Global Current Transducer Market is expected to grow at a robust CAGR.
Global Current Transducer Market is expected to grow owing to increasing
demand for electrical vehicles throughout the forecast period.
According to TechSci Research report, “Current Transducer Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”,
the Global Current Transducer Market is expected to register robust growth during the forecast period owing to
rapid population growth in both developed and developing economies, coupled
with improvements in the standard of living and the increasing global power
consumption, has driven the need for power plants to enhance their capacity for
electricity production. Current transducers play a crucial role in electrical
devices and components by converting current into industrial standard
electrical signals, thereby boosting the overall efficiency of electronics
components. This factor is expected to drive the growth of the current
transducer market during the forecast period.
With the increasing
emphasis on sustainability and the shift towards cleaner energy sources, there
has been a substantial rise in the implementation of renewable energy systems
such as solar and wind power. Current transducers play a vital role in monitoring
and controlling the electrical currents in these systems, presenting an
opportunity for manufacturers to meet the growing demand for efficient and
reliable current measurement devices. Furthermore, the integration of current
transducers with Internet of Things (IoT) platforms and connectivity solutions
offers a chance to enhance the functionality and data accessibility of these
devices. IoT-enabled current transducers can provide valuable insights into
energy consumption patterns, predictive maintenance, and energy efficiency
optimization, thereby opening up new opportunities for market players.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Current Transducer Market"
The Global Current
Transducer Market is segmented based on technology, application, end user and region.
Based on technology, the market is bifurcated into open loop and closed loop. Based
on application, the market is bifurcated into inverter & converter, ups
& smps, battery management, motor drive and others. Based on application,
the market is bifurcated into industrial, renewable, automotive, residential,
commercial and others. Based on region, the market is further bifurcated into
North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on technology, Open Loop segment is expected to dominate the market during the forecast period. In
the context of the global current transducer market, the term "Open
Loop" refers to a type of current transducer that operates without the
necessity of a magnetic core or a closed magnetic circuit. Instead, open-loop
current transducers utilize external components to measure the current flowing
through a conductor. These transducers offer several advantages, including wide
bandwidth, rapid response time, and excellent linearity. Open-loop current
transducers find application in various fields such as motor drives, renewable
energy systems, power quality monitoring, battery management, and high-power
electronics. Moreover, open-loop current transducers are non-intrusive,
obviating the need for direct electrical contact with the current-carrying
conductor. This non-contact design mitigates the impact on the measured circuit
and mitigates the risk of introducing measurement errors.
Based on application, Motor
Drive segment is projected to dominate the market throughout the forecast
period. Current transducers play a vital role in motor drive systems, precisely
measuring the current flowing through the motor's windings. This measurement is
critical for a range of motor control and protection applications. Motor drive
applications necessitate high-accuracy and linear current transducers to ensure
precise control of motor parameters. This accuracy is crucial for upholding
motor efficiency and mitigating issues like overheating or stalling. Motors
often undergo dynamic and transient currents during start-up, acceleration,
deceleration, and sudden load changes. Therefore, current transducers in motor
drives must exhibit fast response times to accurately capture these dynamic
currents. Apart from motor control, current transducers also serve a protective
role, monitoring the motor's current to detect abnormal conditions such as
overcurrent, short circuits, and ground faults. By triggering protective
measures, these transducers prevent motor damage and system failures.
Key market players in
the Global Current Transducer Market are:-
- Asea Brown Boveri Ltd.
- American Aerospace Controls Inc.
- Hobut (Howard Butler Ltd)
- Johnson Controls, Inc.
- Neilsen-Kuljian Technologies, Inc.
- Ohio Semitronics, Inc.
- Siemens AG
- Texas Instruments Incorporated
- Topstek Inc.
- Veris Industries LLC
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“North
America has played a pivotal role in the global current transducer market. With
its stringent safety standards and regulations across various industries, it
becomes imperative for current transducers used in safety-critical applications
to meet these standards, ensuring reliable and secure operation. Technological
advancements, industrial automation, energy efficiency initiatives, and the
growing adoption of electric vehicles and renewable energy sources are driving
the North American market for current transducers.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Current Transducer Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028
Segmented By Technology (Open Loop and Closed
Loop), By Application (Inverter & Converter, UPS & SMPS, Battery
Management, Motor Drive and Others), By End User (Industrial, Renewable,
Automotive, Residential, Commercial and Others), By Region,” has evaluated the future growth potential of Global Current Transducer Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Current Transducer Market.
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