Global Current Transducer Market Overview:
The global current transducer market is expected to grow from an estimated USD 581.1 Million in 2018 to USD 683.7 Million by 2023, registering a CAGR of 3.31% during the forecast period. This growth is primarily due to the increasing emphasis on renewable resources, control & monitoring system, industrial automation, electric vehicle, and increasing use of energy storage machines.
The motor drive segment is expected to hold the largest share of the current transducer market, by application, during the forecast period
The motor drive segment led the current transducer market in 2017 and is projected to dominate the market during the forecast period. The motor drive segment has wide application in different industries. The motor drive is used for providing the alternating frequency and voltage to the electric motor. The current transducer in the drive is used to measure the current to be applied to the motor. Due to such an extensive application, the motor drive segment is estimated to lead the application segment of the current transducer market.
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Renewable industry is expected to be the fastest growing segment of the current transducer market
With regards to the end user segment, renewable is expected to constitute the fastest growing market from 2018 to 2023. The market is primarily driven by increasing investments in large-scale renewable power projects. The government in different countries worldwide are targeting to diversify the energy generation mix and reduce the emission of carbon and greenhouse gases. European countries climate & energy strategy of 20-20-20 is one of such example. China is leading the adoption of renewable installation across the globe to diversify its energy mix and reduce the carbon emission. The installation of renewable energy sources is expected to grow during the forecasted period attributing toward the growth of renewable energy.
Asia Pacific: The leading market for current transducers
In this report, the current transducer market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is expected to account for the largest market share in the global current transducer market in 2017. In the Asia Clean Energy Summit in Singapore, in 2017 it was noted that Southeast Asia is a suitable market for renewable energy development, as it holds a favorable climate for solar and wind energy generation. According to Bloomberg New Energy Finance, China is observed to be the highest investor in renewable energy and associated low-emissions-energy sectors by investing USD 103 billion in 2015, recording 17% growth year-on-year (Y-o-Y). The growth of renewable energy is also driving the market for energy storage The NITI AYOG has projected a battery market of USD 300 billion by 2017–2030 in India. In addition to this China is also leading the market toward the adoption of the electric vehicle in the country. To promote electric vehicles, the government of China is providing a subsidy of USD 15,000 on each electric vehicle. The investment and development in renewable, electric vehicle, energy storage, and industrial automation is driving the market for current transducers.
Key Market Players:
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the current transducer market. These players include LEM (Switzerland), CR Magnetic (US), NK Technologies (US), Veris Industries (US), and Phoenix Contact (US). The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares.