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LONDON, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The Business Research Company's voltage transducer global market report 2024, the voltage transducer market has witnessed robust growth, surging from $2.29 billion in 2023 to an estimated $2.44 billion in 2024 , marking a substantial Compound Annual Growth Rate (CAGR) of 6.8%. This voltage transducer market surge is attributed to the escalating need for industrial automation, a growing emphasis on energy management, the expansion of smart grid infrastructure, and the rising demands in the telecommunications sector.

Anticipated Strong Growth in the Forecast Period

Expectations are high for the voltage transducer market, with forecasts indicating strong growth, reaching $3.08 billion by 2028 , and sustaining a CAGR of 6.0%. This anticipated expansion is propelled by factors such as the development of electric vehicle (EV) charging infrastructure, the advent of Industrial Internet of Things (IIoT), the rapid growth of data centers, and increased investments in research and development. Key trends in the forecast period include technological advancements, the integration of edge computing, the rise of Advanced Metering Infrastructure (AMI), and the implementation of demand response programs.

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Voltage Transducers and the Electric Vehicle Revolution

The surging adoption of electric vehicles (EVs) emerges as a pivotal driver propelling the growth of the voltage transducer market. Electric vehicles, driven by electric motors and powered by stored electricity in batteries, have seen an unprecedented surge in sales. Voltage transducers play a critical role in monitoring and adjusting voltage levels at EV charging stations, ensuring a safe and efficient charging process by preventing voltage fluctuations and potential grid damage. In 2021, global EV sales nearly doubled from the previous year, reaching a record 10.2 million units, as reported by the International Energy Agency. The projected sales of electric cars worldwide in 2023 are expected to be 14 million units, reflecting a remarkable 35% growth rate. This substantial rise in electric vehicle adoption is poised to be a primary driver of the voltage transducer market.

Leading Players and Technological Innovation

Industry leaders like Siemens AG and Schneider Electric SE are at the forefront of technological innovation, driving the development of advanced transducers. Innovations, such as fluxgate technology, are shaping the voltage transducer market's future. For instance, Shenzhen Hangzhi Precision Electronics Co. Ltd., a Chinese manufacturer, introduced the Hangzhi HCV series high-precision voltage transducer based on fluxgate technology. This component, designed for voltage control and measurement, boasts high precision and perfect isolation between the primary and secondary sides. Primarily used in various industries, including rail transportation, power quality monitoring, and aerospace, it exemplifies the industry's commitment to sensitivity, stability, and reliability.

Regional Dominance and Market Segmentation

The North American region emerges as a dominant force in the voltage transducer market as of 2023. Market segmentation includes types such as Alternating Current (AC) and Direct Current (DC), applications spanning railway, solar panels, multi-parameter, power plants, industrial machinery, electric vehicles, and data centers, and end-users encompassing transportation, energy and utilities, manufacturing, and IT and telecommunication.

Get A Free Sample Of The Global Voltage Transducer Market Report

Stakeholders in the voltage transducer market are positioned on the cusp of a connected epoch, driven by innovations, consumer demands, and technological advancements. As the voltage transducer market continues its strong growth, industry players are encouraged to harness the insights provided in the market report, unlocking new possibilities, and steering their businesses toward sustained growth and success.

Voltage Transducer Global Market Report 2024 by The Business Research Company provides insights on the voltage transducer market size, voltage transducer market segments, voltage transducer market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.

The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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