The global current sensor market is expected to grow from USD 2.3 billion in 2021 to USD 3.8 billion by 2026; it is expected to grow at a CAGR of 10.8% during 2021–2026. Key factors fueling this market’s growth include growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in consumer electronics industry. Deployment of IoT and IIoT with current sensors and increasing manufacturing of hybrid and electric cars create a strong demand for current sensor for efficient industrial operations in the midst of COVID-19.
“Consumer Electronics end user to witness the highest CAGR in current sensor market during 2021–2026.”
The current sensor market for consumer electronics segment is expected to grow with the highest CAGR during the forecast period. The consumer electronics segment includes home appliances, smartwatches, tablets, smartphones, etc. Sensors play an important role in improving the performance of a range of consumer electronic devices and creating effective human–machine interfaces. As technologies used in consumer electronics are evolving, smart consumer electronics devices are being manufactured, thereby leading to an improved lifestyle of people. Current sensors are expected to witness high adoption in consumer electronic devices in the coming years.
“APAC is expected to hold a largest share of current sensor market by 2026.”
The current sensor market in APAC is expected to grow at the highest CAGR during the forecast period attributed to the increased use of these sensors in the automotive, building automation, energy, and manufacturing industries. APAC is one of the important regions for the automotive industry due to increased passenger car manufacturing and sales in various countries such as China, Japan, and South Korea. The growing adoption of isolated current sensors for electric and hybrid vehicles in the automotive industry is driving the growth of the market for current sensors in APAC.
Breakdown of profiles of primary participants:
- By Company: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
- By Designation: C-level Executives = 30%, Directors = 25%, Managers= 45%
- By Region: North America = 45%, Europe = 30%, APAC = 20%, and RoW = 5%
This report offers detailed insights into the current sensor market by loop type, technology, output type, end user, and region. Based on loop type, the current sensor market has been segmented into open loop and closed loop. By technology, the current sensor market has been divided into isolated current sensors (magnetic current [Hall-effect sensor, AMR, GMR, TMR, and fluxgate], opto-isolated Op Amp, and shunt-isolated Op Amp), and non-isolated current sensors (current sensing amplifiers and analog-to-digital converters (ADC)). By output type, the current sensor market has been categorized into analog and digital. On the basis of end user, the current sensor market has been segmented into automotive, consumer electronics, telecom & networking, healthcare, industrial, energy, and others (railways, aerospace & defense, and building automation). The study forecasts the size of the market in 4 regions?North America, Europe, APAC, and RoW.
Reasons To Buy the report
The report would help market leaders/new entrants in this market in the following ways:
- This report segments the current sensor market comprehensively and provides the closest approximations of the overall market’s size and its subsegments (across different loop types, technologies, end-users, and regions).
- The report would help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem and product launches, acquisitions, and partnerships carried out by major market players.