ID: MRFR/E&P/7147-HCR | February 2021 | Region: Global | 111 pages
Current Transducer Market size is projected to reach USD 986.3 Million by 2027, with 3.76% CAGR between 2020 and 2027.
The major driving factor for the global current transducer market include technological developments in the current transducer industry, increasing use of battery-powered applications, and high cost associated with production breakdown in the industrial sector. For instance, growing advancements in current transducers, through implementing fluxgate technology in transducers for the precise current measurement.
The Key Players operating in the Global Current Transducer Market are ABB (Switzerland), CR Magnetic (US), Siemens (Germany), IME (Nepal), Phoenix Contact (US), NK Technologies (US), Topstek (Taiwan), American Aerospace Control (CR) (US), Johnson Controls (Ireland), Texas Instrument (US), Hobart (UK), Veris Industries (US), and LEM (Switzerland).
Major players such as ABB, LEM, and Siemens are actively focusing on new product development as well as entering into contracts to offer competitive current transducer. For instance, the new IN 2000 current transducers from LEM (Switzerland), the new and improved product is the integration of maximum performance of signal processing in the digital domain and new approach of architecture of current cancellation at the fluxgate drive frequency. These features of advanced current transducer LEM are likely to drive the market during the forecast period. Also, increasing demand for control and monitoring systems will present an opportunity for the current transducer market players. However, the increasing use of integrated products, limiting the use of the current transducer is expected to act as a restraint for the global current transducer market.
The Global Current Transducer is segmented based on technology, application, and end-use. By technology, the global market includes closed loop and open loop. The closed-loop segment is expected to hold the largest share as closed-loop current transducers are relatively technologically advanced and preferred over open-loop current transducers despite high cost. By application, the global market is segmented into converter & inverter, motor drive, battery management, switched-mode power supply (SMPS) and uninterruptible power supply (UPS), and others. The converter & inverter segment is expected to grow with the highest CAGR during the forecast period as these are highly compatible with renewable energy generation. Moreover, based on end-use, the global market is segmented into industrial, transportation, renewable energy, automotive, and others. The renewable energy segment is expected to grow at the highest rate as renewable energy generation is significantly prevalent in North America, Europe, and Asia-Pacific, which is likely to drive the current transducer market during the forecast period.
Current Transducer Market Segmentation
The Global Current Transducer Market is expected to witness high growth during the forecast period owing to the technological advancements in current transducers and increasing use of battery-powered applications in the renewable energy sector.
The current transducer is a device which converts current into a proportional industrial standard electrical signal. The current transducer is used to apply high inductive current measurement in the regulation and control systems, by acting as current sensing transducer. The major components of the current transducer include conversion component, conversion circuit, power circuit, and sensitive component. Current transducer can also be classified into AC current transducer and DC current transducer. The major functions of the current transducer are isolated function, safety function, a conversion function, and enhanced signal for distance transfer.
By region, the Global Current Transducer Market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific dominated the current transducer in terms of market share owing to increasing demand for energy and the continuous efforts for increasing the share of renewable energy generation. As per the International Renewable Energy Agency, Asia-Pacific accounted for more than 50% of the world’s renewable generating capacity in 2017. Moreover, renewable energy capacity reached nearly 9,168 GW in 2017, with China and India contributing the highest in the Asia-Pacific region. Also, key countries in Asia-Pacific such as India, China, and Australia are focusing on renewable energy sources including wind, bioenergy, solar, and hydropower due to the environmental concerns, price volatility, and security of supply. Such factors are expected to drive the current transducer market in the region.
|Market Size||2027: USD 986.3 Million|
|CAGR||3.76% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), CR Magnetic (US), Siemens (Germany), IME (Nepal), Phoenix Contact (US), NK Technologies (US), Topstek (Taiwan), American Aerospace Control (CR) (US), Johnson Controls (Ireland), Texas Instrument (US), Hobart (UK), Veris Industries (US), and LEM (Switzerland)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The gobal current transducer market is estimated to value USD 986.3 million by the end of 2027.
The global current transducer market is estimated to record a CAGR of 3.76% during the forecast period.
The technological advancements and growing usage of battery-powered applications are a few of the most significant factors driving the global current transducer market.
The global current transducer market can be segmented on the basis of application, technology, end-use, and region.
The most established players of the market are ABB (Switzerland), CR Magnetic (US), Siemens (Germany), IME (Nepal), Phoenix Contact (US), NK Technologies (US), Topstek (Taiwan), American Aerospace Control (CR) (US), Johnson Controls (Ireland), Texas Instrument (US), Hobart (UK), Veris Industries (US), and LEM (Switzerland).