NEW YORK, May 24, 2024 /PRNewswire/ — The global current transducer market size is estimated to grow by USD 140.59 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.95% during the forecast period.
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Technology (Closed loop and Open loop), End-user (Industrial, Utility, Automotive, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) |
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Region Covered |
APAC, Europe, North America, South America, and Middle East and Africa |
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Key companies profiled |
ABB Ltd., Allegro MicroSystems Inc., Asahi Kasei Microdevices Corp., CR Magnetics Inc., Honeywell International Inc., Howard Butler Ltd, Kohshin Electric Corp., LEM Holding SA, Melexis NV, MultiDimension Technology Co. Ltd., Ning Bo Sinomags Electronic Technology Co Ltd., NK Technologies, Phoenix Contact GmbH and Co. KG, Schneider Electric SE, Siemens AG, TDK Corp., Texas Instruments Inc., Yageo Corp., Infineon Technologies AG, Johnson Controls, and Danisense |
Key Market Trends Fueling Growth
The current transducer market experiences significant growth due to advancements in sensor technology. Enhanced sensitivity and linearity in current sensors enable improved performance and reliability in dynamic and high-precision applications, such as motor control, renewable energy systems, and power electronics. Modern sensor technologies extend frequency response, allowing accurate measurement of high-frequency currents in telecommunications, aerospace, and power electronics.
Key sectors driving market growth include the power sector, industrial automation, process control, machinery monitoring, robotics, factory automation, renewable energy systems, energy production, energy efficiency initiatives, and electronic components. Applications in electric vehicles, battery management, motor control, charging systems, safety regulations, and compliance standards further expand market opportunities.
Environmental concerns and battery technology advancements also contribute to market growth, with a focus on energy-efficient practices, carbon emissions reduction, sustainability, and clean energy generation. Smart grid systems, grid optimization, efficiency, speed, power expenditure, backup power systems, inverters, and battery protection are additional areas of market expansion.
Market Challenges
- The current transducer market caters to various sectors, including medical and defense, with a focus on minimizing electromagnetic interference (EMI) and radio frequency interference (RFI). Effective shielding and filtering mechanisms are essential for current transducers in industrial settings, where motors, transformers, and power lines generate EMI. RFI, originating from wireless communication systems and radio transmitters, affects current transducers in wireless and IoT applications, introducing noise and reducing measurement accuracy.
- Manufacturers must implement robust filtering techniques and frequency-selective circuits to mitigate these interferences. The current transducer market encompasses applications in aviation, defense, therapeutic, automobile, railways, consumer durables, renewables, and power generation, aiming for carbon emission reduction, productivity enhancement, and adherence to regulations.
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Segment Overview
- Technology
- 1.1 Closed loop
- 1.2 Open loop
- 2.1 Industrial
- 2.2 Utility
- 2.3 Automotive
- 2.4 Others
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Closed loop- The Current Transducer Market encompasses various technologies, primarily focusing on the Power sector for electric parameter measurement. Industrial automation, process control, and machinery monitoring are key applications, with robotics and factory automation also utilizing current transducers for motor control and charging systems. In the renewable energy sector, energy production and efficiency initiatives rely on current transducers for battery management and grid optimization.
Electronic components, including current transducers, have seen increased demand due to lockdowns and the rise of electric vehicles (EVs), necessitating fault detection and battery protection. Environmental concerns and sustainability drive the market, with clean energy generation and smart grid systems prioritizing accuracy, sensitivity, and miniaturization. Compliance with safety regulations and standards is crucial, as is the ability to withstand extreme temperatures and environmental conditions in industries such as automotive, aerospace, and industrial manufacturing.
The open loop segment offers basic current measurement, while closed-loop current transducers provide linearity, fault detection, and improved efficiency, speed, and power expenditure in backup power systems and inverters. The talent pool and natural resources expand with work openings in the open sector, while adsorbents and wastewater treatment industries also utilize current transducers for various processes.
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Research Analysis
The Current Transducer Market in the power sector plays a significant role in electrical parameter measurement and industrial automation. These devices are essential for process control in machinery monitoring and robotics applications. In the realm of factory automation, current transducers enable efficient management of renewable energy systems by measuring the current flow and power expenditure.
Market demand for current transducers is driven by the need for backup power systems, such as inverters, which require precise current measurement for battery protection. Current transducers are also integral to motor control systems, where they monitor motor load and motor drive efficiency. The reduction of carbon emissions in the nation is another factor fueling the market growth, as current transducers are used extensively in solar energy systems to optimize power generation.
Market Research Overview
The Current Transducer Market encompasses solutions that convert electrical current into a proportional output signal, typically a voltage or a current. These transducers play a crucial role in various industries, including power generation, automotive, industrial automation, and healthcare. The market is driven by factors such as increasing demand for energy efficiency, growing adoption of renewable energy sources, and advancements in sensor technology.
Current transducers are used in applications like power monitoring, current measurement in motors and generators, and process control. The market is expected to grow significantly due to the rising need for accurate and reliable current measurement in various sectors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Technology
- Closed Loop
- Open Loop
- End-user
- Industrial
- Utility
- Automotive
- Others
- Geography
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Website: www.technavio.com/
SOURCE Technavio
