Press release
Global Voltage Transducer Market Projected to Grow at 6% CAGR, Reaching $3.29 Billion by 2029
Voltage Transducer Market
What Will the Voltage Transducer Industry Market Size Be by 2025?
In the past few years, the market size for voltage transducer has seen significant expansion. Its predicted that it will escalate from $2.44 billion in 2024 to $2.6 billion in 2025, progressing at a compound annual growth rate (CAGR) of 6.6%. The reason for this growth during the historic period is the increasing demand for industrial automation, energy management enhancement, the development of smart grids, and the upward trend in telecommunications.
What's the Long-Term Growth Forecast for the Voltage Transducer Market Size Through 2029?
We anticipate significant expansion in the voltage transducer market in the coming years, projecting a rise to $3.29 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%. This projected growth during the forecast period could be attributed to factors such as electric vehicle (EV) charging infrastructure, industrial Internet of Things (IIOT), growth in data centers, and increased spending on research and development. Trends like technological advancements, edge computing, advanced metering infrastructure (AMI), and demand response programs will dominate the forecast period.
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What Are the Key Growth Drivers Fueling the Voltage Transducer Market Expansion?
The expanding use of electric vehicles is predicted to spur on the voltage transducers market. Electric vehicles run on electric motors employing electricity stored in batteries. Importance is given to voltage transducers as they monitor and adjust voltage levels at charging stations, thereby ensuring a safe and effective charge while avoiding voltage surges and potential grid damage. For example, over 2.3 million electric cars were sold in the first quarter of 2023, reflecting a 25% increase from the same quarter in 2022 according to the Internal Energy Agency, an autonomous intergovernmental organization based in France. By year-end 2023, sales are projected to hit 14 million, symbolizing a 35% annual growth, with sales expected to speed up in the latter half of the year. Consequently, the surge in electric vehicle usage will stimulate the voltage transducer market. The voltage transducers market is set to benefit from the growing installations of solar panels. Solar panels, which are equipments converting sunlight into electricity, have photovoltaic cells that harness solar power and generate electricity. Voltage transducers find use in solar panels wherein they track the panels' voltage output and stop battery depletion when the panel's voltage is lower than the battery's. To illustrate, the Solar Energy Industries Association, a non-profit organization representing the solar-energy industry in the U.S, disclosed that in 2023, there was a new electric capacity of 32.4 gigawatts (GW), an increase of 37% from the previous record in 2021 which was also 51% higher than 2022. Therefore, the escalating installation of solar panels will facilitate the progress of the voltage transducer market.
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What Are the Key Trends Driving Voltage Transducer Market Growth?
Firms engaged in the voltage transducer market are concentrating on creating innovative transducers, incorporating fluxgate technology to consolidate their market presence. Fluxgate technology is a form of magnetic sensing technology, utilized to measure magnetic fields. For example, Shenzhen Hangzhi Precision Electronics Co. Ltd., a producer of high-precision current sensors and measurement devices based in China, launched the Hangzhi HCV series high-accuracy voltage transducer in January 2022. This equipment, based on fluxgate technology, is a highly accurate voltage sensor used in the industrial sector for detecting DC, AC, pulse and various irregular voltages while maintaining perfect isolation between the primary and secondary sides. This sensor finds its primary use in metrological validation and calibration, along with fields such as rail transport, power quality monitoring, power analyzers, medical equipment, aerospace, naval vessels, and others which demand high sensitivity, stability and reliability.
How Is the Voltage Transducer Market Segmented?
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
Subsegments:
1) By Alternating Current (AC): Voltage Transformer, Current Transformer, Capacitive Voltage Divider
2) By Direct Current (DC): Hall Effect Transducer, Shunt Resistor Based Transducer, Isolation Amplifier Based Transducer
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Which Companies Are Leading the Charge in Voltage Transducer Market Innovation?
Major companies operating 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.
Which Regions Are Leading the Global Voltage Transducer Market in Revenue?
North America was the largest region in the voltage transducers market in 2024. The regions covered in voltage transducers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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