Current Transducer Market Overview
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%. By the end of the forecast period in 2030, the market is likely to attain a market value worth USD 6.1 billion.
There has been a rise in the adoption of power management systems in data centers for improved efficiency & speed with reduced power expenditure fueling the market demand. The concept related to the functions of the current transducer market is integrated with backup power systems such as inverters and UPS systems enabling the protection of the battery at the stage of charge and offering efficiency, which increases their demand in data centers. Moreover, the presence of stringent government regulations in relation to control of data center power consumption is also one of the major factors that propel the market growth.
Current Transducer Market COVID 19 Analysis
Since the arrival and outbreak of the pandemic has assumed control over the ordinary patterns and method of living of the common person, the market players have been battling to stay aware of the trends and present new and changed preferences and demands. One of the significant issues which the various functional business sectors have looked at since the Covid outbreak is that there is the inaccessibility of talented work because of the forced lockdown of the temporary and permanent kind close by the diminished accessibility of natural resources and substances that are at last prompting a significant disturbance in the manufacturing and production network system. Additionally, there has been a decrease in the work openings individuals is encountering battles and causing inability amongst the customers to meet their every day needs also that have been presenting significant issues for development for the worldwide market tasks by the end of the forecast period in 2027.
The rising global government support and the steady open area that increases the pool of opportunities drives are probably going to help the market cover the misfortunes and consequently, make do on the working and contributions during the figure time frame. Likewise, the globally competent market players that are functioning in major worldwide locations are expanding their interest in the innovative work drives that will help in creating energetic items that will improve the market size in the period.
The current transducer market trends show a growing preference for a current transducer in the form of adsorbents and an array of market applications such as wastewater treatment, air purification, personal hygiene products, and others like cosmetics is likely to create lucrative opportunities for the market players that are operating in the global market which will lead to a massive expansion in the global locations during the forecast period that will be ending in 2030.
However, one of the major issues that might hamper the current transducer market value during the forecast period is that the high cost associated with the employment of the market products in a huge lane of industries and end-use companies might hamper the overall functioning budget. Further, the absence of reliable and real-time information regarding the market products is posing challenges for the global market and curbing the opportunities to dwell upon as per the predictions laid by the market players and industry leaders, and analysts.
The technological aspects of the current transducer market suggest that there has been wide adoption of industrial robots and an increase in the trend of hybrid vehicles in the automotive industry driving the current sensor market growth. However, the rise of technical issues and high costs associated with current sensors across the globe hamper the market growth that has been projected for the period. On the contrary, the rapid adoption of 5G technology increases demand for closed-loop current sensors, which is expected to create lucrative opportunities for the current transducer market.
- The global current transducer market report helps to extend the modern extent of the market dependent on the impacts of the pandemic available tasks and the elements as drivers, openings, and restrictions accessible to the market during the review period of 2022-2030.
- The global market report helps to comprehend the market division that is useful in mushrooming worldwide areas that will influence the worldwide market valuation before the finish of the period and influence the choice of the expected financial backers on a worldwide scale.
- The market analysis helps to concentrate on the new improvements of the competent players of the market during the period and draw a cutthroat degree that wins dependent on the worldwide market working before the finish of the forecast period in 2030.
The current transducer market trends are likely to be the maximum due to the splendid performance of the market segments for various consumer groups and in different locations. The market segmentation is:
- Motor Drive
- Battery Management
- UPS & SMPS
- Converter & Inverter
- Residential & Commercial
- Asia Pacific
- North America
- South America
- Middle East & Africa
The APAC regional market had accounted for the largest share of the global current transducer market during the forecast period that had ended in 2019 and is expected to witness significant growth during the current review period. The market in the Asia Pacific is estimated to be the largest in the current transducer market owing to the regional emergence of factors such as increasing adoption of renewable resources, electric vehicles, control & protecting systems, and industrial automation are driving the growth of market in the APAC region.
Also, the European region is likely to undergo prominent current transducer market growth due to the increasing use of oil, gas, and nuclear power in various industries.
There has been a huge degree of demand noted for the current transducer market share in the global market premises. The report helps to draw a competitive market graph amongst the following market companies:
- LEM (Switzerland)
- NK Technologies (US)
- Phoenix Contact (US)
- Veris Industries (US)
- CR Magnetic (US)
- The current transducer market, by application, is segmented into motor drive, battery management, SMPS & UPS, converter & inverter, and others. The converter and inverter segment of the global market is projected to be the fastest-growing application segment during the forecast period that ends in 2027. There has been a wide adoption of renewable technology is driving the demand for the converter & inverter segment. The power that is generated through renewable sources is either stored or transferred to the grid; in both processes, converters & inverters are required for the conversion of power. There has been a rise in the growth of renewable energy sources across the globe is driving the market for the converter & inverter segment.
- The current transducer market, by end-user, is segmented into industrial, automotive, renewable, residential & commercial, and many others. The renewable industry segment is estimated to be the fastest-growing market for current transducers. The global market is driven by the rise in alternative energy programs in Europe, Asia Pacific, and North America.
- Out of the global market segments, the market demand for the closed-loop current transducer could contribute to market expansion through 2027 driven by the rising technological advancements. These current transducers are increasing owing to the employment to offer higher noise immunity and accuracy. They are also used for the measurement of a continuous current that is equal to or less than the nominal current. Soaring adoption in consumer electronics, medical, and the defense sector along with the higher penetration in robotics will put a strong impetus to industrial growth.
- Based on the application, the converter & inverter segment is likely to emerge as a profitable avenue for the current transducer market during the ongoing period. It can be attributed to the increasing deployment of renewable technology.
- current transducer traders, suppliers, and manufacturers
- Traders, wholesalers, and distributors of current transducer
- Research firms and development institutes
- Banks, venture capitalists, financial institutions, and other investors
- Companies related to current transducer manufacturing
- End-use industries
- Government and industry associations
- Government and research organizations
- Manufacturing industry
- Potential market buyers and investors
- Raw material distributors and suppliers
- Nationalized laboratories and public sector utilities
The current transducer market value is likely to attain good growth as discussed by the market report. The main aim is to study the rising prevalence of resources that are ensuring the smooth functioning of the market players and meeting the rising needs of the target audience to maintain market equilibrium. The global market report discusses prominent factors that give rise to global competition and the recent developments in the industry in the forecast period.