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Current Transducer Market Trends

Report ID: GMI3612
Published Date: Jun 2023
Report Format: PDF

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Current Transducer Market Trends

The growing adoption of electric vehicles (EVs) is a significant driver for the current transducer industry. Current transducers are used in EVs for battery management, motor control, and charging systems. The transition towards electric mobility is fueling the demand for current transducers that can accurately measure and monitor the high currents involved in EV power systems. Safety regulations and compliance standards across industries require accurate and reliable current measurements for equipment and system safety. Current transducers that meet safety standards and provide electrical isolation are in high demand to ensure compliance with safety and regulatory requirements.

Technological advancements in sensor technology, such as improvements in accuracy, sensitivity, and miniaturization, drive the growth of the current transducer market. These advancements enable the development of high-performance transducers with enhanced measurement capabilities, offering improved accuracy and reliability. Furthermore, the increasing adoption of industrial automation and process control systems in various industries drives the demand for current transducers. These transducers provide accurate current measurement for machinery monitoring, process control, and safety systems, ensuring efficient and reliable operation of industrial processes.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of current transducer was reached USD 617.5 million in 2023 and is poised to exhibit a 4.4% CAGR from 2024 to 2032, owing to the accelerating shift towards clean energy sources and the expanding smart grid infrastructure.

The closed-loop current transducer market is estimated to garner appreciable gains through 2032, attributed to the rapid digitization and automation of the industrial and manufacturing industries.

The battery management application segment will record a decent valuation by 2032, credited to a noticeable rise in the number of electric vehicles.

Europe market is slated to exhibit an appreciable CAGR from 2023 to 2032, backed by the rapid adoption of energy-efficient technologies to meet regulatory requirements.