Current Sensor Market Expected to Reach $2.61 Billion by 2027

WILMINGTON, DE, UNITED STATES, December 17, 2024 /EINPresswire.com/ -- Allied Market Research, titled, “Current Sensor Market by Type, Current Sensing Technology, And End Use: Opportunity Analysis and Industry Forecast, 2020-2027,” the global current sensor industry size was valued at $1.65 billion in 2019, and is projected to reach $2.61 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A07958

A current sensor is a device that detects electric current in a wire and generates a signal proportional to that current. The generated signal could be analog voltage current or digital output. These are categorized into open loop and closed loop and use technologies such as Hall-effect, Rogowski effect, and flux gate. Current sensors are used in various industries such as consumer electronics and automotive.

Growth in demand for Hall Effect technology in current sensors, adoption of industrial robots, and increase in the trend of hybrid vehicles in the automotive industry drive the current sensor market growth. However, technical issues and high costs associated with current sensors across the globe hamper the market growth. On the contrary, rapid adoption of 5G technology increases demand for closed-loop current sensors, which is expected to create lucrative opportunities for the current sensor market.

The rise in implementation of the latest developing technologies, such as the Industrial Internet of Things (IIoT) and cloud computing, has created high demand for industrial robots in manufacturing, particularly in countries such as China and South Korea which has in turn created current sensor market demand. These industrial robots require current sensing applications for circuits, DC motors, and servos that measure the accurate power requirement and functionality of robots. Therefore, the growth in the adoption of industrial robots increases the current sensor market demand.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A07958

The COVID-19 outbreak has currently restrained the research & development activities in the electronics & semiconductor industry and has led to a shutdown of several manufacturing facilities globally. The shortage or unavailability of raw materials and components due to supply chain disruption has hindered the production capacity of sensor manufacturers. Further, a decline in purchase capability among consumers due to an uncertain economy and a decrease in the adoption of electric vehicles will hinder market growth.

The global current sensor market is segmented based on type, current sensing technology, end-use, and region. Based on type, the market is bifurcated into open loop and closed loop. By current sensing technology, the market is classified into hall effect, current transformer, flux gate, and Rogowski coil. Based on end use, it is divided into automotive, consumer electronics, industrial, telecommunication, and others. Region-wise, the current sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that have major global current sensor market share include Infineon Technologies, Honeywell International Inc., Texas Instruments, Allegro MicroSystems, LLC, Tamura Corp., TDK Corporation, LEM International SA, Pulse Electronics, Eaton Corporation PLC, Sensitec GmbH, which are profiled in this report. The global current sensor industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market growth.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A07958

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

- By type, the open loop segment had the highest revenue of $1,172.4 million in 2019 and contributed a major part to the current sensor market share.
- With current sensing technology, the Hall Effect segment had the highest revenue, $676.2 million, in 2019.
- By end use, the industrial segment held the highest revenue share of the market in 2019, generating $633.7 million, according to the market analysis.
- By region, Asia-Pacific is expected to dominate the market, garnering a major share during the forecast period.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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