According to a research report published by Spherical Insights & Consulting, the global current sensor market size was estimated at USD 2.43 billion in 2021, and the global current sensor market size is expected to reach USD 6.00 billion by 2030 : Key Players of UV LED Market According to Market Research Analysis, Texas Instruments Inc., TDK Corporation, Infineon Technologies AG, Silicon Laboratories Inc., LEM Holding SA, Melexis NV, Honeywell International Inc, TAMURA Corporation, Asahi Kasei Microdevices Corporation, Allegro MicroSystems, LLC, Aceinna Inc. are recognized as key players in the current sensor market.
New York, United States, Jan. 15, 2023 (GLOBE NEWSWIRE) — The: Global Current Sensor Market Size from USD 2.43 billion in 2021 to USD 6.00 billion by 2030, with a CAGR of 11.80% during the forecast period 2022-2030. The demand for operational efficiency coupled with lower costs and improved safety for both assets and personnel has increased and is now driving positive factors for market growth.
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Sensors are available in a wide variety of shapes and sizes. Sensing technology, on the other hand, is just a technique that uses sensors to collect data, using it to detect quantities of physical, chemical, or biological properties and converting them into sound signals. Sensors are simply instruments that detect a characteristic quantity of a measuring material and convert it into a signal that can be read by the instrument. Current sensors, also known as current transformers, use a magnetic field to detect current and provide a corresponding output by measuring the current flowing through a wire. They are used with both AC and DC and can detect physical inputs such as light, heat, motion, humidity, pressure, or anything else. There are options for further processing, display or transmission of electronic information. Sensors that can detect a wide range of real-world characteristics are ubiquitous.
Modern technologies using sensors enable very precise and energy-efficient products that can understand everything around them. To create new value for processes and specific organizations, sensors are essential. The global current sensor market is expected to expand significantly during the forecast period. The current sensor market is driven by factors such as customer preference for motion and position sensors, as well as the increasing use of temperature and proximity sensors in flexible and modern medical equipment. Technological advancements, increasing development of consumer electronics products, and increasing industrial automation have all driven the current global sensor market. Sensors are used in various fields. However, the consumer electronics industry uses it the most, followed by the automotive, IT, and telecommunications industries. Smartphones have sensors, including accelerometers, gyroscopes, ambient light sensors, proximity sensors, and temperature detectors, that can be used to monitor parameters and provide a centralized automatic control system.
View 55 market charts and 55 figures spread over 195 pages and an in-depth TOC “Global current sensor market Size, Share and COVID-19 Impact Analysis by Type (Open Loop Current Sensor, Closed Loop Current Sensor), by Technology (Hall Effect, Current Transformer, Flux Gate and Rogowski Coil), by End User (Industrial Automation, Automotive, Consumer Electronics, Telecommunications, Utilities, Medical, Railways, Aerospace & Defense, etc.), by Application, by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030
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The open loop current sensor segment is witnessing faster market growth.
On the basis of type, the current sensor market is segmented into open-loop current sensors and closed-loop current sensors. The open loop current sensor segment is witnessing the fastest market growth during the forecast period. This type of current sensor uses galvanic isolation to monitor complex current waveforms as well as DC and AC current waveforms. In many different applications, including industrial automation, broadcast technology, energy monitoring, robotics, and battery systems, open-loop sensors are increasingly being used. Characteristics of open-loop current sensors, such as their small size, ability to measure both AC/DC and pulsed current, low power consumption, large primary gap, and high degree of electrical isolation between the primary and secondary circuits, have also increased consumer demand. their demand. Different benefits are analyzed to develop the Current Sensors industry outlook over the estimated period.
The Hall Effect segment is growing at the highest CAGR.
On the basis of technology, the current sensor market is segmented into Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil. The Hall Effect segment is witnessing the fastest growth in the market than the rest due to its ability to provide non-contact detection of DC and AC currents through a magneto-electric transducing hall element. These sensors have a simple, reliable design that reduces power loss in the current target circuit. Hall Effect sensors are widely used in industrial and automotive equipment, which encourages market growth.
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The consumer electronics segment is witnessing significant growth during the forecast period.
On the basis of end-users, the current global sensor market is segmented into Industrial Automation, Automotive, Consumer Electronics, Telecom, Utilities, Medical, Railway, Aerospace & Defense and others. Among them, the consumer electronics segment is growing significantly. Consumer products with current sensors, such as mobile phones, smart TVs, home theater systems, digital cameras, washing machines, and wearable technology, are becoming increasingly popular. Increasing use of electronic compasses and navigation tools in consumer electronics devices will increase the consumption of cabin sensors in the market. The global consumer electronics market is expected to continue to grow as more people use sophisticated and smart electronic devices such as smartphones and as living standards rise. Also, as more consumers use electronic devices with very complex functionality, corporations are investing heavily in research and development of consumer electronics gadgets.
North America is witnessing rapid expansion in the current sensors market during the forecast period.
The North American region is experiencing the fastest market growth due to the development of smart home and smart cities, which has accelerated the spread of various electronic systems including lighting control, HVAC control, home healthcare devices, home appliances, etc. .
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Major Market Players of Current Sensor Market: According to market research analysis, Texas Instruments Inc., TDK Corporation, Infineon Technologies AG, Silicon Laboratories Inc., LEM Holding SA, Melexis NV, Honeywell International Inc, TAMURA Corporation, Asahi Kasei Microdevices Corporation, Allegro MicroSystemcenna, LLC are identified as current key players in the sensor market.
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