Voltage Transducer Market Size & Share, by Product (AC, DC); Application (Invertor & Convertor, UPS & SMPS, Battery Management, Motor Drive); End User (Railway, Industrial Machinery, Power Plants, Electrical Vehicles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5751
  • Published Date: Feb 28, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Voltage Transducer Market
Get more information on this report: Request Free Sample PDF

Voltage Transducer Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Renewable Energy - Between 2022 and 2027, there is a projected rise in worldwide renewable capacity of almost 2 399 GW, or nearly 74%. To drive and regulate energy from renewable sources in the most energy-efficient manner, power electronics must be used. Precise synchronization between the power semiconductors, feedback sensors, mechanics, and system controllers is necessary in modern systems. Therefore, the demand for voltage transducer market is estimated to rise significantly.
  • Surge in Integration of IoT - One of the most talked-about and crucial elements of any digitization process is quickly emerging is the Internet of Things (IoT). Sensors, communication (the Internet), and user interfaces for data processing are the three most crucial elements that make up the Internet of Things. Nowadays, Internet of Things applications can be found in almost every area, including healthcare. Hence, their integration has been also observed in voltage transducers. Remote monitoring and control are made possible by the combination of voltage transducers and Internet of Things (IoT) technology. Opportunities for proactive maintenance and improved energy efficiency are improved by this dynamic. As a result, with this the demand for voltage transducer market is set to observe growth over the coming years.
  • Rise in Automation of Industry - Industrial automation is the application of technologies, procedures, and frameworks to automate and optimize a range of industrial activities, from production and manufacture to logistics and upkeep. Automation technology makes production processes precise and continuous, which lowers variability and improves product quality. This is especially important in sectors where accuracy and consistency are crucial, including the automobile, electronics, and pharmaceutical industries. However, one of the most important components of industrial automation is the voltage of the power supply. Hence, voltage transducers are critical components in automation systems. Therefore, there are growing market prospects as a result of the growing demand for accurate and reliable voltage measurement as more and more sectors adopt automation. 

Challenges

  • Amalgamation of Strick Regulations & Disruption of Supply Chain - Transducer designs and production processes may need to be significantly modified in response to changing rules and standards within the electrical and electronics industry. Moreover, the production and distribution of voltage transducers were delayed as a result of the pandemic's global disruption of supply chains. Also, currently obtaining raw materials and components presented difficulties for manufacturers on account of growing country disputes, which affected their capacity to satisfy consumer demand.
  • Growing Competition for Alternative - The voltage transducer market for conventional voltage transducers may be threatened by new technology or alternative measurement techniques.
  • Rising Risk of Cyber Security - The Internet's exponential rise in connectivity has resulted in a notable increase in cyberattack occurrences, many of which have grave and catastrophic outcomes. Hence, voltage transducers may become vulnerable to cybersecurity threats as IoT technology becomes more integrated, hence jeopardising system security and data integrity.

Voltage Transducer Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~6%

Base Year Market Size (2023)

~ USD 2 Billion

Forecast Year Market Size (2036)

~ USD 5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Voltage Transducer Segmentation

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:

          Product

  • AC
  • DC

          Application

  • Invertor & Convertor
  • UPS & SMPS
  • Battery Management
  • Motor Drive

          End User

  • Railway
  • Industrial Machinery
  • Power Plants
  • Electrical Vehicles

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Voltage Transducer Industry - Regional Synopsis

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.

Research Nester
Voltage Transducer Market Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Voltage Transducer Landscape

top-features-companies
    • Siemens
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Texas Instruments Incorporated
    • Schneider Electric
    • Phoenix Contact
    • Analog Devices Inc.
    • CR Magnetics
    • NK Technologies
    • Carlo Gavazzi Holding AG
    • Honeywell International Inc.
    • Rockwell Automation
    • DNV
    • Toshiba Electronic Devices & Storage Corporation
    • Omron Corporation
    • Keyence Corporation

In-the-news

In The News

In the News

  • April 12, 2023: Siemens Smart Infrastructure has added a sustainable and intelligent solution that sets the foundation for future smart switchgear to its industry-leading medium voltage range. The SIBushing can be connected to the SICAM FCM plus (Feeder Condition Monitor), a multifunctional short-circuit and earth-fault indication that employs detection algorithms to show the direction of the cable fault, because it complies with the instrument transformer standard IEC 61869.
  • August 22, 2023: Leading innovator in cutting-edge sensing technologies, Texas Instruments (TI), unveiled new current sensors to assist engineers in streamlining their designs while enhancing accuracy. A lowest-drift isolated Hall-effect current sensor for high-voltage systems and a portfolio of current shunt monitors that do away with the requirement for an external shunt resistor for nonisolated voltage rails are among the new devices, which are made to withstand a wide range of common-mode voltages and temperatures.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5751
  • Published Date: Feb 28, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing demand for renewable energy, surge in integration of IoT, and rise in automation of industry.

The market size of voltage transducer is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2024-2036.

The major players in the market are Siemens, Texas Instruments Incorporated, Schneider Electric, Phoenix Contact, and others.

The AC segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Voltage Transducer Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying