Transducer Market Size, Share, Opportunities, And Trends By Type (Current Transducer, Pressure Transducer, Ultrasonic Transducers, Piezoelectric Transducer, Others), By Energy Type (Mechanical, Magnetic, Electrical), By End-User (Automotive, Consumer Electronics, Medical & Healthcare, Marine, Others), And By Geography - Forecasts From 2023 To 2028

Transducer is a tool that changes tangible quantity variations, like pressure or brightness, into an electrical signal or the other way around. Transducers are used in things like microphones, speakers, thermometers, pressure and position monitors, and antennae. The increasing usage in the different applications will boost the transducer market growth during the forecasted period. Transducers are used in a wide range of sectors, including automotive, consumer electronics, marine, medical, and others, because of their comprehensive functionalities. Transducers with qualities like being linear, dimensionally stable, and keeping the system's accuracy, among others, will fuel the market's growth during the anticipated period. 

The rising application in electronic will boost the transducer market growth

The transducer is applicable in ultrasound equipment and speaker transducers which turn electrical signals into audible music, and also it transforms electromagnetic waves into electrical output in the antenna. The bolstering growth of the electronics sector and growing consumer electronics consumption has boosted the market demand for transducers. According to the federal reserve system, industrial output of home electronic appliances and gadgets increased at a rate of 15.2% between January 2022 and January 2023. According to World Bank statistics, the electronic and electrical appliance industry will grow even more in the coming years, hitting more than 450 billion US dollars in value by 2023. Therefore, as the production of electronic devices rises the demand for transducers will also increase thereby boosting the overall market growth.   

Increasing demand in the automobile industry will boost the market growth

The demand for transducers has grown along with the tendency towards high-accuracy, low-cost devices in the automotive and modern industrial sectors. A critical rise in the demand for current sensor solutions worldwide is also being driven by the surge in the use of automotive computer control systems and the demand for Hall effect current transducer sensors. With the growing popularity of electric cars around the globe, the automotive industry will also see more current transducers installed with the influences of the growing demand for fully programmable and integrated vehicle sensors which will boost the market growth. According to the International Energy Agency (IEA), sales of electric vehicles nearly doubled to 6.6 million in 2021, indicating a sales share of about 9% compared to 2020, despite supply chain disruptions and the Covid-19 pandemic. For instance, in September 2022, Heyday Integrated Circuits was purchased by Allegro MicroSystems. (Heyday) as Allegro hopes to expand the market for electric vehicles it can serve with this purchase. Rising automobile production will boost the market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, the production of motor vehicles globally has increased from 80 205 102 units in 2021 to 85 016 728 units in 2022 showing a variation of a 6% increase. This demonstrates that demand for current transducers will increase due to the growing automotive productive production and electric vehicles and which will drive the transducers market growth.

During the forecast period, the North American region is expected to dominate the market.

The North American region is expected to dominate the transducer market during the forecasted period. The rising prevalence of chronic diseases, high demand for technologically advanced medical devices, rising patient preference for early diagnosis, and increasing demand for ultrasound systems are expected to boost the transducer market growth. According to American Heart Association 2022 data, the prevalence rate of heart failure in the United States was 6 million, or 1.8% of the total population, in 2021. In July 2022, according to the Canadian Chronic Disease Surveillance System (CCDSS), about 1 in 12 Canadian people with age 20 and older have heart disease. As per the same source, about 14 Canadian people over the age of 20 pass away from heart disease every hour. Thus, the region’s high prevalence of heart failure is expected to increase demand for ultrasound transducer devices for improved diagnosis and treatment, fuelling market growth. The transducer used in microphones and speakers which are applicable in smartphones will boost the market growth. According to the U.S. Census Bureau, the value of smartphones sold in the United States increased by 1.7 billion dollars in January 2022, bringing total sales for FY 2022 to 74.7 billion dollars. These developments and rising applications in electronic instruments are anticipated to drive the transducer market growth in the North American region.

Market Key Developments.

In May 2022, at the PCIM 2022, Danisense, the market leader in high-accuracy current sense transducers, introduced its new DT line of ultra-stable, high precision (ppm class) fluxgate technology current transducers for isolated DC and AC measurement up to 200Arms.

Segmentation

• By Type

• • Current Transducer
  • Pressure Transducer
  • Ultrasonic Transducers
  • Piezoelectric Transducer
  • Others
• By Energy Type

• • Mechanical
  • Magnetic
  • Electrical
• By End-User

• • Automotive
  • Consumer Electronics
  • Medical & Healthcare
  • Marine
  • Others
• By Geography

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • Germany
  • UK
  • France
  • Spain
  • Others

• Middle East and Africa

• • Saudi Arabia
  • UAE
  • Others

• Asia Pacific

• • China
  • Japan
  • South Korea
  • India
  • Australia
  • Others