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Voltage Transducer Market Analysis

Report ID: GMI6162
Published Date: Jul 2023
Report Format: PDF

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Voltage Transducer Market Analysis

Voltage Transducer Market Size, By Product, 2021 - 2032 (USD Billion)

The AC voltage transducer market was valued at 1.5 billion in 2022. These transducers find application in various industries, including power generation, distribution, industrial automation, and renewable energy. As energy efficiency and sustainability gained importance worldwide, the demand for accurate voltage measurement and monitoring systems increased. AC voltage transducers played a crucial role in ensuring efficient energy utilization and enabling smart grid systems. The industry observed continuous technological advancements, such as improved accuracy, wider frequency range, higher isolation capabilities, and enhanced communication interfaces. These advancements enabled better performance and integration with advanced control systems.

Voltage Transducer Market Share, By Application, 2022

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The industrial machinery sector held a market share of more than 29% in 2022 and is expected to grow at a lucrative pace by 2032. This connectivity facilitates real-time monitoring, remote diagnostics, and predictive analytics, allowing for more efficient operation, predictive maintenance, and optimization of industrial processes. Preventive and predictive maintenance strategies have gained importance in industrial machinery. Voltage transducers are used as part of condition monitoring systems to detect abnormal voltage levels, fluctuations, or deviations that could indicate potential equipment failures. This enables proactive maintenance, reducing downtime and improving overall equipment effectiveness (OEE).

Asia Pacific Voltage Transducer Market Size, 2021 - 2032 (USD Million)

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The Asia Pacific voltage transducer market is expected to foresee 5% growth due to the robust industrialization and infrastructure development, particularly in countries like China, India, and Southeast Asian nations. This has led to increased product demand in sectors such as power generation, manufacturing, oil and gas, and construction. Several countries in the Asia Pacific region have been investing heavily in renewable energy sources like solar and wind power.

The region has been seeing rapid technological advancements and digital transformation across industries. This includes the integration of voltage transducers with advanced monitoring and control systems, such as IoT platforms, data analytics, and wireless communication, to enable real-time monitoring, predictive maintenance and remote access. Governments in the province have implemented various initiatives and regulations to promote energy efficiency, renewable energy and industrial automation thereby driving the product acceptance

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of voltage transducer reached USD 1.2 billion in 2023 and is projected to expand at 6.8% CAGR from 2024 to 2032, owing to a growing focus on energy efficiency and conservation.

The industrial machinery segment held a industry share of more than 29% in 2022 and is expected to grow at a lucrative pace by 2032, backed by the increasing adoption of industrial IIoT that enables the connectivity and exchange of data between industrial machinery and voltage transducers.

The Asia Pacific industry is poised to witness 5% growth rate during 2023 and 2032 due to the robust industrialization and infrastructure development, particularly in countries like China, India, and Southeast Asian nations.

are ABB, Siemens, Schneider Electric, Phoenix Contact, Analog Devices, Inc., CR Magnetics, Inc., NK Technologies, LEM International SA, Socomec, and Carlo Gavazzi.