Innovations Driving Growth in the Current Transducer Market

According to a new report published by Allied Market Research, The current transducer market size was valued at $520.0 million in 2021, and is estimated to reach $799.2 million by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

Key players operating in the global current transducer market analysis include ABB, Ltd., ADTEK ELECTRONICS CO., LTD, American Aerospace Control, CR Magnetics, Inc., Danisense, GENERAL ELECTRIC, Intermountain Electric, Inc., Johnson Controls, LEM, NK Technologies., Phoenix Contact, Siemens, Texas Instruments Incorporated, Topstek Inc., and Veris.

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Asia-Pacific dominated the global current transducer market with more than 43% of the share, in terms of revenue.

The rise in building & construction activity, growing consumer demand for various electrically based components, and rise in disposable income from middle-class families have surged the demand for current transducers where it is used in electric meters, electrically based- household devices, such as AC, LED, TV, LCD, and many others.

Current transducer devices are resilient chemical resistant, and dimensionally stable, owing to which, they are widely used in automotive, industrial, building & construction, and other end-user sectors.

Factors, such as growing industrial sectors across the globe, increase in the manufacturing industry, and rise in the demand for oil & gas in both, developed and developing countries has witnessed the need for current transducer.

Current transducer plays a vital role in the machineries of petroleum, manufacturing, and industrial sectors, which helps in maintaining the stability of current flow and enhances the power supply by controlling overload.

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Current transducer is a device that helps in converting current into industrial standards electric current. Current transducers possess various properties, such as it is linear, dimensionally stable, and maintains electric flow in the system.

It finds applications in various industries, such as automotive, electrical components, transportation, aerospace, building & construction, and other end-user sectors.

Transducer currents are less reliable owing to their aging and drifting of active components and have high power consumption as compared to other analog signal types.

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It increases circuit load resistance in high voltage containing electronic devices, which may lead to short circuits in electrical or battery containing vehicles, which hamper the potential growth of the current transducer components in the market.

Several safety standards and rules regarding the use of transducer current in both, developed and developing countries have been set.

By technology, the closed loop-based technology segment accounted for about 65% of the share in the global current transducer market, and is expected to maintain its dominance during the forecast period.

By application, the motor drive segment accounted for 33% market share, and is anticipated to grow at a rate of 4.6% in terms of revenue.

By end user, the industrial segment accounted for 35% of current transducer market share, and is anticipated to grow at a rate of 4.8% in terms of revenue.

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The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The current sensors market has negative impact due to the wake of the COVID-19 pandemic, owing to disruptions in the supply chain for various industrial products. The outbreak of COVID-19 resulted in the shutdown of various manufacturing plants for a long period, especially in Europe, Asia-Pacific, and other regions.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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