Press release
Current Sensor Market: Eminent Growth Factors, CAGR, Key players and Projections till 2029
Current Sensor Market Size
What Is The Projected Market Size Of The Global Current Sensor Market And Its Growth Rate?
• The current sensor market size has grown robustly in recent years with $2.63 billion market capital in 2024 which is projected to escalate to $2.87 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%.
• The market is expected to grow emphatically in the next few years, reaching $4.11 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%.
What Is Driving The Growth In The Current Sensor Market?
The surge in demand for electric vehicles is expected to ameliorate the growth of the current sensor market in the forthcoming days. As current sensors play pivotal roles in an electric vehicle, such as controlling the motor drive, detecting the charge and discharge currents of the batteries, and regulating the direct current conversion control, their demand is poised to increase hand-in-hand with the increasing electric vehicle market. This anticipation is further solidified by the International Energy Agency's revelation of the increase in sales of electric vehicles to 14 million in 2023 from 10 million in 2022.
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Who Are the Key Players Driving Current Sensor Market Growth?
The key players driving the current sensor market include:
• Allegro Microsystems LLC
• Honeywell International Inc.
• Infineon Technologies AG
• TDK Corporation.
• TAMURA Corporation
• Texas Instruments Incorporated
• Melexis N.V.
• LEM International SA.
• And several others.
What Are The Key Trends In The Current Sensor Market?
• Energy efficiency regulations
• Booming renewable energy
• Electrification in automotive
• Expansion of industrial automation
• Rise of IoT and smart devices.
What Are The Segments Of The Global Current Sensor Market?
The current sensor market is segmented into:
• Type: Closed Loop, Open Loop
• Technology: Hall Effect, Shunt, Fluxgate, Magneto-Resistive.
• Application: Motor Drive, Converter and Inverter, Battery Management, UPS, and SMPS, Starter and Generators, Grid Infrastructure, Other Applications.
• End-Use: Automotive, Consumer Electronics, Industrial, Telecommunication, Other End-Uses.
Which Region Leads The Current Sensor Market?
North America was the largest region in the current sensor market in 2024, and Asia-Pacific is expected to be the fastest-growing region during the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Current Sensor Market Global Market Report?
- Market Size Analysis: Analyze the Current Sensor Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Current Sensor Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Current Sensor Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Current Sensor Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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