Transparency Market Research in its new report titled, “Current Transducers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” provides key insights on the current transducers market. The new report anticipates that increasing adoption of renewable energy sources coupled with new innovations and scientific research for obtaining better results will drive the current transducers market during the forecast period i.e, 2017 – 2025. Further, increasing adoption electric vehicles, control & monitoring systems, and industrial automation is also likely to drive the market. However, current transducers can never be used as a secondary source of electricity due to their high voltage. They could damage the equipment. They could also emit electric shocks if handled haphazardly. These factors are projected to restrain the current transducers market, as per the report.
The TMR report has segregated the global current transducers market based on technology, application, end-user industry, and region. On the basis of technology, the current transducers market is split into closed and opened loops. In terms of application, the current transducers market is divided into motor drives, convertors and invertors, battery management systems, and others. Based on end-user industry, the current transducers market is segmented into telecommunications, industrial, commercial, residential, renewables, transportation, and automotive. TMR expects the rise in demand for green products to be a major trend in the current transducers market, during the forecast period.
On the basis of geography, the countries in Asia Pacific, like India, China, and Japan, have witnessed substantial increase in demand for current transducers owing to rapid industrialization and developing smart cities. In Asia Pacific, China accounts for majority of demand for electric vehicles owing to incentive schemes from the government of the country to promote electric vehicles. Japan is leading the industrial automation regime and already looking forward to Industry 5.0. North America remains to be emerging market for the demand of current transducers due to abundant growth in industrial sector and urbanization.
In Europe, countries such as the U.K., Germany, and France have increased the use of current transducers owing to industrial advancements. Countries in Latin America such as Brazil and Mexico have also increased usage of current transducers. Countries in Africa, such as South Africa and Angola, are likely to offer lucrative opportunities for the current transducers market in the near future, as per the report. Countries in Middle East such as Saudi Arabia, UAE, Oman, and Qatar are moving their focus from oil-based economies to renewable energy. Saudi Arabia is an emerging country for the development of current transducers due to the country’s Vision-2030 initiative undertaken by the newly chosen leadership. Major players operating in the current transducers market are profiled in this report to give a better competitive analysis and these include ABB, LEM, Siemens, Texas Instruments, Hobut, and others.
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