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Open Loop Current Transducer Market Trends

Report ID: GMI7956
Published Date: Jan 2024
Report Format: PDF

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Open Loop Current Transducer Market Trends

The open-loop current transducer industry is experiencing notable trends as technological advancements continue to shape the industry. One significant trend is the integration of smart features and digital capabilities in open-loop current transducers, enhancing their accuracy and performance. Moreover, the market is witnessing a growing demand for these transducers in tandem with the rising adoption of renewable energy sources worldwide. The International Energy Agency (IEA) further anticipates a substantial global growth in renewable energy capacity, projecting a remarkable increase of 2,400 GW between 2022 and 2027.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of open loop current transducer was surpassed USD 232 million in 2023 and is set to expand at over 5% CAGR from 2024 to 2032, attributed to the growing emphasis on energy efficiency and sustainability across automotive, industrial automation, and renewable energy sectors.

Open loop current transducer market from the industrial end use segment generated USD 95 million in 2023 and is projected to witness high demand through 2032, owing to the increasing emphasis on energy efficiency and optimizing power consumption across several industries.

Asia Pacific market for open-loop current transducers is poised to expand at over 4% growth rate from 2024 to 2032, driven by the increasing demand for energy-efficient solutions and the growing focus on sustainability.

Some major open loop current transducer companies are ABB, CHEEMI TECHNOLOGY CO., LIMITED, CHENYANG TECHNOLOGIES, Johnson Controls, LEM International SA, luksens, NK Technologies, Phoenix Contact, PowerUC, Sensor Electronic Technology, Siemens, Texas Instruments Incorporated, and Topstek Inc.