Press release
Current Sensor Market Size, Share, Industry Trends And Forecast 2033
Current Sensor Market Size
According to The Business Research Company's, The current sensor market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to automotive electrification, consumer electronics evolution, medical device innovation, regulatory standards influence, industrial automation growth.
The current sensor market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to supply chain and manufacturing capabilities, global economic factors, emerging applications, market competition and innovation, industry adoption trends. Major trends in the forecast period include energy efficiency regulations, renewable energy growth, electrification in automotive, industrial automation, iot and smart devices.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/current-sensor-global-market-report
Market Drivers and Trends:
The increase in demand for electric vehicles is expected to boost the growth of the current sensor market going forward. An electric vehicle (EV) refers to a car that can run on energy from a battery and can be charged from an outside source. Current sensors are used in automobiles to control the motor drive, the direct current conversion control of the motor's regeneration current, and the detection of the charged and discharged currents of the batteries in electric and hybrid vehicles, all of which are crucial components of control. Hence, the increase in demand for electric vehicles is expected to boost the current sensor market. For instance, according to a report published by the International Energy Agency (IEA), a France-based international forum for energy cooperation, in 2022, the number of electric vehicle (EV) sales doubled from the previous year to reach 6.6 million, a new high for 2021. With 2 million sold in the first quarter, up 75% from the same period in 2021, electric car sales have continued to grow rapidly globally in 2022. Therefore, the increase in demand for electric vehicles is driving the growth of the current sensor market.
Technological advancement is the key trend gaining popularity in the current sensor market. Major companies operating in the current sensor market are focusing on developing new technological solutions to sustain their position in the market. For instance, in April 2021, TDK Corporation, a Japan-based electronic components and devices company, launched the CUR 4000 Hall-effect sensor. The unique feature of the CUR 4000 is that it provides non-intrusive, galvanic-isolated contactless current sensing and is designed for highly precise current measurements in automotive and industrial applications. These characteristics will benefit future high-voltage systems for hybrid and electric vehicles (xEV). The product can measure dynamic current ranges up to =2000 A and is suitable for DC and AC measurements as well as overcurrent detection in high-power battery monitoring applications.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=9321&type=smp
Major Key Players of the Market:
Allegro MicroSystems LLC; Honeywell International Inc.; Infineon Technologies AG; TDK Corporation; TAMURA Corporation; Texas Instruments Incorporated; Melexis N.V.; LEM International SA; ACEINNA Inc.; Omron Corporation; Asahi Kasei Microdevices Corporation; STMicroelectronics N.V.; Silicon Laboratories Inc.; Pulse Electronics Corporation; Vishay Intertechnology Inc.; Microchip Technology Incorporated; ROHM CO. LTD.; ON Semiconductor Corporation; Elan Microelectronics Corporation; Triad Magnetics Inc.; Current Sensors Inc.; SCT Sensing Technologies Inc.; Semtech Corporation; Analog Devices Inc.; VACUUMSCHMELZE GmbH & Co. KG; Grace Technologies Inc; Eaton Corporation Plc; NK Technologies Inc.; Crocus Technology Inc.; SoftEnergy Controls Inc.
Current Sensor Market 2024 Key Insights:
• The current sensor market will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Surge In Electric Vehicle Demand Propels The Current Sensor Market
• Technological Advancements Propel Innovation In The Current Sensor Market
• North America was the largest region in the current sensor market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=9321&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Current Sensor Market Size, Share, Industry Trends And Forecast 2033 here
News-ID: 3770226 • Views: …
More Releases from The Business research company
Segment Evaluation and Major Growth Areas in the Cannabis Vaporizers Market
The cannabis* vaporizers market has witnessed significant expansion recently, driven by changing perceptions and regulatory landscapes surrounding cannabis* use. As more regions legalize cannabis* and consumers become increasingly health-conscious, the demand for safer alternatives to traditional smoking methods continues to rise. Let's explore the current market size, key players, emerging trends, and segmentation insights shaping this evolving industry.
Steady Growth Outlook for the cannabis* Vaporizers Market by 2029
The cannabis*…
Emerging Growth Patterns Driving the Expansion of the Window Film Market
The window film industry has been experiencing significant growth, driven by evolving building technologies and increasing consumer awareness. As demand rises for smarter, more sustainable, and safer architectural solutions, the market is set to expand further in the coming years. Below, we explore the current market size, key players, technological developments, and the trends shaping the window film sector.
Window Film Market Size and Projected Growth Through 2029
The window…
Overview of Segmentation, Market Dynamics, and Competitive Landscape in the Baby …
The baby wipes market has demonstrated consistent growth over recent years, driven by evolving consumer habits and increasing hygiene consciousness. As parents seek convenient and gentle solutions for infant care, the market is set for continued expansion. Below is a detailed look at the current market size, driving factors, key players, and future trends shaping the baby wipes industry.
Steady Increase in Baby Wipes Market Size Through 2025
The baby…
Segment Analysis and Major Growth Areas in the Synthetic Leather and Artificial …
The synthetic leather, also known as artificial leather, market has been experiencing notable growth and is poised for further expansion in the coming years. Driven by various industry demands and shifting consumer preferences, this market is attracting considerable attention from manufacturers and investors alike. Let's explore the current market size, key players, driving factors, and emerging trends shaping this sector's future.
Steady Expansion of the Synthetic Leather Market Size
In…
More Releases for Current
Current Sensor Market Current Status and Future Prospects till 2031
"
Current Sensor Market Definition, With Current Market Values
The current sensor market refers to the industry focused on devices designed to measure the flow of electric current in a circuit. These sensors can be used in various applications such as automotive, industrial, consumer electronics, and energy management systems. The market is expanding due to increasing demand for energy-efficient solutions and the growth of electric vehicles. As of 2023, the global current…
Current Transducer Market Current Status and Future Prospects till 2031
𝐔𝐒𝐀, 𝐍𝐞𝐰 𝐉𝐞𝐫𝐬𝐞𝐲: Current Transducer Market was valued at USD 552.75 Million in 2018 and is projected to reach USD 710.84 Billion by 2026, growing at a CAGR of 3.18% from 2019 to 2026.
Market Overview for Current Transducer Market
Current Transducer Market OverviewThe current transducer market is experiencing robust growth driven by increasing applications across various industries such as automotive, power electronics, renewable energy, and industrial automation. These devices play a…
Guide To Selecting A Residual Current Circuit Breaker With Appropriate Operating …
When it comes to electrical safety, choosing a residual current circuit breaker with the appropriate operating current is crucial. Residual current circuit breakers, also known as residual current devices (RCD), are designed to protect against the risk of electric shock and fire caused by ground faults. Selecting the correct RCD for your specific application is critical to ensuring the safety of people and property.
The first step in selecting an appropriate…
Current Transformer Market 2021 Current Trends Analysis, Business Overview Analy …
The global current transformer market is expected to exhibit significant growth during the forecast period. This is attributed to increase in number of installations of current transformers and replacement of old transformers with new ones due to the rise in demand for power on a global level. In addition, the market is experiencing surge in demand for effective grid monitoring and control systems equipped with transformers, transformer monitors, sensors, and…
Direct current-Direct Current Converter Market Size, Share, Development by 2025
LP INFORMATION recently released a research report on the Direct current-Direct Current Converter analysis, which studies the Direct current-Direct Current Converter industry coverage, current market competitive status, and market outlook and forecast by 2025.
Global “Direct current-Direct Current Converter Market 2020-2025” Research Report categorizes the global Direct current-Direct Current Converter by key players, product type, applications and regions,etc. The report also covers the latest industry data,…
Residual Current Circuit Breaker Market Quantitative Market Analysis, Current an …
Stringent safety regulations & standards, such as Canadian CSA standard, UL1053 and IEC61008, and increasing demand for high-quality circuit breakers across the globe are the factors driving the residual current circuit breaker market over the forecast period. For the protection over potentially damaging thermal and dynamic stresses of any over currents, the residual current circuit breaker are taken into consideration which are used in series with a fuse or MCB.…
