Closed Loop Current Transducer Market Size - By Application (Motor Drive, Converter & Inverter, Battery Management, UPS & SMPS), By End Use (Industrial, Utility, Automotive), & Forecast, 2024 – 2032

Closed Loop Current Transducer Market Size

Closed Loop Current Transducer Market was valued at USD 385 million in 2023 and is poised to register about 4% CAGR between 2024 and 2032. The increasing demand for energy-efficient systems and the growing emphasis on renewable energy sources have fueled the adoption of closed-loop current transducers in power generation and distribution applications. The closed-loop current transducers play a pivotal role in the precise monitoring and control of current flow, thereby significantly boosting the overall efficiency of electrical systems. Their crucial role is expected to facilitate a smooth transition toward increased integration of renewable energy sources, aligning with the global push for sustainable and clean energy solutions.
 

Additionally, the rising awareness of the importance of electrical safety in various industries, such as manufacturing and automotive, has led to a greater implementation of closed-loop current transducers to ensure accurate and reliable current measurements, thereby preventing potential hazards. Moreover, advancements in technology, such as the development of compact and lightweight transducer designs, are contributing to market expansion by addressing space constraints and enabling integration into a wide range of devices and equipment. As industries continue to prioritize energy efficiency, safety, and technological innovation, the closed-loop current transducer industry is poised for sustained growth.
 

COVID–19 Impact

The COVID-19 pandemic disrupted the closed loop current transducer market, causing supply chain challenges, production delays, and a slowdown in industrial activities. Pandemic-induced economic uncertainties led to project postponements and reduced investments in infrastructure, affecting the demand for these transducers. Despite short-term setbacks, the market is expected to rebound as economic recovery progresses, with a renewed focus on energy efficiency and the increasing adoption of renewable energy solutions globally.
 

Closed Loop Current Transducer Market Trends

The current transducer market is undergoing significant expansion, largely driven by the accelerating adoption of electric vehicles (EVs). In the EV landscape, current transducers are integral to crucial functions such as battery management, motor control, and charging systems, playing a pivotal role in accurately measuring high currents within EV power systems. This surge in electric mobility aligns with stringent safety regulations that mandate precise current measurements to ensure compliance and safety.
 

Moreover, the increasing integration of current transducers is observed in the realm of industrial automation and process control systems. As industries across the board embrace automation for efficiency and precision, current transducers find applications in machinery monitoring, process control, and safety systems, ensuring the seamless and reliable operation of industrial processes.
 

Closed Loop Current Transducer Market Analysis

The motor drives application segment is anticipated to grow at a CAGR of over 3.5% between 2024 and 2032. With the escalating global demand for electric vehicles, industrial automation, and renewable energy systems, the motor drive segment has become a key driver for current transducer adoption. Closed-loop current transducers play a pivotal role in motor drives by ensuring precise monitoring and control of electrical currents, thereby enhancing the overall efficiency and performance of electric motors. As industries increasingly prioritize energy efficiency and regulatory compliance, the demand for accurate and reliable current measurements in motor drives continues to rise.
 

The industrial sector commanded a significant market share exceeding 42% in 2023 and is poised for lucrative growth through 2032. Industries are intensifying their focus on energy efficiency and optimizing power consumption, wherein current transducers play a pivotal role in energy management systems. A prevailing market trend involves the adoption of high-precision current sensors to support energy-efficient practices within industrial settings. Concurrently, industrial automation is witnessing widespread expansion across diverse sectors to enhance productivity, elevate safety standards, and minimize human intervention. Current transducers emerge as indispensable components in automation systems, delivering real-time current measurements for monitoring and control purposes, thus complementing the market growth across the globe.
 

Asia Pacific closed loop current transducer market is predicted to witness about 4% CAGR between 2024 and 2032, driven by the increasing demand for energy-efficient solutions and the growing emphasis on sustainability in the region have propelled the adoption of closed-loop current transducers, which contribute to enhanced power management and reduced energy wastage. Over the last two decades, Southeast Asia has experienced a steady annual increase of approximately 3% in energy demand, as reported by the International Energy Agency (IEA).
 

Additionally, the expanding industrial automation sector in Asia Pacific is a significant driver, as closed-loop current transducers play a crucial role in ensuring accurate and reliable current measurements in automated processes. The rising awareness about the importance of electrical safety and the need for precise current monitoring in various applications, such as renewable energy systems, electric vehicles, and smart grids, further contribute to the market's growth. As industries in the Asia Pacific region continue to evolve and modernize, the demand for closed-loop current transducers is expected to escalate, fostering continuous market expansion.
 

Closed Loop Current Transducer Market Share

ABB stands out as a key player with significant market share. ABB's dominance can be attributed to its commitment to innovation, high-quality products, and a comprehensive range of solutions catering to diverse industrial needs. The company's advanced closed-loop current transducers are renowned for their accuracy and reliability, meeting the stringent demands of modern industrial applications. ABB's strong global presence, strategic partnerships, and focus on energy-efficient technologies have contributed to its leadership position in the global market.
 

Closed Loop Current Transducer Market Companies

Some of the major players operating across the closed loop current transducer industry are:

• ABB
• CHEEMI TECHNOLOGY CO., LIMITED
• CHENYANG TECHNOLOGIES
• Danisense
• HBK
• Howard Butler Ltd
• Johnson Controls
• LEM International SA
• luksens
• NK Technologies
• Phoenix Contact
• PowerUC
• Senis AG
• Sensor Electronic Technology
• Siemens
• Texas Instruments Incorporated
• Topstek Inc
• VACUUMSCHMELZE GmbH & Co. KG
   

Closed Loop Current Transducer Industry News

• In May 2023, ABB announced the opening of a new distribution center in Pennsylvania, U.S., with an investment of USD 4 million. This facility is strategically designed to cater to the electrical needs of the northeast region of the country. Furthermore, it is poised to address the increasing demand for reliable electrical products, offering a comprehensive inventory valued at USD 15 million. The establishment of this state-of-the-art infrastructure not only enhances ABB's presence in the Northeast but also expands its customer reach by facilitating a prompt response to end-user requirements.
   
• In February 2023, Danisense has unveiled a large-aperture current transducer, which is anticipated to revolutionize precision current measurement in power electronics and industrial applications. The innovation offers enhanced accuracy and reliability in capturing high-current signals, addressing the growing demand for advanced current sensing solutions. This development reinforces Danisense's commitment to providing cutting-edge technologies for industries requiring precise and efficient current measurements.
   

This closed loop current transducer market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Application

• Motor Drive
• Converter & Inverter
• Battery Management
• UPS & SMPS
• Others

Market, By End Use

• Industrial
• Utility
• Automotive
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands 
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina