Current Transducer Market: Current Analysis and Forecast (2022-2028)

Current Transducer Market: Current Analysis and Forecast (2022-2028)

The current transducer is the device that converts the raw current into the desired current output using an instrument or control board system. The current transducers basically work on the principle of induction. The current transducers are chemically resistant & dimensionally stable due to which they are widely used in industries, automotive, building & construction, and other end-user industries. In recent times, current transducers witness a significant market demand due to their utilization in several industries including motor drive, UPS, battery management, inverters, and others. Additionally, the increasing demand for current transducers in the renewable energy sector such as wind, solar, and hydroelectric among others is expected to support the market growth. Also, technological advancements such as IoT, AI, and machine learning open new opportunities for the current transducer market in the coming time.

The Current Transducer Market is expected to grow at a steady rate of around 5% owing to the increasing demand for electricity coupled with rising urbanization and rising investment along with the increasing research & development activities. Major companies in the market are focusing to provide technologically advanced products for power applications. For instance, in June 2021 Melexis announced the launch of its next new generation of current sensors that could be used for automotive power conversion applications and provides increased resolution, optional 3.3V or 5V operation, and integrated over current detection circuitry.

• Based on application, the market is segmented into motor drive, converter & inverter, battery management, UPS & SMPS, and others. The converter & inverter segment is expected to witness a significant CAGR during the forecast period owing to the growing deployment of renewable energy such as solar, wind, and others. Also, the current transducers are used within the converter and inverter for better control, protection, and monitoring against the measurement of the various current flows.
• Based on technology, the market is categorized into open-loop and closed-loop segments. The open loop segment is expected to witness significant market growth during the forecast period owing to its wide transmission capacity, higher bandwidth, and quick reaction time. Also, an open loop sensor consists of hall sensors mounted in the air gap of the magnetic core and has circuitry which provides temperature compensation and calibrated high-level voltage output. Furthermore, the open loop circuit has a lower price compared to the closed loop circuit which significantly contributes towards the higher adoption of the open loop current transducers.
• Based on end-use, the market is categorized into transportation, industrial, automotive, renewable energy, and others. The renewable energy segment is expected to witness significant market growth during the forecast period due to the shifting focus of the government around the world for renewable energy as an alternative source of the energy. The government across the world is implementing strict regulation to lower carbon emission which subsequently increases the adoption of renewables and EVs and support the current transducers market growth.
• For a better understanding of the market adoption of the current transducer industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to rapid industrialization, increasing demand for optimized efficiency, and stringent government regulations related to emissions. Additionally, the growing adoption of renewable energy such as solar, wind, and EV in the region is expected to support the market growth. Also, the increasing penetration of the electronic of electronic devices, demand for electricity, and increasing automation in the current transducers will propel the demand for the current transducers. Furthermore, the increasing research & development and growing investment coupled with the joint venture, facility expansion is expected to propel the market growth in the region. For instance, in 2020, LEM holdings announced to build of a new manufacturing facility in Malaysia.
• Some of the major players operating in the market include ABB Ltd., Siemens, PHOENIX CONTACT, Hobut, NK Technologies, Topstek, American Aerospace Control, Texas Instrument, Johnson Control, and LEM International SA.