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

"Increase in manufacturing of hybrid and electric cars provide lucrative opportunities to the current sensor market."

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. Growing use of battery-powered systems and increasing focus on renewable energy acts as a driver whereas deployment of IoT and IIoT with current sensors, increase in manufacturing of hybrid and electric cars, and miniaturization of current sensors provide lucrative opportunities to the current sensor market.

"Direct current sensing segment of the current sensing methods market holds the largest market share during the forecast period."

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The market for the direct current sensing segment holds the largest market share and is expected to retain its position, growing at a higher growth rate during the forecast period. Direct current sensing methods are simpler, dependable, and more accurate. The increasing demand for battery-powered devices, low-power applications, and the growing popularity of renewable energy technologies are driving the growth of the direct current sensing market.

"Closed-loop current sensors segment is expected to hold the largest market share during the forecast period."

The closed-loop current sensors segment holds a larger market share as they are widely used to provide an output proportional to the measured current. They are used in some of the potential applications such as variable speed drives, ground fault detectors, robotics, and power supplies with fast response, high linearity, and low-temperature drift. However, the market for these sensors is projected to grow at a slower rate during the forecast period than open-loop current sensors. Open-loop current sensors have a significant price advantage over closed-loop sensors. They are ideal for use in battery-powered circuits due to their compact size and lower power consumption feature. Besides, open-loop sensors provide the best cost advantage in the high current ranges (over 100 A). They maintain constant power consumption, no matter the sensed current.

"Germany in Europe is expected to hold the largest market share during the forecast period."

Germany held the largest share in the current sensor market in the European region and is expected to retain its position during the forecast period from 2023 to 2028. Germany is home to several leading current sensor manufacturers, such as Infineon Technologies AG, VACUUMSCHMELZE GmbH & Co. KG, and TE Connectivity. These companies invest heavily in research and development, and they offer a wide range of current sensors to meet the needs of different applications. German automotive industry is a major driver of demand for current sensors. Germany is home to some of the world's leading automakers, such as Volkswagen, BMW, and Mercedes-Benz. These companies use current sensors in a variety of applications, such as engine management, power steering, and braking systems.

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the current sensor market. Following is the breakup of the profiles of the primary participants for the report.

By Company Type: Tier 1 - 40 %, Tier 2 - 40%, and Tier 3 - 20%
By Designation: C-Level Executives -40%, Directors- 40%, and Others - 20%
By Region: North America- 40%, Europe- 20%, Asia Pacific - 30%, and RoW - 10%

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