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Voltage Transducer Market Trends

Report ID: GMI6162
Published Date: Jul 2023
Report Format: PDF

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Voltage Transducer Market Trends

The expansion of the renewable energy sector including solar and wind power generation has accelerated the voltage transducer market demand. The product is used in renewable energy systems to measure and monitor voltage levels ensuring the stability and efficiency of power conversion and distribution. There is an increasing emphasis on enhanced safety features, which include galvanic isolation and protection against electrical disturbances to prevent equipment damage and ensure personnel safety, which is significantly augmenting the demand for advanced voltage transducers.

The rise in industrial automation across various sectors, such as manufacturing, energy, and automotive, is driving the demand for voltage transducers. These transducers are essential components in monitoring and controlling electrical parameters in automated systems, ensuring efficient and reliable operation.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of voltage transducer reached USD 1.2 billion in 2023 and is projected to expand at 6.8% CAGR from 2024 to 2032, owing to a growing focus on energy efficiency and conservation.

The industrial machinery segment held a industry share of more than 29% in 2022 and is expected to grow at a lucrative pace by 2032, backed by the increasing adoption of industrial IIoT that enables the connectivity and exchange of data between industrial machinery and voltage transducers.

The Asia Pacific industry is poised to witness 5% growth rate during 2023 and 2032 due to the robust industrialization and infrastructure development, particularly in countries like China, India, and Southeast Asian nations.

are ABB, Siemens, Schneider Electric, Phoenix Contact, Analog Devices, Inc., CR Magnetics, Inc., NK Technologies, LEM International SA, Socomec, and Carlo Gavazzi.