Research Nester’s recent market research analysis on “Current Transducer Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global current transducer market in terms of market segmentation by technology, application, end-user, and by region.
Growing Population to Promote Global Market Share of Current Transducer
The global current transducer market is estimated to grow majorly on account of the increasing number of people across the globe. The world's population is expanding at a rate of about 0.90% annually, which will increase demand for energy resources.
For instance, by 2040, power generation is predicted to have increased by over 45% due to the anticipated 2 billion additional people on the planet in the next 20 years.
This is expected to drive the demand for current transducers which function as essential components in many different sectors and applications, including power electronics, power distribution, and renewable energy to measure the power and current of a motor.
According to the United Nations, by mid-November 2022, there were 8.0 billion people on the planet.
Request Report Sample@
https://www.researchnester.com/sample-request-6151
Besides this, the growing demand for electric vehicles is foreseen to augment the demand for current transducers since they are necessary for vital EV functions including motor control, battery management, and charging systems.
Additionally, industrial automation has developed progressively over the last few decades and is expected to grow significantly, with demand expected to rise by more than 9% annually .
As a consequence, current transducer sales have increased which are extensively being used in industrial automation to measure and regulate the flow of electricity in electronics and are used to determine whether power is being supplied to a device and then send a signal to a central control station or automated system.
Some of the major growth factors and challenges that are associated with the growth of the global current transducer market are:
Growth Drivers:
• Increasing Focus on Energy Efficiency
• Rising Investment in Renewable Energy Sources
Challenges:
The high initial cost, lack of standardized protocols, and the strict regulations developed by the governments of nations worldwide are some of the major factors anticipated to hamper the global market size of current transducers.
Transducer manufacturers find it difficult to comply with the strict laws governing the transducer market, as it complicates and increases the cost of product development.By end-user, the global current transducer market is segmented into industrial, renewable, automotive, residential, and commercial. The renewable segment is to garner substantial revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Current transducers are essential components in renewable energy systems, as they aid in power output and distribution monitoring.
In addition, both passenger automobiles and commercial vehicles require actuators as a fundamental component of their electronic control systems, which might need a current transducer to be controlled.
Through 2036, the open-loop segment is predicted to generate significant market revenue. An integrated circuit for the Hall effect is used by the open loop transducers, which are frequently chosen in circuits that run on batteries because of their small size and low power consumption.
Furthermore, closed-loop systems are employed in industrial automation for motor control, current regulation, and overload prevention.
By region, the North America current transducer market is to generate the highest revenue by the end of 2036. This growth is anticipated by rising demand for electricity, leading to higher adoption of renewable energy sources. Over the next ten years, it is anticipated that the U.S. will have a large increase in electricity demand—between 1 and 14%.
Moreover, as per the predictions of the U.S. Energy Information Administration, the amount of solar electricity generated in the United States will increase by 75% between 2023 and 2025, from 163 billion kWh to 286 billion kWh.
Similarly, the demand for current transducers may increase in Europe since this area needs to reduce energy use and boost energy efficiency faster to realize carbon neutrality by 2050.
In a similar vein, Italy and Germany continue to invest in energy infrastructure and development while successfully integrating substantial volumes of variable renewable generation.
This report also provides the existing competitive scenario of some of the key players of the global current transducer market which includes company profiling of ABB, LEM, Texas Instruments, Phoenix Contact, NK Technologies, Siemens, CR MAGNETICS, INC., Veris Industries, Topstek, Inc., Danisense, and others.
Access our detailed report at:
https://www.researchnester.com/reports/current-transducer-market/6151
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.
Contact for more Info:
AJ Daniel
Email: [email protected]
U.S. Phone: +1 646 586 9123
U.K. Phone: +44 203 608 5919
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!