Current Sensor Market

The report "Current Sensor Market by Current Sensing Methods (Direct, Indirect), Loop Type (Closed Loop, Open Loop), Technology (Isolated, Non-Isolated), Output Type (Analog, Digital), End User (Automotive, Industrial) and Region – Global Forecast to 2028" The current sensor market was valued at USD 2.8 billion in 2023 and is projected to reach USD 4.7 billion by 2028, growing at a CAGR of 10.4% during the forecast period from 2023 to 2028.

Factors accelerating the growth of the current sensor market are the growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in the consumer electronics industry.

Browse 193 market data Tables and 67 Figures spread through 248 Pages and in-depth TOC on "Current Sensor Market by Current Sensing Methods (Direct, Indirect), Loop Type (Closed Loop, Open Loop), Technology (Isolated, Non-Isolated), Output Type (Analog, Digital), End User (Automotive, Industrial) and Region – Global Forecast to 2028"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/current-sensor-market-26656433.html

Hall-effect magnetic current sensors segment to account for the largest share during the forecast period.

In 2022, the Hall-effect sensors segment held the largest share of the magnetic current sensor market and was expected to follow the trend during the forecast period. The growth of the segment can be attributed to the rising demand for Hall-effect sensors in the consumer electronics and automotive industries. The automotive industry is among the major consumers of Hall-effect sensors; they are used in advanced driver-assistance systems (ADAS)and hybrid and electric vehicles for current and voltage measurement. Most consumer electronics applications require inexpensive, robust, and durable sensing technology. Thus, the Hall-effect sensor is one of the most apparent choices owing to its non-contacting feature, durability, and robustness to dirt and other environmental contaminants. Moreover, it is among the oldest and most reliable technologies used by end users.

The digital output segment in the current sensor market is expected to grow at the highest growth rate during the forecast period.

The digital output segment of the current sensor market is projected to grow at a higher CAGR than the analog output segment during the forecast period. Current sensors with digital output offer several advantages over sensors with analog output and are mostly suited for remote applications. The applications of digital current sensors include enterprise servers, telecommunications, and power management. Moreover, these sensors offer both design and operational advantages over analog output current sensors.

China in Asia Pacific to hold the largest market share throughout the forecast period.

China held the largest market share and is expected to retain its position during the forecast period from 2023 to 2028 in the current sensor market. China is one of the world’s largest and fastest-growing economies, and it has a huge consumer electronics industry, with a large population base and increasing per capita income. China’s large-scale industrialization has led to the growing need for current sensors. China plays a significant role in the current sensor market as it is the largest automobile manufacturer in the world. According to the International Trade Organization, automobile production in China is the largest in the world, and the country has a considerable number of smart city projects. The automotive and building automation sectors are expected to contribute significantly to the growth of the current sensors market in the country.  

The report profiles key current sensor players and analyzes their market shares. Players profiled in this report are Asahi Kasei Corporation (Japan), Infineon Technologies AG (Germany), Allegro MicroSystems, Inc. (US), LEM International SA (Switzerland), Melexis (Belgium), TDK Corporation (Japan), Aceinna (US), Honeywell International Inc. (US), TAMURA Corporation (Japan), and Texas Instruments Incorporated (US), are some major players.

Don’t miss out on business opportunities in Current Sensor Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]