Over the next five years, the global Current Sensors Market is anticipated to expand significantly, with a compound annual growth rate (CAGR) of 10.8% anticipated between 2021 and 2026. Market analysis predicts that the industry would grow in value from USD 2.3 billion in 2021 to USD 3.8 billion by 2026. Current sensors are being used more frequently in a variety of applications, including automotive, consumer electronics, healthcare, and energy & power, among others, which is responsible for this expansion. Because current sensors can precisely detect and track the flow of electrical current in numerous systems, their demand has skyrocketed. Furthermore, it is anticipated that in the upcoming years, the market for current sensors will rise due to the rising need for energy-efficient devices, the trend towards automation, and digitalization.

In the upcoming years, a number of important variables are predicted to drive significant expansion in the global market for current sensors. One factor fueling growth is the expanding usage of battery-powered equipment, particularly in the automotive and energy industries. Additionally, it is anticipated that increased interest in renewable energy sources will drive up demand for current sensors in applications like solar and wind power systems. The market is expanding as a result of the widespread use of Hall-effect current sensors, which offer a contactless and non-invasive way to measure electrical current.

The contemporary sensor market is expanding as a result of rising consumer electronics demand, which is another factor. Many electronic devices, such as laptops, tablets, and smartphones, use current sensors to measure and track battery life and charging. Further anticipated to fuel market growth is the use of the Internet of Things (IoT) and Industrial IoT (IIoT) with modern sensors.

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Key Players:

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).

Driver: Increasing demand in consumer electronics industry

One of the factors influencing the current sensor market's expansion is the rising demand in the consumer electronics sector. The consumer electronics industry has grown significantly over the past few years, and this expansion is anticipated to continue. Current sensors are being extensively used in a variety of consumer electronics industries, including smartphones, tablets, TVs, wearables, and infotainment devices. judicious use of power These devices need ICs, and detecting and monitoring battery usage and charging requires current sensors. GaN (gallium nitride) has developed into a crucial building component for power electronics in response to the rising demand for mobility, autonomy, and energy efficiency, allowing businesses to offer effective solutions for their clients. The current sensor market will have a sizable income opportunity as a result of this trend, which is predicted to continue. Overall, the growing consumer electronics sector is a significant source of revenue for the current sensor market, and this pattern is anticipated to persist in the years to come.

Closed loop is expected to gain a lion share of current sensor market by 2026

By 2026, the market for current sensors is anticipated to be dominated by closed-loop current sensors. The closed-loop technique is widely utilised in industrial applications, such as servo motor drives and variable speed drives for AC motors, static converters for DC motor drives, battery-powered systems, switched-mode power supplies, and power supplies for welding equipment.

A common option for industrial applications that demand great accuracy and dependability is closed-loop technology, which guarantees precise and accurate metering of current flow. To meet the rising demand in the industrial sector, major current sensor market companies like Texas Instruments, Honeywell, ICE Components, Inc., and Vacuumschmelze are now offering closed-loop current sensors.

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Based on end user, automotive segment is to witness the largest market share in current sensor market during 2021–2026

Over the anticipated period, the current sensor market is anticipated to witness the biggest market share in the automotive sector. The growing use of electric vehicles (EVs) and hybrid electric vehicles is what is causing this growth (HEVs). Knowing the battery's charging and discharging cycles is crucial because they serve as the primary energy source for the systems in these cars. By informing the battery management system of the battery's state of health (SOH), current sensors play a critical part in supplying this data.

Additionally, other vehicle applications like motor control, power steering, and braking systems require current sensors. The current sensor market in the automotive sector is expanding as a result of rising consumer demand for sophisticated safety features in vehicles. Overall, the increasing use of EVs and HEVs is anticipated to significantly develop and expand the use of current sensors, making the automotive industry the largest market share holder throughout the projection period.

North America to grow with second highest CAGR during the forecast period

In the current sensor market, North America is anticipated to develop at the second-highest CAGR throughout the forecast period. Current sensors are being used more frequently in a variety of sectors, including the automotive, building automation, energy, and manufacturing, which is fueling the rise. In North America, where some of the biggest multinational businesses, like ACEINNA, ICE Components, Inc., Texas Instruments, Honeywell, and Allegro MicroSystems, operate in this industry, the United States is the primary contributor to the market's growth.

The United States' well-established economy enables the quick adoption of current sensors in a variety of applications. To enhance their market shares, these businesses are progressively engaging in product launches and developments, acquisitions, collaborations, and expansions. Overall, it is anticipated that the expansion of the North American current sensor market during the forecast period will be fueled by the rising demand for current sensors in a variety of industries as well as the presence of significant players in the area.

News Covered:

https://www.prnewswire.com/news-releases/current-sensor-market-worth-3-8-billion-by-2026--exclusive-report-by-marketsandmarkets-301321766.html

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