Charting Progress: Current Sensor Market Eyes $4.7 Billion Milestone by 2028
It is anticipated that the Current Sensor Market, which was estimated to be worth USD 2.8 billion in 2023, will expand significantly to USD 4.7 billion by 2028. This growth trajectory shows a strong 10.4% compound annual growth rate (CAGR) for the 2023–2028 forecast period.
This market expansion is the result of several factors, one of which is the rising need for current sensors in a variety of industries, including consumer electronics, healthcare, industrial, and automotive. These sensors are essential for keeping an eye on and managing electrical currents in a variety of applications while maintaining dependability, efficiency, and safety. The market is expanding further due to technological developments that improve sensor sensitivity, accuracy, and miniaturisation. The need for current sensors is predicted to be high in the upcoming years due to the ongoing development of electrical systems and the growing emphasis on sustainability and energy efficiency.
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A number of important variables are driving the present sensor market's expansion. First off, the need for current sensors is being driven by the increased use of battery-powered systems in a variety of industries, such as consumer electronics, industrial applications, and automobiles. In order to ensure maximum performance and safety, these sensors are essential for controlling and monitoring the flow of electric currents within battery-powered equipment. Second, there is a growing need for current sensors in power generation and distribution systems due to the increased emphasis on renewable energy sources like solar and wind power. Thirdly, a major factor driving market expansion is the widespread use of Hall-effect current sensors, which are renowned for their precision, dependability, and efficiency. Finally, the need for current sensors used in battery management, power supply monitoring, and other applications is being fueled by the growing consumer electronics industry, which is being driven by the proliferation of smartphones, tablets, wearables, and other electronic gadgets. All things considered, these variables are propelling the current sensor market's quick growth, and promising prospects are anticipated in the near future.
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The report profiles key current sensor players and analyzes their market shares. Players profiled in this 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.
Hall-effect magnetic current sensors segment to account for the largest share during the forecast period.
The magnetic current sensor market was dominated by the Hall-effect sensors segment in 2022, and it is expected to continue to do so in the years to come. The growing demand from important industries like consumer electronics and the automotive sector is the main factor contributing to this segment's prominence. Hall-effect sensors are now essential parts of many automotive applications, especially in advanced driver-assistance systems (ADAS) and the growing market for electric and hybrid cars, where they play a major role in voltage and current measurement. Furthermore, because the consumer electronics industry is heavily dependent on affordable, long-lasting sensing technologies, Hall-effect sensors are a popular option because of their non-contacting nature, resistance to environmental influences, and established track record of dependability.
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The digital output segment in the current sensor market is expected to grow at the highest growth rate during the forecast period.
Over the course of the forecast period, it is expected that the digital output segment of the present sensor market would increase at a higher rate than its analogue counterpart. Compared to their analogue predecessors, digital current sensors offer many benefits, especially in remote applications. Because of their enhanced capabilities, they are widely used in a variety of fields, including power management, telecommunications, and enterprise servers. Digital current sensors are becoming more and more popular in a variety of applications because they provide unique design and operating advantages. Digital output current sensors have sophisticated functionality and are very efficient, making them a significant player in the future development of the current sensor industry.
China in Asia Pacific to hold the largest market share throughout the forecast period.
China continues to dominate the sensor market now, and this trend is anticipated to continue from 2023 to 2028. China, one of the biggest and fastest growing economies in the world, has a thriving consumer electronics sector driven by a high population and rising per capita income. The country's massive industrialization push has highlighted the growing need for modern sensors, especially in critical industries. Interestingly, China is the world's largest automaker and is heavily involved in smart city projects. China's leading position in the market is expected to be further cemented by the automotive and building automation sectors, which are expected to play a significant part in the country's growing demand for current sensors.
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