Current Sensor Market is Anticipated to Witness Outstanding Growth at 9% by End of 2030
According to Global Market Insights Inc., the global current sensor market is anticipated to surpass beyond USD 5 billion by 2030 end.
According to Global Market Insights Inc., the global current sensor market is anticipated to surpass beyond USD 5 billion by 2030 end. Allegro MicroSystems, Inc., a renowned player in the global current sensor industry, has recently grabbed headlines owing to its recent launch of a new coreless Hall-effect current sensor for the industrial and automotive systems. The product, ACS37610, joins the company’s ACS37612 as the industry’s first family of truly coreless Hall sensing solutions, delivering higher sensitivity and accuracy, user programmability, and additional fault detection capabilities.
This novel launch by Allegro is just one of the many instances in the current sensor market, which is expected to grow at an unprecedented pace over the coming years.
The need for current sensors is coming from different industries including healthcare, automotive, industrial systems, and several others. Enlisted are some of the prominent industries that are utilizing current sensors-
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The expanding market of electric vehicles has produced an intrinsic need for current sensors in the automotive environment. Rising EV sales worldwide, is another testament stimulating the growth curve of current sensor market across the automotive segment. Imperative to note that the global sales of electric vehicles was nearly 6.6 million in 2021. Moreover, in the first quarter of 2022, about 2 million electric cars were sold, which is nearly 75% up from the same period in 2021.
In electric vehicles, the current sensors are generally used for DC conversion control of motor regenerative current, sensing charged and discharged current of batteries of EVs and hybrid cars, and controlling motor drive.
Leading automakers are now foraying into EV market, generating new opportunities for camera sensors. For instance, in 2021, Continental introduced the current sensor module for protecting the battery or/and battery parameter retention. As per reports, the high-voltage CSM would be used to measure the current and detect temperature.
Electronics and Telecommunication
Technology has taken the world by storm. It would be overt to state that the technological disruptions have made way for launch of next-generation technologies including the 5G. This is projected to catalyze the sales of current sensors as the establishment or construction of new communication devices is on the rise.
The analysis of correct signals and transmission of signals equally in all the areas is quite crucial in the telecommunications industry. This calls for solutions that are capable of managing interference-free transmission of signals, enunciating the demand for current sensors. While in the electronics industry, current sensors are being used for regulating the power supply and measuring the proper positioning of components in facilities.
The proliferating trend of industrial automation and Industry 4.0 is poised to stimulate the current sensors market dynamics over the forecast period. In addition, the growing adoption of industrial robots across different sectors would further impel the market demand. As per the World Robotics 2021 Industrial Robots by International Federation of Robotics estimates, there are nearly about 3 million industrial robots operating in factories worldwide.
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Middle East and Africa is projected to emerge as one of the leading hubs for current sensors industry in the coming years, given the fast-paced implementation of industrial automation in the region. Industry experts claim that the regional current sensor market would depict a CAGR of 5% through 2030.
The current sensor market is highly consolidated and boasts the presence of leading players like Honeywell International Inc., Allegro MicroSystems, Inc., STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments Incorporated, Omron Corporation, and TDK Corporation, amongst others. These leaders are leaving no stone unturned to augment the market share in the overall electronics and media industry.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definition
1.2 Methodology and forecast parameters
1.3 Region-wise COVID-19 impact analysis
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 Middle East & Africa
1.4 Data Sources
Chapter 2 Executive Summary
2.1 Current sensor market 3600 synopsis, 2017–2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Technology trends
2.1.5 Application trends
2.1.6 End-use trends
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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