Current Transducers Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on 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); and Region/Country
Global Current Transducers Market is expected to grow at a significant rate of around 5% during the forecast period. 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.
ABB Ltd., Siemens, PHOENIX CONTACT, Hobut, NK Technologies, Topstek, American Aerospace Control, Texas Instrument, Johnson Control, and LEM International SA are some of key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, converter & inverter category to witness higher CAGR during the forecast period”
Based on application, the market is segmented into motor drive, converter & inverter, battery management, UPS & SMPS, and others. Due to the expanding use of renewable energy sources like solar, wind, and others, the converter and inverter market is anticipated to register a substantial CAGR throughout the projection period. Additionally, the converter and inverter use current transducers for improved control, protection, and monitoring against the measurement of different current flows.
“Amongst technology, the open-loop to hold a significant share in the market in 2020”
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.
“Asia-Pacific to hold a significant share in the market”
In 2020, Asia-Pacific held a significant share of the global current transducers market. 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Research Methodology for the Current Transducers Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global current transducers market were the three major steps undertaken to create and analyze the adoption of current transducers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global current transducers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the current transducers market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the current transducers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application, technology, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Current Transducers market. Further, we conducted factor analysis using dependent and independent variables such as application, technology, and end-use of current transducers. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the current transducers market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global current transducers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the current transducers market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global current transducers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global current transducers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, technology, and end-use in the global current transducers market.
The main objective of the Global Current Transducers Market Study
The current & future market trends of the global current transducers market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the current transducers market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application, technology, and end-use.
- Define and analysis of the regulatory framework for the current transducers
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the current transducers market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Current Transducers market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry