Current Transducer Market Growth 2021 Growing Trends & Rising Demand by 2027
As per the analysis by Market Research Future Reports (MRFR), the global current transducer market size is estimated to value USD 733.3 million, with a CAGR of 3.26% during the forecast period from 2019 to 2025. The global current transducer market growth is estimated to experience high growth during the forecast period. The increasing usage of battery-powered applications and technological development in current transducers has contributed significantly to the expansion. The significant players aim at developing innovative products and focus on signing contracts to provide competitive current transducers. The addition of new features is likely to propel the global current transducer market trends in 2020. Besides, the rising demand for control and monitoring systems will give several opportunities for the current transducer market players. However, the rising usage of integrated products restricts the usage of the current transducer, which will directly hamper the expansion of the market.
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The global current transducer market segmentation can be segregated on the basis of application, end-use, technology, and region.
On the basis of application, the global current transducer market can be segregated into converter and inverter, SMPS and UPS, battery management, and motor drive.
On the basis of end-use, the global current transducer market can be segregated into transportation, industrial, renewable energy, automotive, and others.
On the basis of technology, the global current transducer market can be segregated into an open loop and closed loop.
On the basis of region, the global current transducer market can be segregated into North America, the Middle East, and Africa, Europe, Asia-Pacific, and Africa.
On the basis of geography, North America, Middle East, and Africa, Europe, Asia-Pacific, and Africa region have been studied. As per the analysis, the APAC region leads the current transducer with respect to market share due to the increasing demand for energy and the constant attempts to increase the share of renewable energy generation. Owing to the presence of countries like India and China, and Australia, the market is estimated to expand significantly. Due to the rising environmental concerns, India, China, and Australia are paying attention to renewable energy sources, which include bioenergy, wind, and hydropower. Besides, due to the increasing renewable energy is estimated to propel the current transducer market trends. The increasing complications in the grid system in the region is also likely to increase the demand of the current transducer market.
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In the European region, Germany is likely to be the fastest-growing nation in the current transducer market. Rising investment, the requirement of monitoring carbon emission would influence the renewable energy market. It has a direct influence on the current transducer market since it is an important part of the renewable generation. In the MEA region, Saudi Arabia is likely to be the fastest and largest growing market. The Saudi government has several projects in the pipeline. In South America, Brazil is estimated to be the largest and fastest-growing market. Owing to the fact that Brazil is South America’s fastest renewable market with continuous investment in wind is estimated to propel the demand for the current transducer market share.
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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