The global current transducer market is projected to reach a market size of USD 683.7 Million by 2023, growing at a CAGR of 3.31% during the forecast period. The market in Asia Pacific is estimated to be the largest for current transducers followed by Europe in 2018 This trend is expected to continue till 2023. The growth of the current transducer market is driven by the increasing adoption of control & protection systems, government initiatives promoting the adoption of industrial automation, renewable resources, electric vehicle, and energy storage instruments.
The current transducer market is dominated by a few major players that have a wide regional presence and are established brand names. The leading integrated solution providers in the current transducer market include LEM (Switzerland), CR Magnetic (US), NK Technologies (US), Veris Industries (US), and Phoenix Contact (US).
The major strategies adopted by the players include new product launches and contract & agreement. New product launch was the most commonly adopted strategy from January 2014 to February 2018.
LEM is one of the key players in the current transducer market. The company offers a wide range of current transducers across the different range for motor control, battery management, renewable energy, and mobility. The company operates its business in the current & voltage transducer segment. It reports the business as an industrial and automotive segment. Current transducers are provided at different temperature, efficiency, and accuracy models. LEM provides a total of approximately 2,500 different transducers in 22 different available series. These transducers are available in both open-loop and closed-loop technologies. In 2017, LEM launched 6 new series of current transducers, which have a wide operating temperature range from −40 to +85°….
Veris Industries are the fully owned subsidiary of Schneider Electric. Veris Industries is the supplier of energy and environmental sensors and control peripherals for commercial HVAC, renewable energy, industrial control, and energy management applications. The company has the extensive product portfolio that includes a wide array of control devices including air quality sensors, current sensors, humidity sensors, leak detection systems, and lighting control devices. The control devices are further segmented as current monitoring sensor, under which current transducers are offered by the company. The company provides a wide range of current transducers based on output ranging from 4 to 20 mA Out, from 0 to 5 VDC Out, and from 0 to 10 VDC Out. The company provides a wide range of current transducers in combination with different hardware for control systems having application in load balancing, battery management, and lighting circuit monitoring.
Current Transducer Market by Technology (Open Loop, Close Loop), Application (Motor Drive, Battery Management, UPS & SMPS, Converter & Inverter), End-User (Industrial, Renewables, Automotive, Residential & Commercial), and Region - Global Forecast to 2023
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