With 10.8% CAGR, Current Sensor Market Growth to Surpass USD 3.8 billion

The global current sensor market is expected to grow from USD 2.3 billion in 2021 to USD 3.8 billion by 2026 growing at a CAGR of 10.8% from 2021-2026. Key factors fueling this market's growth include growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in consumer electronics industry. Deployment of IoT and IIoT with current sensors and increasing manufacturing of hybrid and electric cars create a strong demand for current sensor.

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

The closed loop is expected to account for the larger share of the current sensor market by 2026. The major applications of closed-loop current sensors are in the industrial domain, including AC variable speed drives and servo motor drives, static converters for DC motor drives, battery-supplied applications, uninterruptible power supplies, switched-mode power supplies, and power supplies for welding applications. The major players offering closed-loop current sensors are Texas Instruments (US), Honeywell (US), ICE Components, Inc. (US), and Vacuumschmelze (Germany).

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

The current sensor market for automotive segment is expected to hold the largest market share during the forecast period. With the growing adoption of electric vehicles, there would be significant advancements and growth in the use of current sensors. As the battery is the main energy source for systems in HEVs/EVs, it is essential to have information about its charging and discharging cycles. Current sensors are the main source of information for charging and discharging cycle information by reporting the status of the battery's state of health (SOH) to the battery management system.

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

North America is expected to grow with the second highest CAGR during the forecast period attributed to the increased use of these sensors in the automotive, building automation, energy, and manufacturing industries. In North America, the US is the major contributor to the growth of the current sensor market. This region is a key market as it is home to some of the largest multinational corporations, such as ACEINNA (US), ICE Components, Inc. (US), Texas Instruments (US), Honeywell (US), and Allegro MicroSystems (US), operating in this domain. The reason for the dominance of the US is its well-established economy, which allows rapid adoption of current sensors in various applications. These players are increasingly undertaking product launches and developments, acquisitions, partnerships, and expansions, to increase their market shares.

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This release was published on openPR.