Current transducer market to reach USD 986.3 million by

Pune, June 09, 2021 (GLOBE NEWSWIRE) – Current Transducer Market Analysis

Market Research Future (MRFR) predicts the Global Current Transducers Market Size To Reach USD 986.3 Million At A CAGR Of 3.76% from 2020 to 2027 (forecast period).

A current transducer is an electrical device that converts current into an industry standard proportional signal. By serving as a current sensing transducer, the current transducer is used to apply high inductive current measurement in regulation and control systems. The conversion component, the conversion circuit, the power supply circuit and the sensitive component are the main components of a current transducer. Current transducer can also be classified as AC transducer and DC transducer. Isolated function, safety function, convert function and increased signal for distance transfer are the main functions of current transducer.

Technological advancements in today’s transducer industry, the increased use of battery-powered applications and the high costs associated with shutting down production in the industrial sector are the major driving factors for the world current transducer market. Growing developments in current transducers, for example, incorporating fluxgate technology in transducers for accurate current measurement.

Large companies, including ABB, LEM and Siemens, are actively launching new products and contracting to supply competitive current transducers. For example, the new IN 2000 current transducers from LEM (Switzerland), the new and improved product combines the maximum performance of signal processing in the digital domain with a new approach to the current cancellation architecture at the frequency of fluxgate drive. These features of LEM advanced current transducer are expected to drive the market throughout the forecast period. In addition, the growing demand for control and monitoring systems will create an opportunity for current participants in the transducer market. However, the increasing use of integrated devices, which limit the use of current transducers, is likely to be a hindrance for the global current transducer market.

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Impact of COVID-19 on the Global Current Transducer Market

The implementation of a set of regulations by governments around the world to deal with the COVID-19 outbreak, including a complete shutdown of manufacturing units, is expected to have an effect on the growth of the global transducer market. current.

Competitive landscape

The global current transducer market is relatively fragmented and competitive, with a number of global and regional players. To maintain their position in the market, industry players are investing heavily in technological improvement, global expansion, and mergers and acquisitions.

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Market segmentation

The global current transducer market has been segmented on the basis of technology, application, and end use.

By technology, the global current transducer market has been segmented into closed loop and open loop. The closed loop segment is expected to hold the largest share, as closed loop current transducers are relatively technologically advanced and preferred over open loop current transducers despite their high cost.

By application, the global current transducer market has been segmented into converter and inverter, motor drive, battery management, switching power supply (SMPS) and uninterruptible power supply (UPS), and others. The converter and inverter segment is expected to grow with the highest CAGR during the review period as they are highly compatible with renewable energy production.

On the basis of end use, the global current transducer market has been segmented into industrial, transportation, renewable energy, automotive, and others.

Browse the in-depth market research report (111 pages) on the current Transducers market

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Regional analysis

By region, the global current transducer market has been segmented into Asia-Pacific, North America, Europe, Middle East & Africa and South America.

Asia-Pacific has dominated the current transducer market in terms of market share, due to increasing energy consumption and ongoing attempts to increase the amount of renewable energy production. According to the International Renewable Energy Agency, Asia-Pacific accounted for more than half of the global renewable energy production capacity in 2017. In addition, the renewable energy capacity in the Asia-Pacific region has reached nearly 9,168 GW in 2017, with China and India providing the most. In addition, important Asia-Pacific countries such as India, China and Australia are focusing on renewable energy sources such as wind, bioenergy, solar and hydropower due to environmental concerns, price volatility and security of supply. These factors are expected to fuel the region’s current transducer market.

North America remains a growing market for the current demand for transducers due to the rapid growth of the industrial sector and urbanization. Due to industrial improvements, European countries such as UK, Germany and France have increased their use of current transducers. Latin American countries like Brazil and Mexico have dramatically increased their use of current transducers. African countries like South Africa and Angola are expected to provide profitable opportunities for the current transducer industry in the near future. Middle Eastern countries such as Saudi Arabia, United Arab Emirates, Oman and Qatar are turning away from oil economies to renewable energy. Saudi Arabia is a developing country for the development of current transducers following the country’s Vision-2030 initiative, which was launched by the newly elected leaders.

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