Industrial Current Transducer Market
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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o 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
1 Global Industrial Current Transducer Market Outlook, By Region (2021-2030) ($MN)
2 Global Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
3 Global Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
4 Global Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
5 Global Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
6 Global Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
7 Global Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
8 Global Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
9 Global Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
10 Global Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
11 Global Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
12 Global Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
13 North America Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
14 North America Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
15 North America Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
16 North America Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
17 North America Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
18 North America Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
19 North America Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
20 North America Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
21 North America Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
22 North America Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
23 North America Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
24 North America Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
25 Europe Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
26 Europe Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
27 Europe Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
28 Europe Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
29 Europe Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
30 Europe Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
31 Europe Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
32 Europe Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
33 Europe Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
34 Europe Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
35 Europe Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
36 Europe Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
37 Asia Pacific Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
38 Asia Pacific Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
39 Asia Pacific Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
40 Asia Pacific Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
41 Asia Pacific Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
42 Asia Pacific Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
43 Asia Pacific Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
44 Asia Pacific Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
45 Asia Pacific Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
46 Asia Pacific Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
47 Asia Pacific Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
48 Asia Pacific Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
49 South America Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
50 South America Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
51 South America Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
52 South America Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
53 South America Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
54 South America Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
55 South America Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
56 South America Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
57 South America Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
58 South America Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
59 South America Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
60 South America Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
61 Middle East & Africa Industrial Current Transducer Market Outlook, By Country (2021-2030) ($MN)
62 Middle East & Africa Industrial Current Transducer Market Outlook, By Technology (2021-2030) ($MN)
63 Middle East & Africa Industrial Current Transducer Market Outlook, By Closed loop (2021-2030) ($MN)
64 Middle East & Africa Industrial Current Transducer Market Outlook, By Open loop (2021-2030) ($MN)
65 Middle East & Africa Industrial Current Transducer Market Outlook, By Other Technologies (2021-2030) ($MN)
66 Middle East & Africa Industrial Current Transducer Market Outlook, By Application (2021-2030) ($MN)
67 Middle East & Africa Industrial Current Transducer Market Outlook, By Converter & Inverter (2021-2030) ($MN)
68 Middle East & Africa Industrial Current Transducer Market Outlook, By Motor drive (2021-2030) ($MN)
69 Middle East & Africa Industrial Current Transducer Market Outlook, By Battery management (2021-2030) ($MN)
70 Middle East & Africa Industrial Current Transducer Market Outlook, By Renewable Energy Systems (2021-2030) ($MN)
71 Middle East & Africa Industrial Current Transducer Market Outlook, By Power Quality Monitoring (2021-2030) ($MN)
72 Middle East & Africa Industrial Current Transducer Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
