With a compound annual growth rate (CAGR) of 10.4% over the course of the projection period, the Current Sensor Market, which was valued at USD 2.8 billion in 2023, is predicted to rise rapidly and reach USD 4.7 billion by 2028.

According to a MarketsandMarketsTM analysis, this prediction highlights the growing importance of modern sensors across a range of applications. The increasing use of modern sensors in a variety of sectors, such as consumer electronics, industrial, and automotive, is what is causing the demand to soar. The market is set for significant growth as a result of technological advancements and the growing importance of precise current measurement. This bodes well for the future of current sensor technologies.

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The Current Sensor Market is expanding at a faster rate because to a number of important variables. The industry is expanding due in large part to the growing prominence of battery-powered systems and increased emphasis on renewable energy sources. Due to their high adoption rates in a variety of applications and reputation for precision and dependability, Hall-effect current sensors are expected to observe significant growth in the market. Furthermore, the current state of the sensor market is significantly shaped by the strong demand in the consumer electronics sector, which is brought about by the widespread use of electronic gadgets. The market is anticipated to grow and reflect a dynamic and changing landscape as long as companies continue to prioritise advanced sensing technologies and energy efficiency.

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Hall-effect magnetic current sensors segment to account for the largest share during the forecast period.

In the magnetic current sensor market, the Hall-effect sensors segment became a dominant force in 2022 and continued to hold this position throughout the projected period. The consumer electronics and automotive industries' growing need for Hall-effect sensors is the main driver of this expansion. These sensors are widely used in hybrid and electric cars, as well as advanced driver assistance systems (ADAS) in the automobile industry. They enable accurate measurements of voltage and current. Because of their affordability, robustness, and capacity to withstand environmental pollutants, Hall-effect sensors are very well-liked in consumer electronics and are a great option for a wide range of applications. Hall-effect sensors have a long history and a solid reputation for dependability, and they are still a major force in the magnetic current sensor industry.

The digital output segment in the current sensor market is expected to grow at the highest growth rate during the forecast period.

With a greater Compound Annual Growth Rate (CAGR) than the analogue output segment throughout the course of the forecast period, the digital output segment of the sensor industry is expected to increase at a faster rate than the analogue output segment. Digital output current sensors are highly advantageous, especially for distant applications. They are widely used in power management, telecommunications, and enterprise servers. Their digital nature offers operational efficiencies as well as more design flexibility, which is why they are becoming more and more well-known across a range of industries. In the changing environment of current sensor systems, the increasing demand for digital output current sensors signals a move towards more sophisticated and adaptable sensing technologies.

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China in Asia Pacific to hold the largest market share throughout the forecast period.

With the biggest market share in the sensor industry, China is now the dominating player and is expected to stay that way through the 2023–2028 forecast period. China, one of the world's biggest and fastest growing countries, has a robust consumer electronics sector driven by a vast population and rising per capita income. China's position as the world's largest vehicle producer has contributed to the surge in demand for current sensors, which has been fueled by the country's massive industrialization. China is the world's largest producer of automobiles, according to the International Trade Organisation, and the country's support of many smart city projects bodes well for the expansion of existing sensor technology, especially in the automotive and building automation industries.

The report profiles key current sensor players and analyzes their market shares. Players profiled in the current sensor companies report are Asahi Kasei Corporation (Japan), Infineon Technologies AG (Germany), Allegro MicroSystems, Inc. (US), LEM International SA (Switzerland), Melexis (Belgium), TDK Corporation (Japan), Aceinna (US), Honeywell International Inc. (US), TAMURA Corporation (Japan), and Texas Instruments Incorporated (US), are some major players.

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https://www.globenewswire.com/en/news-release/2023/08/07/2719373/0/en/Current-Sensor-Market-Size-Growth-Opportunities-Industry-Trends-and-Analysis.html

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