Current Transducer Market Research, 2031
The global current transducer market size was valued at $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.
Current transducer is a device that helps in converting current into industrial standards electric current. Current transducers possess various properties, such as it is linear, dimensionally stable, and maintains electric flow in the system. It finds applications in various industries, such as automotive, electrical components, transportation, aerospace, building & construction, and other end-use sectors.
The growth of the current transducer market is driven by rise in urbanization, rise in disposable income, and growing consumer demand for electrical vehicles. Current transducer is reliable, sensible, power analyzer, and possess current conversion ability, owing to which it is extensively used in various electronics components. All these factors collectively contribute to the growth of the global current transducer market.
Rapid increase in population in both, developed and developing economies, improvement in the standard of living, and need for global power consumption have increased, which in turn leads the power plants to increase their potential capacity for producing electricity where current transducers are widely used in electrical devices and components. It helps in converting current into industrial standard electrical signals, which increases the overall efficiency of electronics components. This factor is projected to propel the growth of the current transducer market during the forecast period.
However, the components of the current transducer, such as the open-circuit based secondary transducer may create high loss due to a larger air gap and has ability to create short circuits in electric vehicles, which may significantly impact on the human health. These factors acts as a one of the restraining factor in the global current transducer market. Rise in building & construction activity, growing consumer demand for various electrically based components, and rise in disposable income from middle-class families have surged the demand for current transducers where it is used in electric meters, electrically based- household devices, such as AC, LED, TV, LCD, and many others.
The current transducer market analysis is segmented on the basis of technology, application, end user, and region. On the basis of technology, the market is categorized into open loop and closed loop. On the basis of application, it is divided into motor drive, battery management, UPS & SMPS, converter & inverter, and others. By end user, it is divided into industrial, renewable, automotive, residential & commercial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global current transducer market forecast profiles leading players that include, ABB, Ltd., ADTEK ELECTRONICS CO., LTD, American Aerospace Control, CR Magnetics, Inc., Danisense, GENERAL ELECTRIC, Intermountain Electric, Inc., Johnson Controls, LEM, NK Technologies., Phoenix Contact, Siemens, Texas Instruments Incorporated, Topstek Inc., and Veris.
The closed segment dominated the global market, in terms of revenue in 2020, with 65% of the total share. This is attributed to the fact that adoption of automation and advancement in technology have escalated the need for various automated electronics devices. Closed loop-based current transducer has the ability to regulate the system without human interference, due to which it is widely used in the automated irons, air conditioner, and various electronics gadgets. This is anticipated to drive the growth of the closed loop based current transducer segment during the forecast period.
The motor drive segment dominated the global market, in terms of revenue in 2021, with 33% of the total share. One of the key advantages with using motor drive in current transducers is, it can overload capacity without loss of machines shelf-life and offers higher efficiency. These factors are expected to augment the demand for current transducer-based motor drive and enhance the demand for motor drive-based current transducer during the forecast period.
The industrial based end user segment holds dominant position during the forecast period and is expected to growth with 35% of total market share. This is due to rise in demand for electricity and related products in industrial sector acts as a key driving force of the current transducer market. Moreover, rapid penetration of industries and advancement in automation, in industrial sector has led to increase in number of sensors based current transducer devices. These factors are boosting the overall potential sales of current transducer during the forecast period.
The Asia-Pacific current transducer market size is projected to grow at the highest CAGR during the forecast period, and accounted for 43% of current transducer market share in 2021. According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer electronic products in 2019. Also, countries such as India and Australia are witnessing rapid increase in transportation sectors where current transducer is used as current monitoring device and provides structural integrity in transportation equipment and increase their average lifespan. For instance, according to a report published by the Indian Ministry of Commerce and Industry, the transportation sector in India is expected to grow at a compound annual rate (CAGR) of 5.9%, owing to the development of highways, widespread railway networks, aviation ports, and waterways structure.
Impact of COVID-19 outbreak on the market
The novel coronavirus is an incomparable global pandemic that spread to over 180 countries and caused huge losses of lives and economy around the globe. The current transducer market had negative impact due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain for various industrial products. The outbreak of COVID-19 resulted in the shutdown of various manufacturing plants for a long period, especially in Europe, Asia-Pacific, and other regions. In the first quarter of the pandemic, there is complete shutdown of building & construction activities, manufacturing industry, automotive, electronics, and others due to the strict imposition of lockdown, which has hampered the current transducer market growth.
Furthermore, disruption in the production unit, closure of manufacturing factories, and cutbacks in service sectors lead to disruption in global logistics and supply chain services. In addition, restrictions imposed due to lockdown have declined the growth of the automotive sector. Moreover, delays in the infrastructure investment and complete shutdown of transportation hampered the current transducer market.
However, rise in demand for construction, electronics, manufacturing units, and increasing focus on an escalating economic recovery across the globe has supported the building & construction, automotive, transportation, manufacturing, and other end user sectors. In addition, as the market were going back to regularity level in the fourth quarter of 2021 pandemic, the building & construction and manufacturing sectors are expected to recover soon owing to the record of production unit in both developed and developing economies.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the current transducer market analysis from 2021 to 2031 to identify the prevailing current transducer market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the current transducer market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global current transducer market trends, key players, market segments, application areas, and market growth strategies.
Current Transducer Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 799.2 million |
 Growth Rate | CAGR of 4.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 292 |
 By Technology |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Topstek Inc, ABB, Phoenix Contact, veris industries, Johnson Control Inc, CR Magnetic,, Texas Instruments Inc., Siemens AG, NK Technologies, Hobart |
Analyst Review
According to CXOs of leading companies, the global current transducer market is expected to exhibit high growth potential. Current transducer devices are resilient , chemical resistant, and dimensionally stable, owing to which, they are widely used in automotive, industrial, building & construction, and other end-user sectors, which will impact the massive growth on the current transducer market.
Current transducer system are incorporated in the medical devices, electronic devices, and extensively used in manufacturing and industrial sectors. It maintains uniform current supply in the system, enhances the thermal stability of the system, and prevents the outer shell of the heating equipment from being overheated.
The CXOs further added that sustained economic growth and the development of the electronics and automotive sectors have surged the popularity of current transducer.
The current transducer market is segmented on the basis of technology, application, end user, and region. On the basis of technology, the market is categorized into open loop and closed loop. On the basis of application, it is divided into motor drive, battery management, UPS & SMPS, converter & inverter, and others. By end user, it is divided into industrial, renewable, automotive, residential & commercial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Increase in transport and logistics activity and growing demand from industrial sectors are the major growth factors in the current transducer market.
The global current transducer market was valued at $520 million in 2020, and is projected to reach $799.2 million by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
ABB, Ltd., American Aerospace Control, Adtek Electronics Co., Ltd, CR Magnetics, Inc., Danisense, General Electric, Intermountain Electric, Inc., Johnson Controls, LEM, NK Technologies., Phoenix Contact, Siemens, Topstek Inc., Texas Instruments Incorporated, and Veris.
Industrial and residential and commercial industry is projected to increase the demand of current transducer market.
The motor drive segment dominated the global market, in terms of revenue in 2021, with 33% of the total share. One of the key advantages with using motor drive in current transducers is, it can overload capacity without loss of machines shelf-life and offers higher efficiency. These factors are expected to augment the demand for current transducer-based motor drive.
Production rate of electrical vehicles and electrical components is growing at a rapid pace. For instance, according to an article published by India Brand Equity Foundation in May 2022, the electric vehicle market is reached a global share of 8.3% (including battery electric vehicles [BEVs] and Plug-in hybrid electric vehicles [PHEVs]) models in 2021 as compared to 2020. The current transducer is used extensively in electrical vehicles for improving the accuracy of battery charging, and discharging testing of electrical vehicles. In addition, it also helps in converting raw voltage and current in the power system into efficient electrical signals. These factors may act as one of the key drivers responsible for the growth of current transducer in the market.
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