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.
Author Credits: Dhruv Bhatia
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