Pune, June 09, 2021 (GLOBE NEWSWIRE) -- Current Transducer Market Analysis
Market Research Future (MRFR) predicts the global current transducer market size to reach USD 986.3 million at a CAGR of 3.76% from 2020 to 2027 (forecast period).
A current transducer is an electrical device that converts current into a proportional industrial standard signal. By serving as a current sensing transducer, the current transducer is utilized to apply high inductive current measurement in regulation and control systems. The conversion component, conversion circuit, power circuit, and sensitive component are the primary components of a current transducer. The current transducer can also be classified into AC current transducer and DC current transducer. The isolated function, safety function, conversion function, and increased signal for distance transfer are the main functions of the current transducer.
Technological advancements in the current transducer industry, increased use of battery-powered applications, and high costs associated with production breakdown in the industrial sector are the primary driving factors for the worldwide current transducer market. Growing developments in current transducers, for example, by incorporating fluxgate technology in transducers for precise current measurement.
Major firms, including ABB, LEM, and Siemens, are actively introducing new products and getting into contracts to provide competitive current transducers. For example, the new IN 2000 current transducers from LEM (Switzerland), the new and enhanced product combines the maximum performance of signal processing in the digital domain with a new approach of the architecture of current cancellation at the fluxgate drive frequency. These features of advanced current transducer LEM are expected to drive the market throughout the forecast period. Additionally, the rising demand for control and monitoring systems will create an opportunity for current transducer market participants. However, the growing use of integrated devices, which limit the use of current transducers, is likely to be a barrier for the worldwide current transducer market.
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COVID-19 Impact on the Global Current Transducer Market
The implementation of a set of regulations by governments worldwide to deal with the COVID-19 outbreak, including a complete shutdown of manufacturing units, is expected to have an effect on the global current transducer market's growth.
Competitive Landscape
The global current transducer market is relatively fragmented and competitive, with a number of global and regional players. To maintain their market position, industry players are heavily investing in technological improvement, global expansion, and mergers & acquisitions.
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Market Segmentation
The global current transducer market has been segmented based on technology, application, and end-use.
By technology, the global current transducer market has been segmented into closed loop and open loop. The closed-loop segment is anticipated to hold the largest share as closed-loop current transducers are relatively technologically advanced and preferred over open-loop current transducers despite the high cost.
By application, the global current transducer market has been segmented into converter & inverter, motor drive, battery management, switched-mode power supply (SMPS) and uninterruptible power supply (UPS), and others. The converter & inverter segment is projected to grow with the highest CAGR during the review period as these are highly compatible with renewable energy generation.
Based on end-use, the global current transducer market has been segmented into industrial, transportation, renewable energy, automotive, and others.
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Regional Analysis
By region, the global current transducer market has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
The Asia Pacific dominated the current transducer market in terms of market share, owing to rising energy consumption and ongoing attempts to increase the amount of renewable energy generation. According to the International Renewable Energy Agency, Asia Pacific accounted for more than half of global renewable generating capacity in 2017. Furthermore, renewable energy capacity in the Asia Pacific region reached almost 9,168 GW in 2017, with China and India providing the most. In addition, significant Asia Pacific countries such as India, China, and Australia are focused on renewable energy sources such as wind, bioenergy, solar, and hydropower due to environmental concerns, price volatility, and supply security. Such factors are projected to fuel the region's current transducer market.
North America remains a rising market for current transducer demand due to rapid growth in the industrial sector and urbanization. Because of industrial improvements, countries in Europe such as the United Kingdom, Germany, and France have boosted their use of current transducers. Latin American countries such as Brazil and Mexico have significantly boosted their use of current transducers. African countries like South Africa and Angola are expected to provide profitable opportunities for the current transducer industry in the near future. Middle Eastern countries such as Saudi Arabia, the United Arab Emirates, Oman, and Qatar are shifting their focus away from oil-based economies and toward renewable energy. Saudi Arabia is a developing country for the development of current transducers as a result of the country's Vision-2030 initiative, which was launched by the newly elected leadership.
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