Current Sensor Market Poised for Exponential Growth, Reaching $4.7 Billion in 2028
Articolo Precedente
Articolo Successivo
With a projected value of USD 2.8 billion in 2023 and a compound annual growth rate (CAGR) of 10.4%, the Current Sensor Market is expected to develop rapidly, reaching USD 4.7 billion by 2028. Numerous aspects define the market, such as end-user applications, technology (isolated and non-isolated current sensors), loop type (closed loop and open loop), output type (analogue and digital), and regional considerations. The market is expanding due to the growing need for accuracy in current measurement across various sectors. The current sensor market is expected to grow at a positive rate overall due to factors like the adoption of new technologies, the demand for effective energy management, and the expansion of end-user industries.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26656433
Several important elements are driving the contemporary sensor industry's tremendous expansion. The need for current sensors is rising due in large part to the expanding use of battery-powered systems and the increasing focus on renewable energy sources. The market is expanding because Hall-effect current sensors have been used at a particularly high rate. The market's expansion has also been significantly aided by the growing need for current sensors from the consumer electronics sector and their use in Internet of Things (IoT) and Industrial Internet of Things (IIoT) applications. In spite of the COVID-19 pandemic's obstacles, the sector has continued to expand thanks to the boom in the production of electric and hybrid cars, which has increased demand for current sensors to maintain productive industrial processes.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=26656433
Key Market Players in Current Sensor Market
- Asahi Kasei Microdevices (AKM) (Japan),
- ACEINNA (US),
- Melexis (Belgium),
- Allegro MicroSystems (US),
- TDK Corporation (Japan),
- LEM International (Switzerland),
- Infineon Technologies (Germany),
- Tamura Corp. (Japan),
- Texas Instruments (US),
- Honeywell (US)
Market Dynamics:
Driver: Increasing demand in consumer electronics industry
The consumer electronics sector has grown significantly, and this development trajectory is anticipated to continue for some time. Companies are launching new technologies that heavily utilise current sensors in a variety of consumer electronics areas. Smart power management integrated circuits (ICs) are essential to devices such as smartphones, tablets, TVs, wearables, and infotainment ones. With the increasing need for mobility, independence, and energy economy, Gallium Nitride (GaN) has become an essential component of power electronics, allowing businesses to provide effective solutions. As a result, the current sensor market has a large income potential from the growing consumer electronics industry.
Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/current-sensor-market-26656433.html
Restraint: Intense pricing pressure resulting in decline in average selling prices (ASPs)
Shipments have expanded as a result of the contemporary sensors' rising uses in consumer electronics, healthcare gadgets, automated vehicles, and telecommunications equipment. The market is confronted with a difficulty, nonetheless, because of significant price erosion that results from increased competition among an increasing number of sensor producers. Consumers benefit from the declining Average Selling Price (ASP), while suppliers face challenges as their profit margins get smaller. The fierce competition in the contemporary sensor market results in significant pricing pressure, which hinders industry firms' ability to raise their income.
![](http://q4.informazione.it/atc/2024/02/5284cd77-470c-4747-85dd-f3c8d23d2774/Logo.jpeg)
Opportunity: Deployment of IoT and IIoT with current sensors
The Internet of Things, or IoT for short, is a key concept in the field of information technology. It is a network of interconnected sensors created by connecting different information-sensing devices to the internet. The demand for sophisticated connected devices rises as a result of this integration, enabling M2M (machine-to-machine) communication and device interoperability depending on the needs of the linked environment. The widespread adoption of internet- and cloud-based content delivery, smart grid applications, resource and inventory management, home entertainment, connected transportation, healthcare and safety monitoring, and other M2M data applications, among other applications, drives the significant growth in network traffic that results from the increasing interconnection of devices. In addition, over the past few years, IoT technology has benefited from substantial technological advancement and received financing from governments in several countries.
Challenge: Accuracy over different temperature ranges
For today's sensor makers, maintaining good accuracy across a temperature range is a major problem, particularly in the varied and frequently harsh environments of automotive applications. Open-loop and closed-loop current sensors are the two primary current measuring methods that end users often rely on. Closed-loop sensors provide gain stability and can efficiently manage short-duration, high-current transients, whereas open-loop sensors may have problems with temperature changes or high temperatures. Open-loop current sensors are preferred because closed-loop sensors have the potential to cause harmful overload. Furthermore, with high primary current, closed-loop sensors collect a significant amount of quiescent current, which causes them to overheat. The difficulties associated with operating temperatures pose a barrier to both end users and existing sensor providers.
News Covered:
https://www.prnewswire.com/news-releases/current-sensor-market-worth-4-7-billion-by-2028---exclusive-report-by-marketsandmarkets-301950579.html
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com
MarketsandMarkets (Leggi tutti i comunicati)
Tower B5, office 101, Magarpatta SEZ, Hadapsar, Pune-411013, India
411013 Pune
[email protected]
+1-888-600-6441