Overview report of the Current Transducer Market
The prominent drivers of the Current Transducer Market are enhancement in innovations and scientific research to obtain a better result. The rising adaptation of renewable resources, control and monitoring systems, industrial automation, and electric vehicles are the points that can drive the market. As the current transducers have high voltage, they can not be used as a secondary source of electricity; using them can damage the equipment used. It can damage the equipment; if one does not handle it properly, it can also emit electric shocks, which is dangerous. These factors can have a restraining impact on the market. However, in case of high voltage or the current impact, it keeps the system safe.
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A transducer is a sensor and an electronic device that can convert temperature, pressure and other conditions into electrical signals which can be read at the other end of a wired or non-wired location. The process in which the energy can transform from one form to another is called transduction. It is often applied at the boundaries of automation, control system, and measurement where the electrical signals are converted to and from other quantities such as torque, light, motion etc. it is also used to monitor the telecom power supply in cells and substations.
The current transducer is formed by using parts and are a conversion component, conversion circuit, sensitive component and power circuit. These are used in industries where the motor or heater loads are known. It is expected that the Current Transducer Market will project USD 986.3 million by 2027 and a CAGR of 4.50% in the forecast period. The growing use of the battery-powered Application is boosting the market. for the precise current measurement, the enhancement in the current transducers is increasing by implementing fluxgate technology in transducers
The segmentation of the market
The Current Transducer Market is fragmented into technology, Application and end-user. Based on the Technology segment, the market is Closed Loop and Open Loop. The closed-loop will dominate the market in the forecast period as the closed-loop current transducers are technologically advanced, and people prefer it despite its high cost. The market application is categorized by Converter & Inverter, Motor Drive, Battery Management, SMPS and UPS and others. Among them, the inverter and converter will grow in the forecast period during the forecast period as they generate renewable energy and are highly compatible with us as well. Additionally, the End-Use is fragmented into Industrial, Transportation, Renewable Energy, Automotive and others. The renewable energy segment will register a higher CAGR than other segments in North America Asia Pacific, and these factors will drive the market in the forecast period.
Based on the study analysis of the market, the Current Transducer Market is divided into North America, Asia Pacific, Europe and middle east and Africa. Asia pacific is registering high growth due to the rising demand for energy and growing effort to increase the share of renewable energy generation. The region registered 50% of the world’s renewable energy generating capacity in 2017.
Key Players
The most significant players of the global current transducer market are LEM (Switzerland), ABB (Switzerland), Johnson Controls (Ireland), CR Magnetic (US), IME (Nepal), Siemens (Germany), Phoenix Contact (US), Veris Industries (US), NK Technologies (US), American Aerospace Control (CR) (US), Texas Instrument (US), Topstek (Taiwan), Hobut (UK), and others.
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