PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462747
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462747
Industrial Current Transducer Market Forecasts to 2030 - Global Analysis By Technology (Closed loop, Open loop and Other Technologies), Application and By Geography
According to Stratistics MRC, the Global Industrial Current Transducer Market is growing at a CAGR of 3.7% during the forecast period. An Industrial Current Transducer is a device used to measure electrical current in industrial settings. It converts alternating or direct current signals into proportional electrical signals compatible with data acquisition systems or controllers. These transducers are commonly used in power distribution systems, motor control, renewable energy systems, and other industrial settings to ensure efficient operation, safety, and precise monitoring of electrical currents.
Market Dynamics:
Driver:
Rising energy efficiency concerns
As industries strive to optimize energy usage and reduce waste, the demand for precise monitoring and control of electrical currents is escalating. These devices enable real-time monitoring of energy consumption, helping industries identify inefficiencies and implement corrective measures to enhance energy efficiency. Furthermore, regulatory pressures and sustainability initiatives are compelling industries to adopt energy-efficient practices, further bolstering the demand for current transducers.
Restraint:
High cost
Manufacturing high-quality current transducers involves sophisticated technologies and materials, contributing to production costs. For many businesses, especially smaller enterprises or those with limited budgets, the high initial cost of current transducers can act as a deterrent to their adoption. Additionally, stringent quality control measures to ensure reliability and accuracy further add to the manufacturing expenses, which are hindering market growth.
Opportunity:
Technological advancements
The development of compact and highly efficient electronic components, such as Hall-effect sensors and integrated circuits, has allowed for the creation of smaller and more accurate current transducers. The integration of transducers with wireless communication protocols and industrial networking standards has enabled real-time monitoring and control of electrical systems. Furthermore, the development of advanced materials and manufacturing techniques has contributed to market growth.
Threat:
Limited awareness
Many potential users in industrial sectors may not be fully aware of the benefits and capabilities of current transducers. This lack of awareness can stem from various factors, including insufficient marketing efforts by manufacturers and the complexity of technical specifications associated with current transducers. Moreover, decision-makers within industrial organizations may not prioritize investment in current transducers due to a lack of understanding of their long-term benefits and return on investment, which is hindering this market expansion.
Covid-19 Impact
The COVID-19 pandemic has had several negative impacts on the Industrial Current Transducer market globally. One of the primary challenges has been the disruption of supply chains, as restrictions on movement and trade led to delays in the procurement of essential components and materials needed for manufacturing current transducers. This resulted in production slowdowns and shortages, affecting the availability of products and increasing lead times for customers. Furthermore, many companies postponed or canceled planned projects, resulting in decreased demand for current sensing solutions.
The closed loop segment is expected to be the largest during the forecast period
The closed loop segment is estimated to hold the largest share due to its ability to provide precise and accurate current measurements. This closed-loop configuration ensures high linearity, low drift, and improved accuracy over a wide range of operating conditions. Moreover, they continuously compare the output signal with the input signal, making real-time adjustments to minimize errors and maintain consistency, which is boosting this segment's growth.
The renewable energy systems segment is expected to have the highest CAGR during the forecast period
The renewable energy systems segment is anticipated to have highest CAGR during the forecast period due to the utilization of current transducers within various components of renewable energy infrastructure, such as solar photovoltaic (PV) systems, wind turbines, hydroelectric generators, and energy storage systems. These systems rely on precise monitoring and control of electrical currents to optimize efficiency, ensure safety, and facilitate grid integration. Furthermore, advancements in current sensing technology and integration with advanced control systems are propelling this segment's expansion.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period, owing to a growing emphasis on industrial automation and the need for accurate current measurement in various sectors. Countries like China, Japan, South Korea, and India have been at the forefront of adopting advanced sensing technologies. In addition, supportive government initiatives aimed at enhancing energy efficiency and ensuring operational safety in industrial settings have further bolstered market growth.
Region with highest CAGR:
North America is expected to witness highest CAGR over the projection period, owing to the increasing adoption of industrial automation, rising investments in smart grid infrastructure, and stringent regulatory. Collaborations between industry stakeholders and research institutions also play a crucial role in accelerating the development and deployment of advanced current sensing solutions. Moreover, the focus on renewable energy integration and the electrification of transportation further contribute to the demand for current transducers in this region.
Key players in the market
Some of the key players in the Industrial Current Transducer Market include Siemens, HBK, Texas Instruments Incorporated, luksens, Sensor Electronic Technology, Topstek Inc, ABB, NK Technologies, Senis AG, Danisense, Phoenix Contact, LEM International SA and PowerUC.
Key Developments:
In March 2024, Siemens AG has signed an agreement to acquire the industrial drive technology (IDT) business of ebm-papst. The business, which employs around 650 people, includes intelligent, integrated mechatronic systems in the protective extra-low voltage range and innovative motion control systems.
In March 2024, ABB has signed an agreement with Cap Clean Energy to collaborate on sustainable aviation fuel (SAF) production sites in the Canadian provinces of Manitoba, Saskatchewan and Alberta.
In January 2024, ABB announced it has agreed to acquire a majority of software service provider Meshmind to expand its research and development capabilities in AI, Industrial IoT and machine vision.
Technologies Covered:
- Closed loop
- Open loop
- Other Technologies
Applications Covered:
- Converter & Inverter
- Motor drive
- Battery management
- Renewable Energy Systems
- Power Quality Monitoring
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Industrial Current Transducer Market, By Technology
- 5.1 Introduction
- 5.2 Closed loop
- 5.3 Open loop
- 5.4 Other Technologies
6 Global Industrial Current Transducer Market, By Application
- 6.1 Introduction
- 6.2 Converter & Inverter
- 6.3 Motor drive
- 6.4 Battery management
- 6.5 Renewable Energy Systems
- 6.6 Power Quality Monitoring
- 6.7 Other Applications
7 Global Industrial Current Transducer Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Siemens
- 9.2 HBK
- 9.3 Texas Instruments Incorporated
- 9.4 luksens
- 9.5 Sensor Electronic Technology
- 9.6 Topstek Inc
- 9.7 ABB
- 9.8 NK Technologies
- 9.9 Senis AG
- 9.10 Danisense
- 9.11 Phoenix Contact
- 9.12 LEM International SA
- 9.13 PowerUC
List of Tables
- Table 1 Global Industrial Current Transducer Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
- Table 3 Global Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
- Table 4 Global Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
- Table 5 Global Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 6 Global Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
- Table 7 Global Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
- Table 8 Global Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
- Table 9 Global Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
- Table 10 Global Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
- Table 11 Global Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
- Table 12 Global Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 13 North America Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
- Table 14 North America Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
- Table 15 North America Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
- Table 16 North America Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
- Table 17 North America Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 18 North America Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
- Table 19 North America Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
- Table 20 North America Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
- Table 21 North America Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
- Table 22 North America Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
- Table 23 North America Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
- Table 24 North America Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 25 Europe Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
- Table 26 Europe Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
- Table 27 Europe Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
- Table 28 Europe Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
- Table 29 Europe Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 30 Europe Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
- Table 31 Europe Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
- Table 32 Europe Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
- Table 33 Europe Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
- Table 34 Europe Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
- Table 35 Europe Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
- Table 36 Europe Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 37 Asia Pacific Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
- Table 38 Asia Pacific Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
- Table 39 Asia Pacific Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
- Table 40 Asia Pacific Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
- Table 41 Asia Pacific Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 42 Asia Pacific Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
- Table 43 Asia Pacific Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
- Table 44 Asia Pacific Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
- Table 45 Asia Pacific Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
- Table 46 Asia Pacific Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
- Table 47 Asia Pacific Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
- Table 48 Asia Pacific Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 49 South America Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
- Table 50 South America Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
- Table 51 South America Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
- Table 52 South America Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
- Table 53 South America Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 54 South America Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
- Table 55 South America Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
- Table 56 South America Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
- Table 57 South America Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
- Table 58 South America Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
- Table 59 South America Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
- Table 60 South America Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 61 Middle East & Africa Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
- Table 62 Middle East & Africa Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
- Table 63 Middle East & Africa Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
- Table 64 Middle East & Africa Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
- Table 65 Middle East & Africa Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 66 Middle East & Africa Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
- Table 67 Middle East & Africa Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
- Table 68 Middle East & Africa Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
- Table 69 Middle East & Africa Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
- Table 70 Middle East & Africa Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
- Table 71 Middle East & Africa Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
- Table 72 Middle East & Africa Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
