With a projected value of USD 2.8 billion in 2023 and a compound annual growth rate (CAGR) of 10.4%, the Current Sensor Market is expected to develop rapidly, reaching USD 4.7 billion by 2028. Numerous aspects define the market, such as end-user applications, technology (isolated and non-isolated current sensors), loop type (closed loop and open loop), output type (analogue and digital), and regional considerations. The market is expanding due to the growing need for accuracy in current measurement across various sectors. The current sensor market is expected to grow at a positive rate overall due to factors like the adoption of new technologies, the demand for effective energy management, and the expansion of end-user industries.

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Several important elements are driving the contemporary sensor industry's tremendous expansion. The need for current sensors is rising due in large part to the expanding use of battery-powered systems and the increasing focus on renewable energy sources. The market is expanding because Hall-effect current sensors have been used at a particularly high rate. The market's expansion has also been significantly aided by the growing need for current sensors from the consumer electronics sector and their use in Internet of Things (IoT) and Industrial Internet of Things (IIoT) applications. In spite of the COVID-19 pandemic's obstacles, the sector has continued to expand thanks to the boom in the production of electric and hybrid cars, which has increased demand for current sensors to maintain productive industrial processes.

Current Sensor Market Report Scope :

Report Metric Details
Estimated Market Size USD 2.3 Billion
Projected Market Size USD 3.8 Billion
Growth Rate CAGR of 10.8%
Market size available for years 2021–2026
On Demand Data Available 2030

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Key Market Players in Current Sensor Market

Asahi Kasei Microdevices (AKM) (Japan),
ACEINNA (US),
Melexis (Belgium),
Allegro MicroSystems (US),
TDK Corporation (Japan),
LEM International (Switzerland),
Infineon Technologies (Germany),
Tamura Corp. (Japan),
Texas Instruments (US),
Honeywell (US)
Market Dynamics:

Driver: Increasing demand in consumer electronics industry

The consumer electronics sector has grown significantly, and this development trajectory is anticipated to continue for some time. Companies are launching new technologies that heavily utilise current sensors in a variety of consumer electronics areas. Smart power management integrated circuits (ICs) are essential to devices such as smartphones, tablets, TVs, wearables, and infotainment ones. With the increasing need for mobility, independence, and energy economy, Gallium Nitride (GaN) has become an essential component of power electronics, allowing businesses to provide effective solutions. As a result, the current sensor market has a large income potential from the growing consumer electronics industry.

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Restraint: Intense pricing pressure resulting in decline in average selling prices (ASPs)

Shipments have expanded as a result of the contemporary sensors' rising uses in consumer electronics, healthcare gadgets, automated vehicles, and telecommunications equipment. The market is confronted with a difficulty, nonetheless, because of significant price erosion that results from increased competition among an increasing number of sensor producers. Consumers benefit from the declining Average Selling Price (ASP), while suppliers face challenges as their profit margins get smaller. The fierce competition in the contemporary sensor market results in significant pricing pressure, which hinders industry firms' ability to raise their income.

Opportunity: Deployment of IoT and IIoT with current sensors

The Internet of Things, or IoT for short, is a key concept in the field of information technology. It is a network of interconnected sensors created by connecting different information-sensing devices to the internet. The demand for sophisticated connected devices rises as a result of this integration, enabling M2M (machine-to-machine) communication and device interoperability depending on the needs of the linked environment. The widespread adoption of internet- and cloud-based content delivery, smart grid applications, resource and inventory management, home entertainment, connected transportation, healthcare and safety monitoring, and other M2M data applications, among other applications, drives the significant growth in network traffic that results from the increasing interconnection of devices. In addition, over the past few years, IoT technology has benefited from substantial technological advancement and received financing from governments in several countries.

Challenge: Accuracy over different temperature ranges

For today's sensor makers, maintaining good accuracy across a temperature range is a major problem, particularly in the varied and frequently harsh environments of automotive applications. Open-loop and closed-loop current sensors are the two primary current measuring methods that end users often rely on. Closed-loop sensors provide gain stability and can efficiently manage short-duration, high-current transients, whereas open-loop sensors may have problems with temperature changes or high temperatures. Open-loop current sensors are preferred because closed-loop sensors have the potential to cause harmful overload. Furthermore, with high primary current, closed-loop sensors collect a significant amount of quiescent current, which causes them to overheat. The difficulties associated with operating temperatures pose a barrier to both end users and existing sensor providers.

News Covered:

https://www.prnewswire.com/news-releases/current-sensor-market-worth-4-7-billion-by-2028---exclusive-report-by-marketsandmarkets-301950579.html

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