Press release
Strong Growth Projected: Voltage Transducer Market to Reach $3.08B by 2028 Growing at 6.8% CAGR
Voltage Transducer Market Report
The voltage transducer market size is expected to see strong growth in the next few years. It will grow to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to electric vehicle (ev) charging infrastructure, industrial internet of things (iiot), data center growth, increasing investments in research and development. Major trends in the forecast period include technological advancements, edge computing, advanced metering infrastructure (ami), demand response programs.
Market Overview -
A voltage transducer, also known as voltage sensor is an instrument that transforms a voltage of electricity into an electrical signal with a proportionate amplitude. It is essential for transforming electrical voltage to an equivalent electrical signal and is widely utilized in multiple applications, such as power measurement, control systems and others.
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Surge In Electric Vehicle Adoption Sparks Growth In The Voltage Transducers Market
The rise in electric vehicle adoption is expected to propel the growth of the voltage transducers market going forward. Electric vehicles are automobiles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity rather. Voltage transducers are critical components that track and modify voltage levels at charging stations, ensuring the charging process remains safe and efficient by avoiding voltage fluctuations and potential grid damage. For instance, in May 2022, according to the International Energy Agency, a France-based independent intergovernmental organization, electric vehicle (EV) sales had nearly doubled from the previous year in 2021, reaching a new high of 10.2 million units in the year 2022. Additionally, the sales of electric car vehicles worldwide in 2023 are expected to be 14 million units representing a growth rate of 35%. Therefore, the rise in electric vehicle adoption will drive the voltage transducer market.
Competitive Landscape -
Major players in the voltage transducer market are Siemens AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corp., Emerson Electric Co., TE Connectivity Ltd., Analog Devices Inc., Digi-Key Electronics Corp., Phoenix Contact GmbH & Co. KG, Yokogawa Electric Corporation, Fluke Corporation, LEM Holding SA, Veris Industries LLC, Ashcroft Inc., Dwyer Instruments Inc., Red Lion Controls Inc., NK Technologies, Building Automation Products Inc., Acromag Inc., Magnelab Corporation, Omron Automation Pvt. Ltd., Electro-Sensors Inc., Althen Sensors & Controls B.V., CR Magnetics Inc., Carlo Gavazzi Automation SpA, Aim Dynamics Inc., Continental Control Systems LLC, Darrah Electric Company.
Innovation In Voltage Transducers
Companies operating in the voltage transducer market are focused on innovating advanced transducers, with fluxgate technology to strengthen their market positioning. Fluxgate technology is a type of magnetic sensing technology that is used to measure magnetic fields. For instance, in January 2022, Shenzhen Hangzhi Precision Electronics Co. Ltd., a China-based manufacturer of high-precision current sensors and measuring instruments, released the Hangzhi HCV series high-precision voltage transducer, a voltage control and measurement component based on fluxgate technology. It is a voltage sensor with high precision for measurement in the industrial industry that can precisely detect DC, AC, pulse and different irregular voltages under the condition of perfect isolation of the primary and secondary sides. It is primarily utilized in metrological verification and calibration, as well as rail transportation, power quality monitoring, power analyzers, medical equipment, aerospace, naval vessels and other fields requiring great sensitivity, stability and dependability.
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Key Segments -
The voltage transducer market covered in this report is segmented -
1) By Type: Alternating Current (AC); Direct Current (DC)
2) By Application: Railway Applications; Solar Panels; Multi-Parameter; Power Plants; Industrial Machinery; Electric Vehicles; Data Centers
3) By End-User: Transportation; Energy And Utilities; Manufacturing; IT And Telecommunication
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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