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Current Transducer Market size is anticipated to gain momentum over 2023-2032 due to the shifting consumer preference towards green products. The increasing emphasis on low carbon emissions and sustainable energy has increased private and government R&D investments. Higher adoption of long-distance transfers for enhancing the signal will boost industry progression.
In addition, the growing adoption of automotive electronic control systems and the higher demand for Hall Effect current sensors will add to the product demand. The demand for current sensor solutions is crucially rising worldwide, with the trend of high-accuracy, low-cost devices gaining pace in modern industrial, automotive, commercial, and communications systems.
Rising inflationary pressure is anticipated to have a critical impact on the electronics industry, which is likely to affect the supply chain networks, raw material prices, and labor cost. These factors would potentially challenge the current transducer industry over the coming years.
Closed-loop current transducer market size will contribute to significant business expansion through 2032. The growth would be driven by rising technological innovations in such transducers. These transducers are increasingly employed to offer higher noise immunity and accuracy, supporting the measurement of continuous current equal to or less than the nominal current. Increasing adoption in consumer electronics, medical, and the defense sector, along with the higher penetration in robotics, will put a strong impetus to the industry growth.
In terms of application, the converter & inverter segment will likely emerge as a profitable avenue in the current transducer market. This growth is attributed to the increasing deployment of renewable technology. The product assists in governing the response of the RCM (residual current monitoring) system and the accuracy of the current output waveform in PV inverters. The rising penetration of closed-loop transducers to offer high response time and linearity will further enhance segment growth.
In terms of end-use, the current transducer market is segmented into telecommunications, renewables, commercial, industrial, residential, transportation, and automotive. The product demand in renewables will grow due to the surge in the number of alternative energy programs worldwide. The paradigm shift towards renewable energy, mainly across the oil-based countries of the Middle East, will drive industry expansion.
The automotive sector will also observe higher installation of current transducers on account of the rising adoption of electric vehicles worldwide. The increasing need for fully programmable and integrated vehicle sensors is another impact-rendering factor for business growth.
Asia Pacific current transducer industry is set to attain considerable momentum owing to the surging obligation for control & protection systems. The rapidly expanding population and increasing household incomes have triggered the rising penetration of consumer electronics in the region. The mounting need for industrial automation and expansion of smart cities will also accelerate regional industry proliferation.
Top participants operating in the current transducer market are Melexis (Xtrion N.V.), Phoenix Contact, Honeywell, NK Technologies, Allegro, Veris, Infineon, and LEM. These firms are engaging in inorganic strategic moves, such as investments, capacity expansions, and new product launches, alongside collaborative measures like partnerships and acquisitions to cater to the rising electricity demand while sustaining the growing competition.
For instance, in September 2022, Allegro MicroSystems acquired Heyday Integrated Circuits (Heyday). With this acquisition, Allegro plans to increase its addressable market for electric vehicles (xEV), solar inverters, datacenter and 5G power supplies, and broad-market industrial applications.