North America to Witness Second-Highest CAGR in Current Sensor Market
The Current Sensor Market is expected to experience significant growth over the next few years. The market, which was valued at USD 2.3 billion in 2021, is predicted to reach USD 3.8 billion by 2026, representing a compound annual growth rate (CAGR) of 10.8% during the forecast period. Factors driving this growth include an increasing demand for current sensors in automotive, healthcare, and consumer electronics applications, as well as the growing use of renewable energy sources. Additionally, the report highlights the rising adoption of electric and hybrid vehicles and the growing trend of Industry 4.0 as key factors that will fuel the growth of the Current Sensor Market in the coming years.
Due to a number of important variables, the Current Sensor Industry is anticipated to expand significantly. The rising popularity of battery-powered devices and a focus on renewable energy sources are two major factors that have raised the need for current sensors. The widespread use of Hall-effect current sensors, which provide benefits like low power consumption and precise measurements, is another driver. Moreover, the consumer electronics sector is seeing an increase in demand for current sensors, which is anticipated to fuel market expansion. Due to their enhanced connectivity and data analysis capabilities, the Internet of Things (IoT) and Industrial Internet of Things (IIoT) deployment with current sensors is also boosting market growth. In addition, there is a growing market for current sensors due to the employment of these devices in the battery management systems of hybrid and electric vehicles.
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Closed loop is expected to gain a lion share of current sensor market by 2026
A new analysis predicts that by 2026, the closed-loop current sensor industry would hold a sizable portion of the entire Current Sensor Market. The industrial sector makes extensive use of closed-loop current sensors, particularly in servo motor drives, AC variable speed drives, static converters for DC motor drives, battery-powered applications, and power supply for welding. Texas Instruments, Honeywell, ICE Components, and Vacuumschmelze are the leading companies in this market category. The market for closed-loop current sensors is anticipated to expand in the upcoming years as a result of the rising demand for energy-efficient solutions and corporate investments in these technologies to meet that demand.
Based on end user, automotive segment is to witness the largest market share in current sensor market during 2021–2026
Over the forecast period, it is anticipated that the automotive industry will account for the greatest portion of the Current Sensor Market. The demand for current sensors to track the charging and discharging cycles of the battery, which serves as the main energy source for electric vehicles, is rising as more of them are being adopted. Current sensors give the battery management system crucial data on the battery's state of health (SOH), enabling the best possible charging and discharging cycles. As a result, the need for current sensors in the automobile industry is anticipated to rise dramatically. In conventional internal combustion engine vehicles, the use of current sensors is crucial for applications like electronic power steering, engine control, and fuel injection. The demand for current sensors in the automotive industry is anticipated to increase over the next few years as electric car adoption and Industry 4.0 trends continue.
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North America to grow with second highest CAGR during the forecast period
In the Current Sensor Market, North America is anticipated to grow at the second-fastest compound annual growth rate (CAGR) over the forecast period. The development is linked to the expanding usage of current sensors across a number of sectors, including manufacturing, building automation, automotive, and energy. With several significant international businesses, like ACEINNA, ICE Components, Inc., Texas Instruments, Honeywell, and Allegro MicroSystems, participating in this industry, the US is the key driver of the Current Sensor Market expansion in North America. The US economy is well-established, which facilitates the quick adoption of current sensors in numerous applications. To enhance their market shares, these businesses frequently introduce new goods and spend money on R&D, acquisitions, collaborations, and expansions. The Current Sensor Market is anticipated to expand over the next few years as a result of North America's growing need for environmentally friendly and energy-efficient solutions.
Study Coverage:
An extensive overview of the Current Sensor Market is provided in this paper. It analyses the market in terms of end-user, technology, output type, and loop type. The technology segment consists of isolated current sensors (such as magnetic current, opto-isolated Op Amp, and shunt-isolated Op Amp) and non-isolated current sensors. The loop type includes open loop and closed loop (current sensing amplifiers and analog-to-digital converters). The end-users are in the automotive, consumer electronics, telecom & networking, healthcare, industrial, energy, and other sectors. The output type is analogue and digital (railways, aerospace & defense, and building automation). The research also offers insights into prospective business prospects in various locations through a thorough analysis of regional marketplaces. A value chain analysis and market dynamics are also included in the report, which gives readers a thorough grasp of the Current Sensor Market.
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