Current Sensor Market Report Highlights Industry Growth to USD 4.7 Billion by 2028

The Current Sensor Market Size is predicted to be valued USD 2.8 billion in 2023 and rise at a compound annual growth rate (CAGR) of 10.4% to reach USD 4.7 billion by 2028.

Pune, 29/05/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

Recent years have seen a notable increase in the Current Sensor Market Size, which can be ascribed to numerous end-user sectors' growing demand, technical developments, and improvements in current sensing technologies. As per the report "Current Sensor Market Size by Current Sensing Methods (Direct, Indirect), Loop Type (Closed Loop, Open Loop), Technology (Isolated, Non-Isolated), Output Type (Analogue, Digital), End User (Automotive, Industrial), and Region – Global Forecast to 2028," the market was assessed at USD 2.8 billion in 2023 and is anticipated to escalate to USD 4.7 billion by 2028. This growth suggests a 10.4% compound annual growth rate (CAGR) for the 2023–2028 projected period.

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The current sensor market is expanding rapidly at the moment, driven by a number of important variables that will influence its future development. An important factor driving market growth is the increasing use of battery-powered devices across different industries. In order to efficiently monitor and manage power consumption, there is an increasing demand for accurate current sensing solutions due to the increase of electric vehicles, portable electronics, and renewable energy systems. In these applications, current sensors are essential because they provide accurate electrical current measurements, which provide effective energy optimisation and management.

Hall-effect magnetic current sensors segment to account for the largest share during the forecast period.

The magnetic current sensor industry was dominated by the Hall-effect sensors segment in 2022, and this trend is anticipated to continue during the forecast period. The primary factor propelling this segment's prominence is the growing need for Hall-effect sensors in critical industries like consumer electronics and automotive. Hall-effect sensors are essential to the automobile industry; they are widely used for measuring current and voltage in hybrid and electric vehicles as well as advanced driver-assistance systems (ADAS). The fact that the automobile industry depends on these sensors emphasises how crucial a role they play in enabling improvements in vehicle performance and safety.

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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, the sensor market's digital output sector is expected to increase at a faster rate than the analogue output segment. This rapid expansion can be ascribed to a number of built-in benefits that modern digitally output sensors provide, especially in remote applications. Because of their sophisticated features and capabilities, digital current sensors are widely used in many different industries, such as power management, telecommunications, and corporate servers. The increased design flexibility of digital current sensors is one of their main benefits, since it enables more customisation and integration into intricate systems. Because they are digital, they can communicate with other digital devices seamlessly, which makes data processing and analysis easier. Furthermore, digital output current sensors provide increased precision and accuracy in measuring current, which enhances operational dependability and efficiency across a range of applications. In addition, compared to analogue output sensors, digital current sensors perform better due to their larger dynamic range, quicker reaction times, and improved noise immunity. Because of these qualities, they are ideal for harsh settings where accurate current monitoring and control are necessary for optimum system operation.

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China in Asia Pacific to hold the largest market share throughout the forecast period.

China continues to lead the sensor market now and is expected to do so for the duration of the projection, which runs from 2023 to 2028. China, one of the largest and fastest-growing economies in the world, has a booming consumer electronics sector, helped along by a large population base and constantly increasing per capita income levels. The country's need for current sensors is growing rapidly due to the country's continued industrialization efforts and strong economic growth. China's dominance in the contemporary sensor market is further highlighted by its key role in the automobile industry. With a significant share of the world's automotive manufacturing, the country is currently the largest automobile producer in the world. China has been actively pursuing smart city ideas, launching a number of large-scale projects to improve urban efficiency and infrastructure. Current sensors are becoming more and more popular as a result of these initiatives, especially in the automotive and building automation industries where accurate current monitoring and management are essential for peak performance.

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.

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