During the projection period from 2021 to 2026, the global Current Sensor Market is expected to rise at a phenomenal compound annual growth rate (CAGR) of 10.8%, rising from USD 2.3 billion in 2021 to USD 3.8 billion. Numerous developments in power electronics, more automation, and the expanding use of IoT and smart technologies are some of the factors that are responsible for this expansion in the market for current sensors. The current sensor market is anticipated to experience considerable growth as the demand for accurate and trustworthy current measurement solutions continues to soar, spurring innovation and efficiency in several applications throughout the globe.

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The current sensor market is expanding quickly, and this is due to a number of important aspects. The market's growth is significantly fueled by the expanding use of battery-powered systems and the focus on renewable energy sources. Additionally, the increasing rate of Hall-effect current sensor adoption and the soaring consumer electronics market demand add to this development. Additionally, there is a significant need for current sensors in many applications due to the implementation of IoT and IIoT using current sensors as well as the expanding production of hybrid and electric cars. These forces work together to spur innovation and advance the market as businesses search for more accurate and efficient current measuring solutions for their equipment and systems.

Current Sensor Market

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Closed loop is expected to gain a lion share of current sensor market by 2026

It is projected that the closed-loop current sensor segment would account for the largest share and dominate the current sensor market. In the industrial sector, closed-loop current sensors are widely used in AC variable speed drives, servo motor drives, static converters for DC motor drives, battery-supplied applications, uninterruptible power supplies, switched-mode power supplies, and power supplies for welding. Closed-loop current sensors are provided by major players Texas Instruments (US), Honeywell (US), ICE Components, Inc. (US), and Vacuumschmelze (Germany), which helps to explain their dominance in the industry.

Due to their accuracy, efficiency, and dependability, which are essential for precise current measurement in a variety of industrial applications, closed-loop current sensors are becoming more and more popular. The closed-loop current sensor market is poised for significant growth as companies look for cutting-edge solutions for their power management requirements. Key players are constantly developing to meet the wide range of industrial demands.

Based on end user, automotive segment is to witness the largest market share in current sensor market during 2021–2026

Between 2021 and 2026, the automotive sector is anticipated to hold the greatest market share and rule the existing sensor market. The adoption of electric cars (EVs) is rising, and this growth is mostly being driven by EVs. The demand for current sensors is anticipated to significantly develop and expand with the rise of EVs. Current sensors are critical parts of battery management systems because they provide crucial data regarding the charging and discharging cycles of batteries in hybrid electric vehicles (HEVs) and electric cars (EVs).

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Current sensors are essential for monitoring and maximising the performance of electric car batteries as the automotive industry embraces developments in electric mobility and sustainable transportation options. The automobile industry's position as the top market share holder in the current sensor market is further cemented by the increased emphasis on battery health monitoring and effective energy utilisation. The future of current sensors in the automotive sector appears bright and is poised for significant growth thanks to key players' ongoing investments in R&D to offer creative solutions for the sector's increasing needs.

North America to grow with second highest CAGR during the forecast period

North America is expected to see the second-highest compound annual growth rate (CAGR) throughout the projection period, because to the rising use of modern sensors across numerous sectors, including manufacturing, building automation, automotive, and energy. Due to the presence of key multinational companies like ACEINNA (US), ICE Components, Inc. (US), Texas Instruments (US), Honeywell (US), and Allegro MicroSystems (US) who operate in this industry, the US significantly contributes to the growth of the present sensor market in North America. The established economy of the area makes it easier for modern sensors to be quickly adopted across a variety of applications, which fuels market growth. These significant players are actively involved in product launches, developments, acquisitions, collaborations, and expansions to further strengthen their market positions.

The automotive, building automation, energy, and manufacturing sectors in North America are experiencing significant expansion in the demand for effective power management and precise current measurement. The region's position in the worldwide market is a result of both its technological development and the existence of significant industry players. The present sensor market in North America is expected to have considerable growth and maintain its leadership position in the sector over the forecast period thanks to a focus on innovation and strategic efforts.

News Covered:

https://www.globenewswire.com/news-release/2023/08/07/2719373/0/en/Current-Sensor-Market-Size-Growth-Opportunities-Industry-Trends-and-Analysis.html

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