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Utility Scale Closed Loop Current Transducer Market Trends

Report ID: GMI11982
Published Date: Oct 2024
Report Format: PDF

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Utility Scale Closed Loop Current Transducer Market Trends

Utility Scale Closed Loop Current Transducer Market Size, 2022-2032 (USD Million)

Industries are focusing more on automation and power management in large facilities. This trend drives demand for current transducers that work with complex monitoring and control systems. The use of these transducers in industrial equipment for precise energy management is growing. Stricter energy efficiency and safety regulations are driving demand for advanced current transducers in utility-scale applications. Closed-loop current transducers, prized for their accuracy and reliability, are often necessary to meet these standards. Increased competition and technological progress have lowered the cost of closed-loop current transducers. This has made them more affordable for large-scale utility applications, leading to wider adoption across various industries.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The global market for utility-scale closed-loop current transducer was reached USD 121.8 million in 2023 and is projected to grow at a 4.2% CAGR from 2024 to 2032, propelled by the rise of renewable energy projects.

The motor drive segment is expected to grow at a CAGR of more than 3.4% through 2032, driven by the shift towards automation in industries to enhance efficiency and precision.

The U.S. market for utility-scale closed-loop current transducer is projected to exceed USD 21.33 million by 2032, led by significant investments in large-scale solar and wind energy projects requiring precise current monitoring.

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