Global Current Sensor Market to Create a Value Opportunity of US$ 2.7 Bn by 2030
Current Sensors Market research study provides an extensive information of important participants, such as suppliers, manufacturers, distributors, traders, consumers, investors, etc. Current Sensors Market study depicts an in-depth analysis on the current status of Current Sensors Market that consists of important types, and end uses. The data type of the Current Sensors Market study contains market revenue, import, export, progress rate, consumption, etc. Further, the study focuses on the prominent and emerging regional and global trends contributing to the growth of the global Current Sensors Market over the stipulated timeframe.
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Industrial automation as an end-use vertical accounts for a majority of the current sensor market share. The automotive industry has experienced increasing demand in developing countries such as China and India. Furthermore, mounting demand for customized and intelligent automotive products has resulted in the opening up numerous market opportunities for current sensor market players.
Furthermore, advancements in manufacturing and production processes are anticipated to drive the demand for current sensors over the forecast period. Direct sensing-based current sensors are expected to be most attractive due to their high functional properties; they find usage in automotive, medical, and consumer electronics industries.
According to a new Fact.MR study, the current sensor market is poised to progress at a value CAGR of 8%, creating an absolute $ opportunity of US$ 2.7 Bn by 2030-end.
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Key Takeaways from Current Sensor Market Study
- The global current sensor market is expected to create a value opportunity of around US$ 2.7 Bn during the forecast period, adding 2.5X more value in 2030 as compared to 2020.
- The direct sensing-based current sensors segment will continue to dominate demand, accounting for more than three-fourth of the global share.
- The isolated circuit-based current sensors segment is set to grow at a higher rate, facilitated by mounting demand for IoT applications and advancements in the automotive industry, over the forecast period.
- The global current sensor market is expected to witness a rise in emerging countries such as India, China, and Brazil, owing to increasing focus towards digitalization and industrial automation.
- East Asia is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 510 Mn, and is expected to experience prolific expansion over the forecast period.
Current Sensor Market: Segmentation
Fact.MR has studied the current sensor market with detailed segmentation on the basis of sensor type, sensing method, circuit type, end-use vertical, and key regions.
- Hall Effect
- Open Loop
- Closed Loop
- Direct Current Sensing
- Indirect Current Sensing
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Key Players to Focus on Product Innovation and Regional Expansion
Prominent players in the current sensor market are focusing on innovation of products through increased R&D expenditure. Numerous companies in the semiconductor industry file for patents, and many have been granted associated patents. These patents with respect to innovation help companies protect their intellectual rights and create a USP in this highly competitive market. Furthermore, companies are doing vertical integration to enjoy full profit of the value chain and increase their product portfolio. For instance, in 2019, Texas Instruments introduced the industry’s smallest current-sense amplifier in a leaded package, and the smallest, most accurate comparators. The INA185 current sense amplifier achieves high precision in less space and maintains high performance. Other prominent players in the current sensor market include Infineon Technologies AG, Honeywell International Inc., Texas Instruments Inc., TDK Corporation, Silicon Laboratories Inc., Tamura Corporation, Melexis NV, Asahi Kasei Microdevices Corporation, and Allegro MicroSystems LLC.
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