Current Transducer Market Trends

Growth Drivers

• Rising sales of electric vehicles - The increasing number of electric vehicles (EVs) on the road is increasing the need for current transducers, as they are essential to critical EV operations like motor control, battery management, and charging systems.
  
  For instance, there were more than 25 million electric vehicles on the road in the world in 2022, around a 59% increase from 2021.
• Increasing adoption of renewable energy sources - In many different applications, including renewable energy systems, current transducers are crucial parts, which help in monitoring power output and distribution.
  
  As per the International Energy Agency, through 2026, about 95% of the world's electricity capacity expansion is expected to come from renewable sources.

Challenges

• Lack of accuracy - A current transducer's readings might become unstable due to shock overload, electrical surges from lightning, improper handling, or water intrusion, which makes it difficult to measure the electrical current directly.
   
• Stringent rules and regulations - The current transducer market laws are stringent and vary from country to country, which makes it challenging for transducer manufacturers to comply with these regulations and legal requirements, which include safety and electromagnetic compatibility (EMC) standards, as it adds complexity and expense to the product development and certification processes.