Voltage Transducer Market Trends

Growth Drivers

• Growing demand for renewable energy - Between 2022 and 2027, there is a projected rise in worldwide renewable capacity of almost 2 399 GW, or nearly 74%. To drive and regulate energy from renewable sources in the most energy-efficient manner, power electronics must be used. Precise synchronization between the power semiconductors, feedback sensors, mechanics, and system controllers is necessary in modern systems. Therefore, the voltage transducer market demand is estimated to rise significantly.
• Surge in integration of IoT - One of the most talked-about and crucial elements of any digitization process that is quickly emerging is the Internet of Things (IoT). Sensors, communication (the Internet), and user interfaces for data processing are the three most crucial elements that make up the Internet of Things. Nowadays, Internet of Things applications can be found in almost every area, including healthcare. Hence, their integration has been also observed in voltage transducers.
  
  Remote monitoring and control are made possible by the combination of voltage transducers and Internet of Things (IoT) technology. Opportunities for proactive maintenance and improved energy efficiency are improved by this dynamic. As a result, with, the voltage transducer market demand is set to observe growth over the coming years.
• Rise in automation of industry - Industrial automation is the application of technologies, procedures, and frameworks to automate and optimize a range of industrial activities, from production and manufacture to logistics and upkeep. Automation technology makes production processes precise and continuous, which lowers variability and improves product quality. This is especially important in sectors where accuracy and consistency are crucial, including the automobile, electronics, and pharmaceutical industries.
  
  However, one of the most important components of industrial automation is the voltage of the power supply. Hence, voltage transducers are critical components in automation systems. Therefore, there are growing prospects as a result of the growing demand for accurate and reliable voltage measurement as more and more sectors adopt automation.

Challenges

• Incorporation of strict regulations & disruption of supply chain - Transducer designs and production processes may need to be significantly modified in response to changing rules and standards within the electrical and electronics industry. Moreover, the production and distribution of voltage transducers were delayed as a result of the pandemic's global disruption of supply chains. Also, currently obtaining raw materials and components presented difficulties for manufacturers on account of growing country disputes, which affected their capacity to satisfy consumer demand.
• Growing competition for alternative industries, restricting the market’s growth.
• Increasing risk of cyber security, impedes the voltage transducer market growth.