Closed Loop Current Transducer Market Size - By Application (Motor Drive, Converter & Inverter, Battery Management, UPS & SMPS), By End Use (Industrial, Utility, Automotive), & Forecast, 2024 - 2032

Closed Loop Current Transducer Market Size - By Application (Motor Drive, Converter & Inverter, Battery Management, UPS & SMPS), By End Use (Industrial, Utility, Automotive), & Forecast, 2024 - 2032

The closed loop current transducer market is expected to expand at a rate of 4% during 2024-2032, driven by rising automation, and favorable regulatory policies.

According to a report by Eagle Technologies, automation is set to revolutionize the workforce, with approximately 60% of occupations capable of automating at least 30% of their tasks. This shift is projected to boost global productivity by 0.8% to 1.4% annually. As industries continue to automate their processes to enhance efficiency and productivity, the demand for precise current monitoring solutions has surged. Additionally, the growing focus on energy efficiency and the need for real-time monitoring and control in power distribution systems are driving the market growth. Furthermore, stringent regulatory mandates pertaining to energy conservation and safety standards are further bolstering the demand for closed-loop current transducers.

The closed loop current transducer industry is classified based on application, end-use, and region.

The converter & inverter application segment is expected to witness substantial growth during the forecast period, owing to the vital role of closed loop current transducers in providing accurate measurement of current flow in power electronic systems. With the increasing adoption of renewable energy sources and the rapid acceptance of electric vehicles, the demand for efficient power conversion technologies is escalating.

The automotive end-use segment is poised to witness decent growth till 2032, owing to the growing electrification trend and the shift towards electric and hybrid vehicles. These transducers are integral components in battery management systems, electric power steering, and other automotive applications requiring precise current monitoring.

Europe closed loop current transducer industry is set to witness prominence by 2032, driven by stringent regulations promoting energy efficiency, alongside increasing investments in renewable energy projects. Countries like Germany, France, and the United Kingdom are at the forefront of adopting advanced technologies, thereby fueling the demand for closed loop current transducers across various industrial sectors. Moreover, initiatives aimed at modernizing existing infrastructure and promoting sustainable energy solutions are further augmenting market growth in the region.