology.

Depending on the end-user segment, the global market has been split into industrial, automotive, transportation, renewable energy, and others. The renewable energy segment can potentially expand at the highest rate, given the rising need for renewable energy sources in Europe, Asia Pacific and North America, in the backdrop of mounting environmental concerns among people. Also, the number of alternative energy programs in these regions has increased considerably over the years, which also give a substantial boost to the segmental growth in the market.

Regional Insight

The primary markets for current transducer across the globe are Asia Pacific (APAC), Europe, North America, South America and the Middle East Africa (MEA).

APAC is the most lucrative market for current transducer, thanks to the high demand for consumer electronics such as household appliances, electronic instruments and more. The strong economic growth across Japan, India, South Korea and China has led to the evolution of cloud connectivity systems, which can boost the market demand in the region. Intense technological competition in the industry to come up with cost effective products and the growing product adaptability can augment the market position in the following years.

In North America, factors such as surging adoption of renewable resources, control protecting systems, industrial automation and electric vehicles are bound to foster the growth of the current transducer market. The market benefits primarily from the high investments in large-scale renewable power projects and the efforts put in by the government in diversifying the energy generation mix, while bringing down the carbon emission.

Significant Players

Some significant contributors to the market growth for current transducer include CR Magnetic (US), Siemens (Germany), Hobart (UK), Phoenix Contact (US), NK Technologies (US), ABB (Switzerland), American Aerospace Control (CR) (US), Johnson Controls (Ireland), Texas Instrument (US), Topstek (Taiwan), Veris Industries (US), IME (Nepal), and others.