Current Sensor: Market Size. From $2. 07 billion in 2020, the global Current Sensor market is projected to reach $4. 07 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 8.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Current Sensor Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127682/?utm_source=GNW
8% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, rising production of hybrid & electric cars, deployment of IOT and IIOT with current sensors and growing usage of battery-powered systems.
Global Current Sensor Market: Market Dynamics
The widespread use of current sensors in the automotive industry is enhancing market growth. As numerous components of vehicles are progressively becoming automated, using assistance systems to support drivers while assuring the safety, the use of electric currents is growing significantly. Furthermore, electric motors are extensively used for the electrification of vehicles such as cars to improve convenience and safety. This is growing the use of a current sensor to measure for optimization of consumption and emission decrease to avoid the destruction of electric components in a vehicle, subsequently boosting the growth of the current sensor industry. The surging demand for current sensors, which can deliver consistency and durability, is providing additional impetus to the market growth of the current sensor.
For instance, leading automakers in the region such as Audi, Groupe PSA, BMW Group, etc. are deeply focusing on the development of innovative automotive safety systems such as ADAS as well as autonomous cars. These technologies and systems are heavily dependent on current sensors for their effective functioning.
On the other hand, intense pricing pressure resulting in a decline in average selling prices is likely to obstruct the profit boundaries. In addition, increasing demand in the consumer electronics industry will further boost the current sensor market.
Impact of COVID-19 on Current Sensor
The outbreak of COVID-19 has a negative impact on the Current Sensor Market. The absence of accessibility of raw materials and components owing to the disturbance of the supply chain hindered the production capability of the sensor manufacturers. A decrease in customer purchasing power and a decline in the number of electric vehicles would additionally obstruct the growth of the industry. Though, the post-COVID-19 consequence will fuel the production of autonomous technologies, such as industrial robots and autonomous electric vehicles, which will expedite the growth of the current sensor market size.
Isolated Current Sensor Segment, Dominate the Market in 2020
The isolated current sensor segment made huge revenue in 2020 and growing its prominence during the forecast period. The expansion of the isolated current sensor can be accredited to the rising demand for magnetic current sensors worldwide owing to their accessibility, in an extensive variety of applications. Furthermore, the solitude of existing sensing circuitry is vital for technical and regulatory reasons in numerous applications, such as line-operated industrial and commercial motors, electric/hybrid electric vehicles (EVs/HEVs), home energy metering, solar arrays, and many other less-visible applications, where high voltages and currents are general.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period owing to the increased use of these sensors in the automotive, building automation, energy, and manufacturing industries. The Asia Pacific is one of the significant regions for the automotive industry owing to amplified passenger car manufacturing and sales in numerous countries such as China, Japan, and South Korea. The increasing acceptance of isolated current sensors for hybrid and electric vehicles in the automotive industry is propelling the growth of the market for current sensors in the region.
List of the Key Players Profiled in the Market Include:
• Allegro MicroSystems
• API Technologies
• Eaton Corporation PLC
• Honeywell International Inc
• Infineon Technologies
• Kohshin Electric Corporation
• Pulse Electronics Corporation
• Shenzhen Socan Technology
• Stmicroelectronics N.V
• Tamura Corporation of America
• TDK Corporation
• Texas Instruments
• Vacuumschmelze Gmbh & Co
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127682/?utm_source=GNW
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