Voltage Transducer Market size is estimated to reach USD 5 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of voltage transducers was USD 2 Billion. The industry is expected to expand as a result of the rising demand for electric vehicles. For instance, global sales of electric vehicles surpassed 9 million in 2022, and sales are expected to rise by an additional 34% to over 13 million. The growing ubiquity of electric vehicles (EVs) is therefore one of the primary forces propelling the voltage transducer market's growth.
Additionally, electric vehicles are operated by electric motors and fueled by stored electricity in batteries which further increase demand for EV charging centers. At EV charging stations, voltage transducers are essential for monitoring and regulating voltage levels. Hence, with the growing demand for electric vehicles, the need for voltage transducers is also projected to grow. Furthermore, the sector is expanding as a result of ongoing technological developments, such as the creation of smaller transducers with higher precision, and better signal processing power. These developments are making it possible to detect voltage more precisely and integrate it with monitoring systems more easily, which is greatly accelerating the product's entry into a variety of industries.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6% |
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Base Year Market Size (2023) |
~ USD 2 Billion |
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Forecast Year Market Size (2036) |
~ USD 5 Billion |
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Regional Scope |
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Product (AC, DC)
In voltage transducer market, AC segment is poised to capture around 60% share by the end of 2036. The segment growth can be attributed to the growing investment in smart grids. Alternating current (AC) voltage signals may be precisely and measurably converted into output data using AC voltage transducers. In situations where AC power system control and monitoring are crucial, these transducers are indispensable. For instance, considering the Europe region, the "Digitalization of the Energy System" EU action plan was introduced by the European Commission in 2022. By 2030, it intends to have invested over USD 632 billion in the European power grid, of which about USD 183 billion will be allocated to digitalization projects like smart meters, automated grid management, digital metering technology, and enhanced field operations.
Additionally, AC Voltage transducers have a positive impact on energy efficiency in several applications. The market finds a growing niche as energy efficiency standards become more severe. This is since sophisticated transducers are required to meet these needs and reduce energy usage.
End User (Railway, Industrial Machinery, Power Plants, Electrical Vehicles)
In voltage transducer market, industrial machinery segment is estimated to hold over 40% revenue share by the end of 2036. Rising trend of Industry 4.0 is dominating the growth of the segment. Moreover, in industrial machinery, predictive and preventive maintenance techniques are becoming more and more important. As a component of condition monitoring systems, voltage transducers are used to identify anomalous voltage levels, variations, or oscillations that can point to possible equipment problems. Proactive maintenance is made possible by this, which lowers downtime and raises overall equipment effectiveness (OEE). Hence, with the rise in this segment, the voltage transducer market is expected to experience a boost.
Our in-depth analysis of the voltage transducer market includes the following segments:
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Product |
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Application |
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End User |
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APAC Market Statistics
By the end of 2036, Asia Pacific region is expected to dominate around 35% voltage transducer market share. The market growth in the region is also expected on account of growing government initiatives to boost the sale of electric vehicles. Moreover, not only the government but also various key players in this region is investing heavily in developing charging station for EVs.
Additionally, this region is also experiencing growth in investment in renewable energy. According to projections, the Asia Pacific area will be investing about USD 3 trillion in power generation over the next ten years, of which over 48% would go towards solar and wind power and approximately 11% towards energy storage. Additionally, there has been growing infrastructure development in this region which is also estimated to boost the voltage transducer market growth.
North America Market Analysis
The North American region will also register huge growth for the voltage transducer market during the forecast period and will hold the second position owing to the high demand for sophisticated electrical monitoring systems in the region, also increasing the use of big data analytics in voltage transducers for energy management applications. Furthermore, this this region is also experiencing a surge in urban population which is further increasing electricity demand, in turn creating demand for voltage transducers in this region.
Furthermore, Advanced electrical monitoring solutions are in great demand in the region, and current trends suggest that IoT technology is increasingly being used in voltage transducers for smart grid and energy management applications. Additionally, a lot of focus is placed on integrating renewable energy, which drives the creation of high-precision voltage transducers to aid in clean energy initiatives.
Author Credits: Dhruv Bhatia
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