Current Transducer Market size was over USD 559.85 Million in 2023 and is set to exceed USD 1078 Million by the end of 2036, growing at over 5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of current transducer is assessed at USD 599.70 Million.
It's thought that the increased need for current transducers that enable precise energy monitoring and optimization is being driven by the world's expanding power consumption.
These transducers help identify inefficiencies in energy use and help implement strategies to reduce costs and consumption.
According to the International Energy Agency, the effects of the COVID-19 epidemic caused the worldwide power demand to decline by almost 1% in 2020; however, the global economic recovery propelled the growth of nearly 5% in 2021 and 4% in 2022.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5% |
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Base Year Market Size (2023) |
USD 559.85 Million |
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Forecast Year Market Size (2036) |
USD 1078 Million |
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Regional Scope |
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Current Transducer Segmentation
End-User (Industrial, Renewable, Automotive, Residential and Commercial)
Industrial segment is likely to capture over 45% current transducer market share by 2036. The segment growth can be ascribed to the growing medical devices sector. For instance, the global medical device market is expected to expand by over 5% between 2024 and 2029.
This significantly boosts the demand for current transducers, as they are essential in medical devices including MRI machines, and CT scanners that require accurate current measurement.
Transducers are used in phonocardiography and other heart sound detection and recording systems and are also known to offer a catheter-to-monitor interface that enables the measurement of intravascular and intracardiac pressure.
Technology (Closed Loop, Open Loop)
The open loop segment in current transducer market is estimated to register substantial revenue through 2036. The major factor for the expansion of the segment is rising industrial automation. For instance, global productivity will increase through automation by around 0.7% to 1% per year.
The foundation of open-loop current sensors is the measurement of the magnetic field produced by a conductor's current flow, which is extensively utilized in process monitoring and motor control in industrial automation.
In addition, the purpose of closed-loop systems is to induce a compensatory current in the secondary coil, that is used in industrial automation for overload protection, current regulation, and motor control.
Application (Inverter and Converter, UPS and SMPS, Battery Management, Motor Drive)
By the end of 2036, motor drive segment is set to dominate around 35% current transducer market share. Recent years have seen a notable increase in the market demand for current transducers because of their use in several industries, including motor drive to maximize motor driving performance and power efficiency.
Our in-depth analysis of the global market includes the following segments:
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Technology |
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Application |
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End-User |
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APAC Market Statistics
Asia Pacific in current transducer market is expected to capture over 40% revenue share by 2036. The market growth in the region is also expected on account of rapid urbanization. For instance, over 50% of Asia's population will live in cities by 2030.
As a result, there is increasing power consumption in urban areas, which is likely to create a huge demand for current transducer market in the region.
According to the World Bank, with an average yearly urbanization rate of 3%, East Asia and the Pacific are the regions that are urbanizing the fastest in the world.
China's advancements in the construction of smart grid networks are encouraging, which rely heavily on current transducers to keep an eye on and control the flow of electricity within their infrastructure, which enhances their dependability and efficiency.
As per the data published by the International Energy Agency, China intends to invest USD 442 billion between 2021 and 2025 to develop and modernize its electricity networks.
As part of its "go green" initiative to position Japan as a leader in environmental and energy sustainability, the Japanese government is working to improve the grid system's dependability, which is expected to boost current transducer market demand.
The market may expand in Korea since the foundation of the region’s economy is manufacturing, which has led the way for decades in the country's status as a worldwide industrial powerhouse owing to sectors including ICT, electronics, heavy machinery, oceangoing ships, automobiles, materials, and construction.
European/APAC Market Analysis
The Europe region will also register tremendous current transducer market revenue shortly fueled by the increasing emphasis on energy efficiency in this region.
For the EU to reach carbon neutrality by 2050, it must increase energy efficiency and decrease energy use more quickly, which has driven the need for current transducers as they are distinguished by their efficient use of energy and low power consumption.
Germany may see a rise in the use of current transducers since in 2023, almost 36 billion euros were invested in renewable energy projects.
Similarly, Italy has effectively integrated significant amounts of variable renewable generation and is still investing in energy infrastructure and development.
The current transducer market consists of many key players who are launching various strategic initiatives to expand their market position in the industry.
Author Credits: Dhruv Bhatia
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