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Base Year: 2023
Companies covered: 8
Tables & Figures: 20
Countries covered: 22
Pages: 80
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Industrial Open Loop Current Transducer Market
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Industrial Open Loop Current Transducer Market Size
The global industrial open loop current transducer market was envisioned at USD 99 million in 2023 and is assessed to grow at a CAGR of 4.3% from 2024 to 2032. With the increasing trend of automation in industries, the demand for precise measurement of current is ever-increasing. This is general true in settings where real time evaluation of current is essential to enhance automation and efficiency of intricate industrial systems.
The increased usage of solar and wind power has also intensified the requirement for accurate measurement of current in the power conversion systems. Use of Open loop current transducers are on the rise as they measure both Ac and DC current, leading to increased effectiveness and add reliability to renewable energy systems.
The growing EV market means customers desire higher numbers of charging stations, where current monitoring is paramount for safety and proper function. Open-loop current transducers have gained acceptance in this area due to their simplicity as well as cost-effectiveness, particularly where current demands are high. These trends, along with the modernization of power grids and expansion of smart grids, greatly increase the need for these devices. These open current transducers are key for current measurement in power networks, aiding in load management, fault detection, and grid stability augmentation.
Industrial Open Loop Current Transducer Market Trends
More stringent energy and emission controls are pushing industries to use current transducers for energy management. Open-loop transducers provide vital information on energy using so as to comply with the regulations. There have been recent advancements making open-loop current transducers more appropriate for industrial application. The sensors have become more compact, lightweight, and inexpensive. They have also been made more sensitive, tougher, and digitally connected, which increases their range of industrial uses.
The IoT expansion in the industry is creating a need for current monitoring for predictive maintenance. Open-loop current transducers make it possible to monitor the equipment's condition and minimize maintenance expenditure by identifying faults at an earlier stage.
Industrial Open Loop Current Transducer Market Analysis
In the industrial open loop current transducer market there is further segmentation by application into UPS & SMPS, motor drive, battery management, converter & inverter and others. The UPS & SMPS segment is projected to witness a growth rate of more than 4.5% in the period up to 2032. More and more industries use UPS and SMPS for critical operations which require constant supply of power. This is noticeable for example in data centers, manufacturing plants, and even in healthcare. These systems rely on open-loop current transducers that monitor the current in these devices.
As a consequence, the power assurance delivery becomes reliable. Energy consumers’ requirements have changed, and so have the power consumption requirements of UPS and SMPS manufacturers. Open-loop current transducers have a considerable influence on these designs as they make possible the measuring accurate current flow. This rises efficiency while reducing energy consumption, enabling industrial applications to achieve their sustainability objectives.
The U.S. industrial open loop current transducer market is expected to surpass USD 20.3 million by the year 2032. As U.S. manufacturing industries adopt more automation, these devices will be indispensable for current monitoring systems in automated processes. They are applied broadly in industrial machinery and equipment within the automotive, chemical, and manufacturing industries. Their integration into the systems increases current operational efficiency by providing exact current readings.
The growing concern for as well as the investment in renewable energy and greater electrification of the economy is driving the need for robust current measurement technology. This holds especially for solar and wind energy and EV charging installations. Open-loop current transducers are extensively used in these applications because they provide acceptable solutions to extreme current conditions, which is essential for the steady operation of the power grid and the integration of renewable sources of energy.
Big investment is being made in renewable energy resources in the Asia Pacific region particularly in solar, wind, and water energy. Open-loop current transducers play an important role in these systems as they monitor current flow in converters and inverters. They are beneficial in effective energy load distribution, providing stability in systems, and adjusting perfectly in renewable energy systems where changing currents are commonplace.
As the manufacturing capacities of China, India, Japan, and South Korea increase, industrial automation is growing as well. Open-loop current transducers are central to this phenomenon enabling precise current monitoring in automated equipment. They also enhance effectiveness and dependability in all fields of automotive, electronics, and consumer goods manufacturing.
Industrial Open Loop Current Transducer Market Share
With ABB being at the forefront of the industrial open-loop current transducer industry, they are undoubtedly one of the leading company given their grand experience in developing a wide range transducers. ABB open-loop current transducers have both standard and custom models designed to meet performance requirements. With a long history in the power equipment branch, ABB always provides tailor made solutions for transducer devices at the request of certain application industries.
Industrial Open Loop Current Transducer Market Companies
Some of the key market players operating across the industrial open loop current transducer industry are:
Industrial Open Loop Current Transducer Industry News:
The industrial open loop current transducer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:
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Market, By Application
The above information has been provided for the following regions and countries: