The Current Sensor Market, which was valued at USD 2.3 billion in 2021, is anticipated to increase at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2026, reaching USD 3.8 billion. The impact of the COVID-19 epidemic, loop type (closed loop and open loop), technology (isolated and non-isolated current sensors), output type (analogue and digital), end-users, and region are only a few of the aspects examined in the report. The market is expected to increase in the next years as a result of the rising demand for current sensors across various sectors.
Several important elements are fueling the current sensor market's expansion. First, the market is developing as battery-powered systems are more used, and renewable energy sources are being emphasised more and more. The widespread use of Hall-effect current sensors, which are renowned for their precision and dependability, also contributes to the market's expansion. Additionally, the consumer electronics sector is experiencing a rise in the need for current sensors. A significant need for modern sensors is also generated by the implementation of IoT (Internet of Things) and IIoT (Industrial Internet of Things) technologies as well as the growing production of hybrid and electric cars, which is necessary for effective industrial operations. Despite the difficulties caused by the COVID-19 epidemic, these reasons nevertheless fuel market expansion.
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Isolated current sensor is expected to gain a significant share of current sensor market by 2026
By 2026, the isolated current sensor segment is anticipated to rule the current sensor market and take a sizable share. The widespread need for magnetic current sensors, which offer adaptability in a variety of applications, is what fuels this rise. In many industries, such as industrial motors, commercial motors, electric and hybrid vehicles, solar arrays, household energy metering, and other high-voltage and high-current applications, the isolation of current sensing circuits is essential for technical and regulatory compliance. These elements help isolated current sensors gain more widespread use, strengthening their market position.
Based on end user, consumer electronics to witness the highest CAGR in current sensor market during 2021–2026
From 2021 to 2026, the current sensor market is expected to develop at the greatest compound annual growth rate (CAGR) in the consumer electronics sector. The rising need for current sensors in numerous consumer electronics products, including home appliances, smartwatches, tablets, smartphones, and more, is credited with this growth. These sensors are essential for improving device functionality and enabling efficient human-machine interfaces. The production of smart consumer electronics gadgets is increasing as technology develops, improving customers' quality of life. As a result, it is anticipated that current sensors will be widely used in consumer electronics in the near future.
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Current sensor market in APAC to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region's current sensor market is anticipated to develop at the greatest compound annual growth rate (CAGR) throughout the course of the forecast period. This growth might be ascribed to the extensive use of modern sensors in sectors including manufacturing, building automation, automotive, and energy. APAC is an important market for the automobile industry, with rising passenger car production and sales in nations like China, Japan, and South Korea. One of the main factors propelling the market expansion for current sensors in APAC is the expanding use of isolated current sensors in electric and hybrid vehicles within the automotive industry.
Key players in the market include Asahi Kasei Microdevices (AKM) (Japan), ACEINNA (US), Melexis (Belgium), Allegro MicroSystems (US), TDK Corporation (Japan), LEM International (Switzerland), Infineon Technologies (Germany), Tamura Corp. (Japan), Texas Instruments (US), and Honeywell (US). These players are increasingly undertaking product launches and developments, acquisitions, partnerships, and expansions, to increase their market shares.
News Covered:
https://www.globenewswire.com/en/news-release/2023/03/21/2631171/0/en/Outlook-And-Growth-Current-Sensor-and-Voltage-Sensor-Market.html
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