Demand for the hall-effect technology, increase in adoption of industrial robots, and trend of hybrid vehicles in the automotive industry drive the growth of the global current sensor market. Based on region, Asia-Pacific, followed by North America, is expected to register the fastest CAGR of 7.2% during the forecast period.
According to the report, the global current sensor market generated $1.65 billion in 2019, and is expected to reach $2.61 billion by 2027, witnessing a CAGR of 6.3% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Shantanu Sachan, a Lead Analyst, Semiconductor & Electronics at Allied Market Research, stated, “As per the current sensor market trend, rise in adoption of power management system sin data centers for improved efficiency & speed with reduced power expenditure is anticipated to fuel the market demand. Current sensors integrated with backup power systems such as inverters and UPS systems enable protection of battery at the stage of charge and offer efficiency, increasing their demand in data centers. Moreover, stringent government regulations in relation to control of data center power consumption is also one of the major factors that influence the current sensor market growth.”
COVID-19 scenario:
· Owing to the shutdown of manufacturing facilities, the R&D activities in the semiconductor and electronics industry have been stopped. The supply chain disruptions have led to a shortage of raw materials.
· Daily operations in the end-use industries such as industrial and automotive have been stopped due to lockdown. This has led to decrease in demand for current sensors.
· The demand would grow gradually as end-use industries begin their operations during the post-lockdown period. Moreover, purchase capability among customers would increase. By the end of 2020, the demand would grow for the development of autonomous technologies, such as industrial robots and autonomous electric cars.
The report offers detailed segmentation of the global AI in Fintech market based on type, current sensing technology, end use, and region.
Based on type, the open loop segment accounted for the highest market share, accounting for nearly three-fourths of the global current sensor market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. However, the closed loop segment is expected to grow at the highest CAGR of 7.2% from 2020 to 2027.
Based on end-use industry, the industrial segment accounted for the highest market share in 2019, contributing to nearly two-fifths of the global current sensor market, and is estimated to maintain its lead position during the forecast period. However, the automotive segment is projected to witness the fastest CAGR of 7.5% from 2020 to 2027.
Based on region, Asia-Pacific, followed by North America, is expected to register the fastest CAGR of 7.2% during the forecast period. Moreover, Asia-Pacific held the highest market share in 2019, contributing to more than one-third of the global current sensor market, and will maintain its leadership status by 2027.
Key Market Players:
· Infineon Technologies
· Honeywell International Inc.
· Texas Instruments
· Allegro MicroSystems, LLC
· Tamura Corp.
· TDK Corporation
· LEM International SA
· Pulse Electronics
· Eaton Corporation PLC
· Sensitec GmbH.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285 |UK: +44-845-528-1300 | Hong Kong: +852-301-84916 | India (Pune): +91-20-66346060 | Fax: +1-855-550-5975 Email” help@alliedmarketresearch.com
Follow us on LinkedIn, Facebook, Twitter, Pinterest, YouTube & Instagram