Current Sensor Market Growth: Insights by Sensing Methods and Loop Types
The "Current Sensor Market Size by Current Sensing Methods (Direct, Indirect), Loop Type (Closed Loop, Open Loop), Technology (Isolated, Non-Isolated), Output Type (Analog, Digital), End User (Automotive, Industrial) and Region – Global Forecast to 2028" report highlights a significant growth trajectory for the current sensor market. Valued at USD 2.8 billion in 2023, the market is projected to reach USD 4.7 billion by 2028, reflecting a robust compound annual growth rate (CAGR) of 10.4% over the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26656433
This growth is driven by advancements in current sensing methods and technologies, including both direct and indirect methods, and the adoption of closed and open loop types. The market is further segmented by isolated and non-isolated technologies, as well as analog and digital output types. The automotive and industrial sectors are major end-users, leveraging current sensors for energy management, efficiency improvements, and the integration of advanced electronic systems. Regionally, the market's expansion is influenced by increased industrial automation and the growing emphasis on renewable energy sources, underpinning the dynamic evolution of the current sensor market globally.
The growth of the current sensor market is being propelled by several key factors. One of the primary drivers is the growing use of battery-powered systems across various applications, from electric vehicles to portable electronics, necessitating efficient current sensing solutions for battery management and performance optimization. Additionally, the increasing focus on renewable energy sources, such as solar and wind power, demands advanced current sensors to monitor and manage energy flow, ensuring system efficiency and reliability. The high adoption of Hall-effect current sensors, known for their accuracy, reliability, and non-invasive measurement capabilities, is further boosting market expansion. Moreover, the consumer electronics industry is witnessing an escalating demand for current sensors due to the proliferation of smart devices, wearables, and IoT gadgets, which require precise current measurement to enhance functionality and user experience. Collectively, these factors are significantly accelerating the growth of the current sensor market.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=26656433
Hall-effect magnetic current sensors segment to account for the largest share during the forecast period.
In 2022, the Hall-effect sensors segment held the largest share of the magnetic current sensor market and is expected to maintain this dominance throughout the forecast period. This growth is primarily driven by the rising demand for Hall-effect sensors in both the consumer electronics and automotive industries. The automotive sector, a major consumer of Hall-effect sensors, utilizes them extensively in advanced driver-assistance systems (ADAS) and in hybrid and electric vehicles for accurate current and voltage measurement. In the consumer electronics industry, the need for inexpensive, robust, and durable sensing technology makes Hall-effect sensors a preferred choice due to their non-contacting nature, durability, and resistance to dirt and other environmental contaminants. Additionally, being one of the oldest and most reliable technologies, Hall-effect sensors offer a proven track record of performance and reliability, further solidifying their position in the market.
The digital output segment in the current sensor market is expected to grow at the highest growth rate during the forecast period.
The digital output segment of the current sensor market is projected to grow at a higher CAGR than the analog output segment during the forecast period. This robust growth can be attributed to the numerous advantages that digital output current sensors offer over their analog counterparts, particularly for remote applications. Digital current sensors are increasingly utilized in enterprise servers, telecommunications, and power management due to their superior precision and noise immunity. These sensors also provide significant design and operational benefits, including easier integration with digital systems, enhanced data processing capabilities, and more straightforward scalability. Consequently, the demand for digital output current sensors is expected to rise sharply, driven by their ability to meet the evolving requirements of modern technological applications.
Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/current-sensor-market-26656433.html
China in Asia Pacific to hold the largest market share throughout the forecast period.
China held the largest market share in the current sensor market and is expected to retain its leading position from 2023 to 2028. As one of the world’s largest and fastest-growing economies, China boasts a substantial consumer electronics industry driven by a large population base and increasing per capita income. The country’s extensive industrialization has escalated the demand for current sensors across various sectors. Additionally, China is the largest automobile manufacturer globally, playing a pivotal role in the current sensor market. According to the International Trade Organization, China leads the world in automobile production and has a significant number of smart city projects underway. These developments in the automotive and building automation sectors are projected to substantially contribute to the growth of the current sensor market in China, solidifying its dominant position in the industry.
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.
News Covered:
Comments
Post a Comment