According to a new report published by UnivDatos Markets Insights, the Current Transducers Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Application (Motor Drive, Converter & Inverter, Battery Management, UPS & SMPS, And Others); Technology (Open-loop and Closed-loop); End-use (Transportation, Industrial, Automotive, Renewable Energy, and Others); Region/Country.
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The current transducers market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the current transducers market. The current transducers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the current transducer market at the global and regional levels.
Market Overview
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 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 market expansion is anticipated to be supported by the rising need for current transducers in the field of renewable energy, including wind, solar, and hydroelectric power, among others. Furthermore, in the near future, the market for transducers will witness significant growth owing to technological advancements such as IoT, AI, and machine learning.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
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.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry along with supply chain disruption, regulatory and policy changes, labor reliance, working capital management, and liquidity & solvency management. The current transducer market has been significantly affected during these times owing to the gap between supply and demand.
The global current transducers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on technology, the market is categorized into open-loop and closed-loop segments. Due to its extensive transmission capacity, higher bandwidth, and quick response time, the open-loop sector is anticipated to experience considerable market expansion during the projection period. 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. Additionally, the open loop circuit is less expensive than the closed loop circuit, which has a big impact on the higher adoption of 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. 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.
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Current Transducers Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
This is mainly due to rapid industrialization, increasing demand for optimized efficiency, and stringent government regulations related to emissions. Additionally, the region's expanding use of renewable energy sources including solar, wind, and electric vehicles is anticipated to promote market expansion. The demand for current transducers will also be fueled by the growing use of electronic devices, the need for electricity, and the increasing automation of 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.
The major players targeting the market include
· ABB Ltd.
· Siemens
· PHOENIX CONTACT
· Hobut
· NK Technologies
· Topstek
· American Aerospace Control
· Texas Instrument
· Johnson Control
· LEM International SA
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the current transducers market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the current transducers market?
• Which factors are influencing the current transducers market over the forecast period?
• What are the global challenges, threats, and risks in the current transducers market?
• Which factors are propelling and restraining the current transducers market?
• What are the demanding global regions of the current transducers market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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