Voltage Transducer Market size is projected to surpass USD 5 Billion by the end of 2036, expanding around 6% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of voltage transducer was about USD 2 Billion. This growth of the market is set to be influenced by rising demand for electric vehicle. The number of electric cars sold globally in 2022 exceeded 9 million, and this year sales are predicted to increase by another 34% to about 13 million. Hence, the increasing popularity of electric cars (EVs) is one of the main factors driving the voltage transducer market expansion.
Electric vehicles are operated by electric motors and fueled by stored electricity in batteries which further increase demand for EV charging centers. At EV charging stations, voltage transducers are essential for monitoring and regulating voltage levels. Hence, with the growing demand for electric vehicles, the need for voltage transducers is also projected to grow. Furthermore, the sector is expanding as a result of ongoing technological developments, such as the creation of smaller transducers with higher precision, and better signal processing power. These developments are making it possible to detect voltage more precisely and integrate it with monitoring systems more easily, which is greatly accelerating the product's entry into a variety of industries.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6% |
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Base Year Market Size (2023) |
~ USD 2 Billion |
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Forecast Year Market Size (2036) |
~ USD 5 Billion |
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Regional Scope |
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Product (AC, DC)
The AC segment is estimated to gather the highest share in the voltage transducer market of about 60% over the coming years. Alternating current (AC) voltage signals may be precisely and measurably converted into output data using AC voltage transducers. In situations where AC power system control and monitoring are crucial, these transducers are indispensable. Additionally, growing investment in smart grids is also projected to dominate the segment expansion. For instance, considering Europe region, the "Digitalization of the Energy System" EU action plan was introduced by the European Commission in 2022. By 2030, it intends to have invested over USD 632 billion on the European power grid, of which about USD 183 billion will be allocated to digitalization projects like smart meters, automated grid management, digital metering technology, and enhanced field operations. Additionally, AC Voltage transducers have a positive impact on energy efficiency in several applications. The voltage transducer market finds a growing niche as energy efficiency standards become more severe. This is since sophisticated transducers are required to meet these needs and reduce energy usage.
End User (Railway, Industrial Machinery, Power Plants, Electrical Vehicles)
The industrial machinery segment in the voltage transducer market is set to generate the highest revenue share of over 40% over the forecast period. The growth of the segment is set to be dominated by the rising trend of Industry 4.0. Moreover, in industrial machinery, predictive and preventive maintenance techniques are becoming more and more important. As a component of condition monitoring systems, voltage transducers are used to identify anomalous voltage levels, variations, or oscillations that can point to possible equipment problems. Proactive maintenance is made possible by this, which lowers downtime and raises overall equipment effectiveness (OEE). Hence, with the rise in this segment, the market for voltage transducers is expected to experience a boost.
Our in-depth analysis of the global voltage transducer market includes the following segments:
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Product |
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Application |
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End User |
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APAC Market Forecast
The Asia Pacific voltage transducer market is poised to gather the highest revenue share of about 35% over the forecast period. The major factor to encourage the market expansion in this region growing government initiatives to boost the sale of electric vehicles. Moreover, not only government but also various key players in this region is investing heavily in developing charging station for EV. Additionally, this region is also experiencing the growth in investment for renewable energy. According to projections, the Asia Pacific area will be investing about USD 3 trillion in power generation over the next ten years, of which over 48% would go towards solar and wind power and approximately 11% towards energy storage. Additionally, there has been growing infrastructure development in this region which is also estimated to boost the voltage transducer market growth.
North American Market Analysis
The North America voltage transducer market is also estimated to have notable growth in the coming years. High demand for sophisticated electrical monitoring systems is evident in the region, and trends point to an increasing use of big data analytics in voltage transducers for energy management applications. Furthermore, this is region is also having surge in urban population which is further increasing demand for electricity. Which is why, the demand for voltage transducer market in this region is growing.
In the News
Author Credits: Payel Roy, Dhruv Bhatia
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