Increasing use of AI in the automotive industry is a key factor driving the current transducer market, says Fortune Business Insights in a report, titled “Current Transducer Market Size, Share and Global Trend by Technology (Open Loop, Closed Loop), By Application (Inverter & Converter, UPS & SMPS, Battery management, Motor Drive, Others), By End-user (Industrial, Renewable, Automotive, Residential & Commercial, Others) and Geography Forecast till 2026.” The growing adoption of renewable sources of energy will aid the growth of the market.
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As per the report, on the basis of technology, the global current transducer market is segmented into an open loop and closed loop. The open-loop segment is predicted to account for maximum share in the market owing to the rising demand for open loops in different sectors such as aviation and defense, therapeutic, automobile, railways, and consumer durable will stimulate the growth of the segment. The high bandwidth, wide transmission capacity, and quick reaction time will further stimulate the growth of the segment. On the basis of application, the market is segmented into the inverter & converter, UPS & SMPS, battery management, motor drive, and others. The motor drive is expected to witness huge growth during the forecast period owing to its extensive use in various industries
Key Market Driver – Increasing demand for electric vehicles and consumer durables
Key Market Restraint – Current transducer is expansive
Some of The Major Companies In The Global Current Transducer Market Are:
- Johnson Controls
- NK Technologies
- Texas Instruments
- Phoenix Group
- CR Magnetic
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The report shares an understanding of the recent market trends and industrial developments in the current transducer market. It offers dynamic insights and provides relevant data, assisting investors and companies to benefit in the long run.
Increasing Wind and Solar Energy Demand Will Boost Growth
The growing awareness regarding carbon emissions is expected to aid the growth of the market. The increasing adoption of electric vehicles around the world is expected to create growth opportunities for the market. The growing use of industrial automation by industries to increase productivity is likely to enable the growth of the market. The rising population and surge in the purchasing power of people will fuel demand for consumer durable goods. The rising shift towards renewable sources of energy such as solar and wind energy to meet energy demand will encourage the growth of the market. Furthermore, the announcement of a manufacturing plant in Pune is expected to accelerate the growth of the market. For instance, Chinese consumer durable company Midea is going to set up a manufacturing plant in Pune. The investment made by the company is Rs 1350 Cr. This new manufacturing plant will help to increase the production of the home appliance, HVAC products, and compressors.
In addition, Hyderabad based, a new startup PURE-EV has raised venture capital funding of $35 million for the production of high speed and long-range scooters and motorcycles. This shows a positive outlook for the current transducer market. The venture capital raised by PURE-EV will encourage the growth of the market
Key Industry Developments
- In Nov 2018, Chinese consumer durable company Midea is going to set up a manufacturing plant in Pune. The investment made by the company is Rs 1350 Cr. This new manufacturing plant will help to increase the production of the home appliance, HVAC products, and compressors. This shows positive outlook for the current transducer market.
- In July 2019, BME has announced that to begin manufacturing of new electric mini at its British factory. This growth in the electric vehicle market help to enhance the current transducer market.
- In July 2019, Hyderabad based a new startup PURE-EV has raised venture capital funding of $35 million for the production of high speed and long-range scooters and motorcycles. This shows a positive outlook for current transducer market.
Increasing Adoption of renewable resources Will Support Growth in Asia Pacific
Asia Pacific is expected to dominate the market owing to the rising population, which contributes to the demand for electronics devices, including household appliances. The increasing adoption of renewable resources such as solar energy, wind energy, and others to meet energy needs. In Europe, the increasing investment for renewable sources of energy to curb the carbon emission will aid growth in the region. In North America, the market is predicted to grow significantly owing to big companies such as Tesla, who is investing more in an electric vehicle. The increasing investment in renewable sources of energy to curb carbon emission and R&D activities for the development of advanced automation systems for industries will further stimulate growth in North America.
Major Table of Content For Current Transducer Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Current Transducer Market Analysis, Insights and Forecast, 2026
- North America Current Transducer Market Analysis, Insights and Forecast, 2026
- Europe Current Transducer Market Analysis, Insights and Forecast, 2026
- Asia Pacific Current Transducer Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Current Transducer Market Analysis, Insights and Forecast, 2026
- Latin America Current Transducer Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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