The Global Current Sensor Market was valued at USD 2.12 billion in 2017; it is expected to reach USD 3.71 billion by the end of the forecast period growing at a CAGR of 8.3%.
Current sensors are used to sense alternating current (AC) and/or direct current (DC) within a circuit, by clamping the sensor around the wire. Current sensors are segregated as either closed loop or open loop sensors. Current sensors are mainly available for alternating current sensing and direct current sensing with output detection ranging from a few milli-amperes to a thousand amperes. Both open-loop and closed-loop sensors are used to measure AC and DC and provide isolation between the output of the sensor and the circuit being measured. Open-loop current sensors are preferred in most battery-powered applications, due to their low operating power requirement. Most current sensors use Hall effect and magnetoresistive principles as these sensors have different characteristics for performing different applications.
Current sensors are widely used in servo motor drives, static converters for DC motors, battery and UPS devices, and power supplies. The major factor contributing to the growth of the current sensor market is the rising need for current measurement in industrial applications for motor current sensing, robotics, and solar inverters. In addition, increased use of fully integrated and programmable current sensors in consumer electronics and automotive industries is expected to contribute to the market growth.
Get Free Sample of Current Sensor Market Report @ https://www.marketresearchfuture.com/sample_request/7658
The key players in the current sensor market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Pulse Electronics Corporation (US), Honeywell International Inc (US), Tamura Corporation (Japan), Melexis NV (Belgium), Vacuumschmelze GmbH & Co. KG (Germany), Infineon Technologies AG (Germany), Phoenix Contact (Germany), Texas Instruments, Inc. (US), Allegro MicroSystems, LLC (UK), and AKM Semiconductor Inc (US). These players contribute significantly to market growth.
Apart from the top key players, other players contribute nearly 40–45% in the current sensor market. These are Advantech B+B SmartWorx (US), Broadcom Inc (US), Coto Technology (US), CR Magnetics Inc (US), CUI, Inc (US), Diodes Incorporated (US), Harting Technologiegruppe (Germany), Lem Holding SA (Switzerland), Littelfuse, Inc. (US), Monnit Corporation (US), Red Lion Controls, Inc. (US), Silicon Laboratories, Inc. (US), TDK-Micronas (Switzerland), and Weidmüller Interface GmbH & Co. KG (Germany).
March 2019, Allegro MicroSystems developed a Hall effect current sensor IC named ‘ACS70310’ with the ability to sense current with accuracy. These sensors are ideally used for hybrid and electric vehicle inverters to increase the functional safety and reliability.
• April 2019, Allegro MicroSystems launched an energy-efficient automotive-specific Hall effect sensor IC, namely AEC-Q100 for electric vehicle chargers, DC-DC converters, and industrial motors.
The global current sensor market has been segmented based on type, current type, technology, application, and region.
By type, the current sensor market has been segmented into digital/inductive current sensor, closed loop current sensor, and open loop current sensor.
By current type, the current sensor market has been segmented into alternating current (AC), and direct current (DC).
By technology, the current sensor market has been segmented into hall-effect current sensing, and giant magnetoresistive (GMR) current sensing.
By application, the current sensor market has been segmented into automotive, industrial inverters, consumer electronics, motor control, and power monitoring. The automotive segment has been further segmented into hybrid electric vehicle (HEV) inverters and electronic power steering (EPS) systems. The power monitoring segment has been further segmented into computer blade servers and server power supplies.
By region, the current sensor market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Get Complete Report @ https://www.marketresearchfuture.com/reports/current-sensor-market-7658
The global market for current sensors is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of the current sensor market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and South America).
Based on geography, North America is expected to hold the largest share in the market owing to the high need of current sensors for the ever-increasing industrial applications and presence of various tier 2 and tier 3 manufacturers in the region. While Asia-Pacific is estimated to grow at the highest CAGR during the forecast period due to increased demand for power management solutions using Hall effect current sensing technology in China, India, and South Korea. Moreover, the major consumers/end-use industries namely automotive, consumer electronics, medical, and transportation have a strong presence in Asia-Pacific which is expected to create a high demand for current sensors.
The companies operating in the current sensor market primarily adopt organic and inorganic growth strategies, under which they focus on research and development, expansion, agreements, and building partnerships to increase their presence in the global market. However, due to low product differentiation, there exists a high level of rivalry among the established as well as new vendors.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
+1 646 845 9312