Current Transducer Market by Technology (Open Loop, Close Loop), Application (Motor Drive, Battery Management, UPS & SMPS, Converter & Inverter), End-User (Industrial, Renewables, Automotive, Residential & Commercial), and Region - Global Forecast to 2023
“The current transducer market is projected to grow at a CAGR of 3.31%, from 2018 to 2023.”
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.
“The converter & inverter segment is expected to be the fastest growing application segment by 2023.”
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 power generated through renewable sources are either stored or transferred to grid; in both the processes, converters & inverters are required for conversion of power. The growth of renewable energy sources across the globe is driving the market for current transducers.
“Asia Pacific is projected to be the largest market for current transducers during the forecast period.”
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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 3—100%,
By Designation: C-Level—12%, Director Level—25%, Others—63%
By Region: North America—25%, Europe—25%, Asia Pacific—50%
Note: Others includes sales managers, product managers, and design engineers
The tier of the company has been defined on the basis of its total revenue, as of 2013: Tier 1 = > USD 1 billion, Tier 2 = From USD 1 billion to USD 500 million, and Tier 3 = < USD 500 million
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).
The report defines, describes, and forecasts the global current transducer market on the basis of technology, application, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
Why buy this report?
1. The report identifies and addresses key markets for current transducers, which would help suppliers review the growth in the demand for the product.
2. The report helps solution providers understand the pulse of the market, and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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