The global current sensor market 2020 was worth USD 2.12 billion in the year 2017 and exhibits the potential of reaching a valuation of USD 3.71 billion by 2024-end, reveals Market Research Future (MRFR). MRFR believes that the market holds the potential to record a CAGR of 8.3% between 2019 and 2024 (forecast timeframe).
Some of the companies inducing the growth of the current sensor market by adopting strategies like product innovation and collaborations include Honeywell International Inc (US), Tamura Corporation (Japan), Allegro MicroSystems, LLC (UK), Vacuumschmelze GmbH & Co. KG (Germany), Phoenix Contact (Germany), Melexis NV (Belgium), Pulse Electronics Corporation (US), AKM Semiconductor Inc (US), Texas Instruments, Inc. (US), Infineon Technologies AG (Germany), and others.
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Growth Boosters and Main Barriers
Current sensor market forecast size is all set to expand at a modest rate in the coming years, thanks to the strong demand in application areas like energy, battery-operated devices, consumer electronics, industrial, telecommunication and renewable energy applications. Current sensors have gained high importance in instrumentation as well as power systems, since they help elevate and monitor the performance of the system. The measurement of current that is delivered to the load helps increase the efficiency in power applications.
Current sensors also help prevent risks, such as overcurrent in devices. Rapid surge in the internet of things (IoT) sector, rising industrialization in developing nations like India and advancements in automotive electronics can also bolster the growth of the current sensor market.
The current sensor industry can note rapid developments in products like hall effect sensors. Hall effect sensors are observing fast adoption in a variety of applications, given their advantages like low power consumption and others. Hall effect sensors are gaining traction in the market as they are non-contacting, which means that they are wear-free and have a long life. Moreover, these sensors can bear adverse environments, in addition to being highly reliable. Their capabilities including pre-programmable electric angles as well as outputs boost their appeal, mainly in applications that require fully integrated and programmable sensors.
Current Sensor Market Trends
The automotive sector can expect to be a highly significant application area for current sensors in the near future. Automotive electronics are being increasingly developed, given the accelerated demand for comfort as well as safety features in automotive including Advanced Driver Assistance Systems (ADAS), electric steering systems, and more. More and more automotive manufacturers are making use of these components because of the rising need for power management systems, current control as well as overcurrent protection. The sale of hybrid and electric vehicles across nations like the United States (U.S) is a trend that can pick up speed over the coming years, boosting the growth of the current sensor market.
The global current sensor market analysis has been extensively carried out by MRFR experts. The primary market segments considered in the report are type, current type, technology and application.
The types of current sensors are closed loop current sensor, open loop current sensor and digital/inductive current sensor.
The current types discussed are alternating current (AC), as well as direct current (DC).
Technology-dependent segments covered are hall-effect current sensing and giant magnetoresistive (GMR) current sensing.
The main applications of current sensors are in industrial inverters, automotive, motor control, power monitoring and consumer electronics. The automotive segment can be narrowed down into hybrid electric vehicle (HEV) inverters as well as electronic power steering (EPS) systems.
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The current sensor market forecast by MRFR reveals a highly promising future between 2019 and 2024. The market can note varying levels of growth in the primary regions of Europe, Asia Pacific (APAC), North America, in addition to the Rest of the World (RoW), comprising of the Middle East, Africa, along with South America.
North America is on track to achieving the leading position in the global market, thanks to the mounting need for current sensors in industrial applications combined with the presence of numerous tier 2 and tier 3 manufacturers. Constant technological innovations, rising use of fully integrated programmable current sensors, surging popularity of Hall-Effect current sensors, and the soaring demand for intelligent current sensors can lead the North American market to greater heights in the approaching years.
The APAC market for current sensor can record the highest growth rate during the appraisal period, given the high demand for power management solutions that make use of the hall effect current sensors. This demand is quite high in the developing nations like India, China and South Korea. China boasts of a thriving industrial sector, with industries like automotive, electronics, and others. The high availability of resources like cheap raw materials as well as skilled labor force, makes China a lucrative manufacturing hub for international companies. India is set to another contender in the regional market for current sensor, on account of the expanding manufacturing sector combined with the accelerated demand for consumer electronics like tablets, laptops and smartphones, among others.
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