Current Transducer Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3612
Current Transducer Market size is anticipated to witness growth on account of increasing investment towards sustainable energy and battery powered establishments. Ongoing technological advancement towards automotive electronic control system and introduction of hybrid electric vehicles (HEV) will augment the business scenario. Furthermore, large scale commercialization across the IOT industry followed by increasing deployment in Hall Effect current sensors will positively influence the industry outlook.
Closed-loop current transducer market will witness an escalation on account of high accuracy & linearity, wide bandwidth, fast response time and low gain drift. Owing to these properties, closed-loop sensors have major demand from industries including aerospace & defense, medical, automotive, railways and consumer electronics. Moreover, their application in controlling systems, UPS and telecommunication power supplies, robotics, motor drive controller and frequency & voltage investors will further enhance the product portfolio.
Increasing demand for fully programmable and integrated sensors from the automotive industry is anticipated to drive the high-volume current transducer market. Moreover, increasing number of electric vehicles and hybrid vehicles (EV and HEV) will positively influence the product growth. Furthermore, effective application of these units across positioning, speed detection, proximity switching and current sensing in various industries are the key factors driving the business landscape.
Favorable regulations in association to sustainable energy and low carbon emission followed by government and private partner investment towards research and innovation will positively influence the current transducer market. Moreover, these norms will primarily influence the automobile segment owing to increasing adoption of HEV & EV vehicles in the U.S, China, Germany and other countries. Furthermore, various expansion strategies including merger and acquisition, business collaboration and product development by the eminent players, are expected to positively sway the business growth.
Increase in population across developing regions stimulate rise in demand of consumer electronic applications including household appliances and electronic instruments which will propel the current transducer market. Appreciable economic growth across China, Japan, India and South Korea can be attributed to the evolution of cloud connectivity systems which in turn will complement the product demand. Moreover, ongoing technological competition among the industry to introduce cost effective units along with increasing product adaptability will augment the product portfolio.
Growing inclination towards global power production coupled with escalating automotive and consumer electronics manufacturing capacity will positively influence the current transducer market growth. Moreover, as per European commission, government investment in renewable sources between 2020 and 2050 will enhance the installation of current sensor across the region.
Eminent player across the current transducer market includes LEM, NK Technologies, Veris, Phoenix, Honeywell, Infineon, Allegro and Melexis
Design focused research & innovation, private partner investments and strategic alliances, followed by foreign direct investments are the prime strategies by major industry players positively influencing the current transducer market.
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