Oct 24, 2018   SOURCE: BusinessWire

Current Transducers - Worldwide Market Analysis & Forecast (2018-2023): Lucrative Opportunities in Eco-Friendly Electric & Hybrid Vehicles - ResearchAndMarkets.com


The global current transducer market is estimated at USD 581.1 million in 2018 and is projected to grow at a CAGR of 3.31% to reach USD 683.7 million by 2023.

These are highly technical products, and the growth of the current transducer market is mainly attributed to the technological development of transducers. The increasing adoption of renewable resources, electric vehicles, control & monitoring systems, and industrial automation is driving the growth of the market. The major restraint for the current transducer market is the increasing adoption of integrated systems.


With regards to the application segment, the converter & inverter segment is expected to grow at the fastest CAGR during the forecast period. The major application of converters & inverters is to convert DC to AC power and vice versa. The adoption of renewable technology is driving the demand for the converter & inverter segment. The power generated through renewable sources are either stored or transferred to grid; in both the processes, converters & inverters are required for conversion of power. The growth of renewable energy sources across the globe is driving the market for current transducers.

Some of the prominent players in the current transducer market include LEM (Switzerland), CR Magnetic (US), NK Technologies (US), Veris Industries (US), and Phoenix Contact (US).

Market Dynamics

Drivers

  • Increasing Use of Battery-Powered Application and Renewable Energy
  • Technological Advancements in Current Transducer
  • High Cost Associated With Production Breakdown in the Industrial Segment

Restraints

  • Increasing Use of the Integrated Product

Opportunities

  • Increasing Demand for Eco-Friendly Electric & Hybrid Vehicles
  • Rising Demand for Control & Monitoring System Owing to Urbanization & Industrialization

Companies Profiled

  • ABB
  • LEM
  • CR Magnetic
  • Veris Industries
  • Siemens
  • Hobut
  • IME
  • Texas Instrument
  • Phoenix Contact
  • Johnson Controls
  • NK Technologies
  • American Aerospace Control (CR)
  • Topstek

For more information about this report visit https://www.researchandmarkets.com/research/ljqqzv/current?w=4