Allied Market Research published a report, titled, “Current Sensor Market by Type (Open Loop and Closed Loop), Current Sensing Technology (Hall Effect, Current Transformer, Flux Gate, and Rogowski Effect), and End Use (Automotive, Consumer Electronics, Industrial, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global current sensor industry generated $1.65 billion in 2019, and is expected to reach $2.61 billion by 2027, witnessing a CAGR of 6.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Demand for the Hall-effect technology, increase in adoption of industrial robots, and trend of hybrid vehicles in the automotive industry drive the growth of the global current sensor market. However, high initial costs and technical issues related to current sensors hinder the market growth. On the other hand, rapid adoption of 5G technology that raises the demand for closed-loop current sensor creates new opportunities in the coming years.
Download Sample Report (227+ Pages with Latest Insights): https://www.alliedmarketresearch.com/request-sample/8323
- Owing to the shutdown of manufacturing facilities, the R&D activities in the semiconductor and electronics industry have been stopped. The supply chain disruptions have led to a shortage of raw materials.
- Daily operations in the end-use industries such as industrial and automotive have been stopped due to lockdown. This has led to decrease in demand for current sensors.
- The demand would grow gradually as end-use industries begin their operations during the post-lockdown period. Moreover, purchase capability among customers would increase. By the end of 2020, the demand would grow for the development of autonomous technologies, such as industrial robots and autonomous electric cars.
The open loop segment to maintain its dominant share during the forecast period
Based on type, the open loop segment accounted for the highest market share, accounting for nearly three-fourths of the global current sensor market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. This is due to its compact size and less power consumption. However, the closed loop segment is expected to grow at the highest CAGR of 7.2% from 2020 to 2027, owing to high linearity, rapid response, and low temperature drift.
The industrial segment to maintain its lead position during the forecast period
Based on end-use industry, the industrial segment accounted for the highest market share in 2019, contributing to nearly two-fifths of the global current sensor market, and is estimated to maintain its lead position during the forecast period. This is due to rise in application in heavy machinery that needs operation protection. However, the automotive segment is projected to witness the fastest CAGR of 7.5% from 2020 to 2027, owing to high demand for current sensors for installation in motor vehicles.
Asia-Pacific, followed by North America, to grow at the fastest rate
Based on region, Asia-Pacific, followed by North America, is expected to register the largest CAGR of 7.2% during the forecast period. Moreover, Asia-Pacific held the highest market share in 2019, contributing to more than one-third of the global current sensor market, and will maintain its leadership status by 2027. This is attributed to presence of large number of industries and high customer potential that leads to increase in demand. The report also analyzes regions including Europe and LAMEA.
Interested? Do Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/8323
Leading market players
- Infineon Technologies
- Honeywell International Inc.
- Texas Instruments
- Allegro MicroSystems, LLC
- Tamura Corp.
- TDK Corporation
- LEM International SA
- Pulse Electronics
- Eaton Corporation PLC
- Sensitec GmbH
Magnetic Sensor Market by Type (Hall Effect Sensor, Magnetoresistive Sensor, Squid Sensor, and Fluxgate Sensor), Application (Speed Sensing, Detection, Position Sensing, Navigation, and Others), and End User (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2026
Smart Grid Sensors Market by Sensor (Voltage, Outage, and Transforming Monitoring), Application (Smart Energy Meter, Advanced Metering Infrastructure, Smart Grid Distribution Network, Data Collection, and Control), and End User (Consulting, Deployment & Integration, Support & Maintenance, and Dynamic Line Rating): Global Opportunity Analysis and Industry Forecast, 2019–2026
Reed Sensor Market by Type (Dry-Reed Sensor, Mercury-Wetted Reed Sensor) and Application (Automotive, Transportation, Consumer Electronics, Robotics & Automation, Telecommunications, Healthcare, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States USA/Canada (Toll Free): -800-792-5285, 1-503-894-6022, 1-503-446-1141 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1(855)550-5975 email@example.com Web: https://www.alliedmarketresearch.com
Menafn, Reportedtimes, PR-Wirein, iCN Internal Distribution, Research Newswire, English
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
-800-792-5285, 1-503-894-6022, 1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060