The global current transducer market is estimated at USD 581.1 million in 2018 and is projected to grow at a CAGR of 3.31% to reach USD 683.7 million by 2023.
These are highly technical products, and the growth of the current transducer market is mainly attributed to the technological development of transducers. The increasing adoption of renewable resources, electric vehicles, control & monitoring systems, and industrial automation is driving the growth of the market. The major restraint for the current transducer market is the increasing adoption of integrated systems.
With regards to the application segment, the converter & inverter segment is expected to grow at the fastest CAGR during the forecast period. The major application of converters & inverters is to convert DC to AC power and vice versa. The adoption of renewable technology is driving the demand for the converter & inverter segment.
The Asia Pacific is projected to be the largest market for current transducers during the forecast period. The major driver for the current transducer market is the increasing adoption of renewable energy sources, electric vehicles, control & monitoring systems, and industrial automation.
According to REN21, China has the highest renewable power installation across the globe for renewable energy sources in 2016 at 325 gigawatts. China is also the largest market for electric vehicles due to different incentive schemes from the government of China to promote electric vehicles.
Japan is leading the industrial automation regime and already looking forward to Industry 5.0. China, Japan, and India are the major economies in the region, the development in these countries are projected to lead the current transducer market in Asia Pacific.
Some of the prominent players in the current transducer market include LEM(Switzerland), CR Magnetic (US), NK Technologies (US), Veris Industries (US), and Phoenix Contact (US).
Key Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Definition 1.3 Market Scope 1.4 Currency 1.5 Stakeholders
2 Research Methodology 2.1 Research Data 2.2 Market Size Estimation 2.3 Market Breakdown & Data Triangulation 2.4 Research Assumption
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Current Transducer Market 4.2 Current Transducer Market, By Technology 4.3 Current Transducer Market, By Application 4.4 Current Transducer Market, By End-User 4.5 Asia Pacific Current Transducer Market: Technology & Country 4.6 Current Transducer Market, By Country