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

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

Open Loop Current Transducer Market is expected to grow at over 5% CAGR between 2024 and 2032, driven by increasing demand for energy-efficient and reliable current measurement solutions across various industries. These transducers offer advantages such as high accuracy, fast response times, and minimal power consumption, making them ideal for applications in power electronics, renewable energy systems, and industrial automation. Moreover, the rising focus on safety and compliance with regulatory standards in electrical systems drives the need for advanced current sensing technologies.

Furthermore, the increasing adoption of electric vehicles (EVs) and renewable energy sources drives the industry expansion. As per IEA, over 2.3 million electric cars were sold in the first quarter of 2023 and a sale of 14 million EVs was expected by the end of 2023, which would represent a 35% year-on-year increase, with new purchases. As a result, there is a growing need for current sensing solutions to monitor battery currents, motor currents, and charging currents. Similarly, in renewable energy systems such as solar inverters, wind turbines, and energy storage systems, these transducers help in monitoring and controlling electrical currents.

Open loop current transducer industry is divided based on application, end-use, and region.

UPS & SMPS segment will record a notable growth through 2032, as businesses and consumers increasingly prioritize uninterrupted power supply. The growing digitalization and automation in various industries further drives the need for reliable and high-performance current sensing solutions. UPS and SMPS systems require precise current measurement to optimize performance, protect equipment, and ensure system reliability, making open-loop current transducers indispensable components in these applications.

Utility segment is slated to generate notable revenues during 2024-2032, as they need accurate and reliable current measurement solutions to monitor power consumption, detect faults, and ensure grid stability. As utilities transition towards digital grid technologies and renewable energy integration, the demand for open-loop current transducers is expected to rise further, favoring the segment growth.

North America open loop current transducer industry size will record a notable growth through 2032, owing to the region's increasing investments in renewable energy projects, coupled with stringent regulatory standards promoting energy efficiency. Moreover, advancements in sensor technology and digital communication interfaces are enabling the product development, stimulating the regional market growth.