Portland, OR, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global current transducer market generated $520.0 million in 2021, and is projected to reach $799.2 million by 2031, growing at a CAGR of 4.5% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $520.0 million |
| Market Size in 2031 | $799.2 million |
| CAGR | 4.5% |
| No. of Pages in Report | 292 |
| Segments Covered | Technology, Application, End User, and Region. |
| Drivers | Massive use of current transducers in automotive, building & construction, industrial, oil & gas, and other end-user sectors. |
| Opportunities | Surge in consumer demand for various electrical components and rise in disposable income. |
| Restraints | Transducer currents are less reliable due to their aging and drifting of active components and high power consumption. |
| Rise in circuit load resistance in high voltage containing electronic equipment caused by transducer currents can result in short circuit. |
COVID-19 Scenario:
- The outbreak of the COVID-19 has had a negative impact on the growth of the global current transducer market, owing to supply chain disruptions and shutdown of various production plants across the globe.
- The COVID-19 across the globe decimated the expansion of the automotive sector. The pandemic also caused delay in funding for infrastructural development and complete shutdown of transportation activities. All these aforementioned factors curtailed the growth of the global market during the pandemic period.
The report offers a detailed segmentation of the global current transducer market based on technology, application, end user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
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Based on technology, the closed loop segment held the major market share in 2021, holding nearly two-thirds of the global current transducer market share, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment, on the other hand, is expected to cite the fastest CAGR of 4.7% during the forecast period. The report also includes other segments such as open loop segment.
Based on application, the motor drive segment held the largest market share in 2021, accounting for nearly one-third of the global current transducer market share, and is expected to maintain its leadership status during the forecast period. However, the inverter and converter segment is expected to cite the highest CAGR of 5.0% during the forecast period.
Based on end user, the industrial segment held the major market share in 2021, contributing to more than one-third of the global current transducer market share, and is expected to maintain its leadership position during the forecast period. The renewable segment, on the other hand, is expected to cite the fastest CAGR of 5.2% during the forecast period.
Based on region, the market across the Asia-Pacific region held the major market share in 2021, holding more than two-fifths of the global current transducer market share. Furthermore, the Asia-Pacific region is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 4.8% during the forecast period. The report also analyses other regions such as Europe, North America, and LAMEA.
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The key players analyzed in the global current transducer market report include ABB, Ltd., ADTEK ELECTRONICS CO., LTD, American Aerospace Controls, Inc., CR Magnetics, Inc., Danisense A/S, General Electric Company, Intermountain Electric, Inc., Johnson Controls, LEM, NK Technologies., Phoenix Contact, Siemens AG, Texas Instruments Incorporated, Topstek Inc., and Veris.
The report analyzes these key players in the global current transducer market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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