BANGALORE, India, Jan. 5, 2021
BANGALORE, India, Jan. 5, 2021 /PRNewswire/ -- The Current Sensors Market is segmented 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, 2021–2026. This report is published on Valuates Reports in the Electronics & Electrical Category.
The global current sensor market size was USD 1.65 Billion in 2019, and it is expected to reach USD 2.61 Billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.
Major factors driving the growth of current sensors market size are the rise in the adoption of industrial robots, the growing trend of EV & hybrid vehicles in the automotive industry, and the rapid adoption of 5G technology.
This study comprises an analytical depiction of the global current sensor market size along with the current trends and future estimations to depict imminent investment pockets. The report presents information related to key drivers, restraints, and opportunities with detailed impact analysis.
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TRENDS INFLUENCING THE CURRENT SENSORS MARKET SIZE
The rise in the adoption of power management systems in data centers for improved performance with reduced power expenditure boosts the growth of current sensors market size. Current sensors integrated with backup power systems, such as inverters and UPS systems, allow battery protection at the charging stage and offer efficiency that increases demand in data centers. In addition, strict government restrictions on the management of data center power consumption are also one of the key factors driving the current sensor market size.
Growth in demand for Hall Effect technology in current sensors is expected to fuel the growth of current sensors market size. Hall effect technology offers advantages such as linearity, high precision, low power usage, and large bandwidth. The advancement of hall-based technology has increased current sensor demand in coreless technologies. This gives manufacturers the advantage of reduced bill of material (BOM), design size, and more penetration into other vertical industries.
An increase in the trend of electric vehicles and hybrid vehicles in the automotive industry is expected to drive the growth of the current sensor market size. Current sensors have many advanced automotive applications, such as battery management, overcurrent protection, and converter control. These sensors effectively track battery current usage and provide real-time information on charging status and battery management.
COVID-19 IMPACT ON CURRENT SENSOR MARKET SIZE
The lack of availability of raw materials and components due to the disruption of the supply chain hampered the production capability of the sensor manufacturers. Furthermore, a decline in customer purchasing power and a decrease in the number of electric vehicles would further impede the growth of the industry. However, the post-COVID-19 effect will fuel the production of autonomous technologies, such as industrial robots and autonomous electric vehicles, which will accelerate the growth of the current sensor market size.
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CURRENT SENSORS MARKET SHARE ANALYSIS
North America is expected to hold the largest current sensor market share during the forecast period. North America is witnessing the widespread adoption of smart home and smart city developments, which have resulted in the proliferation of many electronic systems, including lighting control, HVAC control, home healthcare devices, home appliances, and others. The introduction of these devices would increase the deployment of Battery Management Systems (BMS) and electronic protection systems, which in turn drives the growth of current sensors market size.
The Asia Pacific is expected to witness the highest growth during the forecast period. The rapid growth in this region is attributed to the population growth and rapid urbanization in developing economies, such as China and Japan.
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- In 2019, the global Electric Vehicle Battery Current Sensor market size was USD 96.6 Million, and it is expected to reach USD 199.7 Million by the end of 2026, with a CAGR of 17.6% during 2021-2026. Top companies in the Electric Vehicle Battery Current Sensor market are LEM Holding SA, Allegro Microsystems, LLC, Melexis NV, TDK Micronas, Honeywell International Inc., Robert Bosch GmbH, DENSO, and Continental. Among these, LEM Holding SA, Allegro Microsystems, LLC, Melexis NV are the top 3 players who account for around 45% of global revenue market share in 2019. The Asia Pacific is expected to witness the highest growth during the forecast period due to the increasing demand for current sensors in industries such as automotive, energy, healthcare, and telecommunication.
- The global Hall-Effect Current Sensor market size is projected to reach USD 1064.6 Million by 2026, from USD 762.2 Million in 2020, at a CAGR of 5.7% during 2021-2026.
- In 2019, the global Eddy Current Sensor market size was USD 593.9 Million, and it is expected to reach USD 619.6 Million by the end of 2026, with a CAGR of 0.6% during 2021-2026. The top two manufacturers are GE and Bruel & Kjar. Each of their sales market shares was 13% and 12% respectively of global sales in 2018.
- Open-Loop Hall-Effect Current Sensor Market is segmented by Product-Type: Linear Output, Threshold Output, Application: Industrial Automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense,by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.
- Global Automobile Current Sensor Market is segmented by types - Hall-Effect Current Sensors, AMR Current Sensors, GMR Current Sensors, TMR Current Sensors, by applications - Conventional Vehicles, Electric Cars, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.
- Coreless Current Sensor Market is segmented by type - Coreless Closed Loop Current Sensor, Coreless Open Loop Current Sensor,by Application Automobile, Aerospace & Defense, Consumer Electronic, Industrial Automation, Communication, Medical, by key players , Region - North America, LAMEA.
- Optical Fiber Current Sensor (OFCS) Market is segmented by Product Type - AC, DC, Application - Communication Industrial, Power Industrial, Other, Region - North America, LAMEA, Middle East, Asia pacific. etc.
- All Fiber Optic Current Sensor (AFOCS) Market is segmented by Product Type - AC, DC, Application - Communication Industrial, Power Industrial, Other, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.
- Industrial Current Sensor market is segmented by Product Type - Closed-loop sensors, Open-loop sensors, Application: Industrial Automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, by key players, Region - North America, LAMEA, Middle East, Asia pacific. etc.
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