The global current transducer market revenue was around US$ 521.5 million in 2021 and is estimated to reach US$ 780.5 million by 2031, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2031.

A current transducer is a tool that assists in converting current into electric current that meets industrial standards. They have many characteristics, including being dimensionally stable, linear, and maintaining the system's electric flow. It has uses in many different end-use industries, including aerospace, automotive, transportation, building & construction, and electrical components.

Factors Influencing Market Growth

Increased building and construction activity, rising consumer need for several electrically based components, and rising disposable income among middle-class households. Thus, these factors propel the market growth.

Expansion of the transportation and logistics industries as well as the rising demand from industrial sectors. Such factors are anticipated to fuel the market growth.

Current transducer devices are robust, chemically resistant, and dimensionally stable, they are frequently utilized in the industrial, building & construction, and other end-user sectors, which will increase demand for them and drive the market.

Current transducer components, including the open-circuit-based secondary transducer, may produce high loss due to a bigger air gap and have the potential to cause short circuits in electric vehicles, which might have a substantial negative impact on people's health. These factors serve as one of the elements may hamper the market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the market. Due to the government enacted a lockdown, numerous manufacturing facilities were forced to close for an extended length of time particularly in Asia Pacific, Europe, and other regions.
In addition, the lockdown restrictions have slowed the expansion of the automotive industry. The current transducer market has also been affected by infrastructure improvement delays and transportation shutdowns entirely.

Therefore, the restrictions brought on by lockdowns are being eased in the fourth quarter of the pandemic, and the building and construction industry is anticipated to quickly recover because of the record-high production unit in both established and emerging countries

Regional Insights

Asia Pacific is anticipated to lead the market. High population density drives up demand for electronics, particularly home appliances. As people are using renewable resources to combat the energy crisis, such as solar, wind, and other types of energy. A nation like China is dominated by manufacturing industries, which increase productivity by utilizing an advanced industrial automation system. Additionally, the fastest adoption and production of electric vehicles in this region boost the market growth.

Leading Competitors
The leading competitors in the global current transducer market are:
Phoenix Contact
Topstek Inc
Siemens AG
CR Magnetic
NK Technologies
Johnson Control Inc
Hobart
ABB
Danisense
General Electric
Intermountain Electric
Texas Instruments Inc
Veris Industries
Others
Segmentation Analysis
The global current transducer market segmentation focuses on Technology, Application, End User, and Region.
Segmentation based on Technology
Open Loop
Closed Loop
Segmentation based on Application
Inverter and converter
UPS and SMPS
Battery Management
Motor Drive
Others
Segmentation based on End User
Industrial
Renewable
Automotive
Residential and Commercial
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America