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Closed Loop Current Transducer Market Trends

Report ID: GMI7938
Published Date: Jan 2024
Report Format: PDF

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Closed Loop Current Transducer Market Trends

The current transducer market is undergoing significant expansion, largely driven by the accelerating adoption of electric vehicles (EVs). In the EV landscape, current transducers are integral to crucial functions such as battery management, motor control, and charging systems, playing a pivotal role in accurately measuring high currents within EV power systems. This surge in electric mobility aligns with stringent safety regulations that mandate precise current measurements to ensure compliance and safety.

Moreover, the increasing integration of current transducers is observed in the realm of industrial automation and process control systems. As industries across the board embrace automation for efficiency and precision, current transducers find applications in machinery monitoring, process control, and safety systems, ensuring the seamless and reliable operation of industrial processes.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of closed loop current transducer was surpassed USD 380 million in 2023 and is set to expand at over 3.5% CAGR from 2024 to 2032, driven by the growing demand for energy-efficient systems and the strong emphasis on renewable energy sources.

The industrial end use segment accounted for more than 42% share of the closed loop current transducer market in 2023 and is estimated to record considerable growth through 2032 owing to the increasing focus on energy efficiency and optimizing power consumption across multiple industries.

Asia Pacific closed-loop current transducer industry is poised to expand at over 4% growth rate between 2024 and 2032, attributed to the rising demand for energy-efficient solutions and the growing emphasis on sustainability in the region.

Some major closed loop current transducer market players are ABB, CHENYANG TECHNOLOGIES, HBK, Howard Butler Ltd, Johnson Controls, LEM International SA, luksens, Phoenix Contact, PowerUC, Sensor Electronic Technology, Siemens, Topstek Inc, and VACUUMSCHMELZE GmbH & Co. KG, among others.