The Current Sensor Market is anticipated to experience significant growth, rising from USD 2.3 billion in 2021 to an impressive USD 3.8 billion by 2026, which represents a solid compound annual growth rate (CAGR) of 10.8% from 2021 to 2026. This predicted growth highlights the rising demand for sophisticated current sensing technologies across numerous industries, pointing to a dynamic environment influenced by technical advancement and expanding applications.

A number of important factors, such as the growing popularity of battery-powered devices, the increased focus on renewable energy sources, and the widespread use of Hall-effect current sensors, are propelling this market's growth trajectory. The consumer electronics industry's expanding demand and the incorporation of modern sensors into IoT and IIoT deployments are further factors that support this growth. Additionally, the demand for current sensors is greatly increased by the rising production of hybrid and electric vehicles, resulting in a robust and varied demand landscape.

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

The closed-loop current sensor market is expected to control the majority of the current sensor market share by 2026. The widespread use of closed-loop current sensors in various industrial applications is credited with this prognosis. These applications cover a wide range of purposes, including welding equipment, switched-mode power supplies, servo motor drives, battery-powered systems, uninterruptible power supply, and AC variable speed drives. Key market participants such as Texas Instruments (US), Honeywell (US), ICE Components, Inc. (US), and Vacuumschmelze (Germany) are shaping the market's landscape by advancing and popularising closed-loop current sensing technologies.

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

The automotive industry is anticipated to hold the largest market share in the field of current sensors between 2021 and 2026. The growing adoption of electric cars (EVs) within the automotive industry is what is driving this supremacy. Due in large part to the crucial function these sensors play in measuring the charging and discharging cycles of the major energy source - the battery - the rise of EVs has catalysed substantial breakthroughs in current sensor utilisation. Current sensors are crucial tools in the context of hybrid and electric vehicles, where batteries are of utmost importance. They provide vital insights into the battery's state of health (SOH), allowing for effective management through data reporting to the battery management system.

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The rise of the automotive segment in the present sensor market is being driven by the predominance of electric vehicles in the dynamic landscape of automotive technology, as these sensors are essential for regulating battery performance and overall vehicle economy.

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

The current sensor market in North America is expected to experience the second highest Compound Annual Growth Rate (CAGR) throughout the projected period. The increased adoption of these sensors across a variety of industries, including automotive, building automation, energy, and manufacturing, can be credited with this growth trajectory. The United States emerges as the largest contributor to this growth within North America, home to significant multinational firms including ACEINNA, ICE Components, Inc., Texas Instruments, Honeywell, and Allegro MicroSystems, all of which have contributed to the development of the current sensor market.

Current sensor technologies can be quickly integrated into a variety of applications thanks to the US economy's robustness and the ongoing efforts of industry players to introduce new products, encourage research, form partnerships, buy businesses, and expand in order to increase their respective market shares.

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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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