Current Transducer Market Share

APAC Market Statistics

Asia Pacific industry is expected to account for largest revenue share of 40% by 2037. 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.