Dublin, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The "Current Transducer Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Current Transducer Market exhibited robust growth in 2022, with a market size of USD 472.95 million. According to a comprehensive market research report, it is projected to continue its upward trajectory, reaching USD 591.82 billion by 2028, driven by a Compound Annual Growth Rate (CAGR) of 3.91% through 2028.
The surge in the adoption of power management systems in data centers, aimed at enhancing efficiency while reducing power consumption, has spurred significant demand for current transducers. These transducers are seamlessly integrated into backup power systems like inverters and UPS systems, ensuring battery protection during charging and improving overall efficiency. Stringent government regulations pertaining to data center power consumption control further contribute to the market's remarkable growth.
Key Market Drivers
- Increasing Demand for Energy Efficiency: Current transducers offer real-time monitoring of electrical currents across various applications, enabling businesses to identify and address energy inefficiencies. This monitoring allows companies to implement optimization strategies, reduce wastage, and improve energy usage. Industries, such as manufacturing, are particularly concerned with energy efficiency to minimize operational costs and environmental impact. Current transducers help monitor electrical loads, identify energy-intensive processes, and optimize equipment performance for enhanced energy efficiency. In the realm of power generation, precise current sensing is vital for efficient electricity production. As the world transitions to smart grids, energy efficiency becomes paramount, and current transducers play a crucial role in power flow monitoring, load balancing, and demand response management.
- Increasing Industrialization and Infrastructure Development: The global current transducer market is strongly influenced by the growing industrialization and infrastructure development worldwide. As new factories, plants, and industrial facilities are established, precise current monitoring is essential for equipment performance, safety, and maintenance. Current transducers provide real-time current measurements, enabling industries to monitor electrical loads and ensure efficient operations. The demand for current transducers also rises with infrastructure projects, such as power plants, transportation systems, and smart cities, requiring accurate current sensing solutions to optimize energy usage and ensure reliable power distribution.
- Growth of Electric Vehicles (EVs): The expanding adoption of electric mobility and the need for precise current sensing in EV charging and battery management systems have significantly driven the global current transducer market. EV charging infrastructure relies on current transducers for accurate monitoring of charging currents, ensuring safe and efficient charging processes. Electric vehicles heavily depend on sophisticated battery management systems (BMS) for overseeing and regulating battery charging and discharging, making current transducers crucial for real-time current measurements.
Key Market Challenges
- Miniaturization and Cost-Effectiveness: The demand for smaller and space-efficient current transducers has grown with advancing technology and the need for compact devices. However, miniaturization can lead to higher power densities and heat buildup, requiring efficient heat dissipation. Cost is a critical factor affecting the adoption of current transducers, as designing and manufacturing smaller components with complex properties can be intricate and costly. Striking a balance between miniaturization and cost-effectiveness while maintaining performance remains a challenge.
- Smart Grid Development: Smart grids require precise and reliable current measurement data for optimized energy distribution and grid stability. Current transducers used in these systems must deliver accurate measurements even in dynamic conditions, covering a broad range of currents. Ensuring interoperability, standardization, and scalability while reducing costs are crucial for widespread adoption in smart grid implementations.
Key Market Trends
- Demand for High-Precision and Accurate Sensing: Accurate current measurements are critical for optimizing energy consumption and system efficiency across various industries, including power generation, manufacturing, data centers, and electric vehicles. High-precision current transducers are employed for power quality monitoring, enabling businesses to identify and address power-related issues.
Key Market Players
- Asea Brown Boveri Ltd.
- American Aerospace Controls Inc.
- Hobut (Howard Butler Ltd)
- Johnson Controls, Inc.
- Neilsen-Kuljian Technologies, Inc.
- Ohio Semitronics, Inc.
- Siemens AG
- Texas Instruments Incorporated
- Topstek Inc.
- Veris Industries LLC
Report Scope:
In this report, the Global Current Transducer Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Global Current Transducer Market, By Technology:
- Open Loop
- Closed Loop
Global Current Transducer Market, By Application:
- Inverter & Converter
- UPS & SMPS
- Battery Management
- Motor Drive
- Others
Global Current Transducer Market, By End User:
- Industrial
- Renewable
- Automotive
- Residential
- Commercial
- Others
Global Current Transducer Market, By Region:
- North America
- Europe
- South America
- Middle East & Africa
- Asia Pacific
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $472.95 Million |
| Forecasted Market Value (USD) by 2028 | $595.33 Million |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/j48x66
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
