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Industrial Open Loop Current Transducer Market Size

Report ID: GMI12043
Published Date: Oct 2024
Report Format: PDF

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Industrial Open Loop Current Transducer Market Size

The global industrial open loop current transducer market was valued at USD 99 million in 2023 and is set to grow at a CAGR of 4.3% from 2024 to 2032. As industries embrace automation, the need for efficient current measurement grows. Open-loop current transducers offer a cost-effective way to monitor real-time current flow, crucial for improving automation and efficiency in complex industrial processes. The rise of solar and wind power has boosted demand for precise current monitoring in power conversion systems. Open-loop current transducers, capable of measuring both AC and DC currents, are increasingly used in these applications. This trend enhances the efficiency and reliability of renewable energy systems.

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The growing EV market boosts demand for charging stations, where current monitoring is vital for safety and efficiency. Open-loop current transducers are popular in EV charging systems, offering flexibility and cost-effectiveness, especially for high-current applications. Power grid modernization and smart grid expansion are boosting demand for these devices. Open loop current transducers are vital for monitoring current in power networks, helping manage loads, detect faults, and enhance grid stability.

Industrial Open Loop Current Transducer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Open Loop Current Transducer Market Size in 2023:	USD 99 Million
Forecast Period:	USD 99 Million
Forecast Period USD 99 Million CAGR:	4.3%
USD 99 Million Value Projection:	USD 144.4 Million
Historical Data for:	2021 to 2023
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Application
Growth Drivers:	Increasing demand for energy efficiency Technological advancements in current transducer Rise in electric vehicle adoption
Pitfalls & Challenges:	Growing use of integrated products

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The global market for industrial open loop current transducer was reached USD 99 million in 2023 and is set to grow at a CAGR of 4.3% from 2024 to 2032, driven by the increasing adoption of automation in industries.

The UPS & SMPS segment is set to grow at a CAGR of over 4.5% through 2032, led by the increasing reliance on these systems for uninterrupted power in critical operations across data centers, manufacturing, and healthcare sectors.

The U.S. industrial open loop current transducer market is projected to exceed USD 20.3 million by 2032, supported by the country's push for automation in manufacturing and the growing demand for reliable current measurement in renewable energy and electrification sectors.

Key players in the industrial open loop current transducer market include ABB, Howard Butler, Johnson Controls, NK Technologies, Phoenix Contact, Siemens, Texas Instruments, and Topstek.