Current Sensor Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2022 to 2028. It also offers accurate overview of the growth strategies, market size, mergers acquisitions, and upcoming products/services of leading key players in this market.
Market Insights
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. The present report mentions that the Current Sensor Market is estimated to grow from USD 2.41 billion in 2021 to USD 5 billion by 2028 at a healthy CAGR of 10.91% during the forecast period of 2022-2028.
The current sensor market is mainly driven by the growing adoption of power management systems in data centers for enhanced efficiency speed with reduced power expenditure. Current sensors integrated with backup power systems such as UPS systems and inverters help in the protection of batteries at the stage of charge and offer efficiency, which further boosts their demand in data centers. Furthermore, stringent government regulations about control of data center power consumption, further foster the market growth in the coming years.
Market Segments' Analysis
According to Stratview Research, the Current Sensor Market is segmented By Loop Type (Closed Loop, Open Loop), By End Use (Automotive, Consumer Electronics, Telecom and Networking, Medical, Energy and Power, Industrial, Others), and Region.
Based on end-use, the Current Sensor market has been classified into automotive, consumer electronics, telecom and networking, medical, energy and power, industrial, and others. The automotive segment accounted for the largest market share in 2020. This is mainly attributed to the rising adoption of current sensors in EVs and HEVs. Significant developments in EVs/HEVs require progress on the electrification of powertrains, which further boosts the demand for current sensors.
By region, the North American Current Sensor market accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The current sensor market growth is mainly propelled by growing governmental concerns to conserve the environment towards implementation of renewable sources of energy for electricity generation conversion, further bolstering the regional market growth.
The Asia-Pacific Current Sensor market is expected to grow at the highest CAGR of more than 8% during the review period. This growth is mainly attributed to expanding establishments of hyper-scale data centers across Japan, China, India, and South Korea. These hyper-scale data centers are highly integrated with current sensors in different power management devices such as SMPS, datacenter UPS, and Power Distribution Units (PDUs), which further proliferate the regional market expansion.
Top key vendors in the market:
The report mentions a list of key players in the Current Sensor Market. Some of them are mentioned below –
- Allegro MicroSystems, LLC (US)
- TDK Corporation (TDK-Micronas GmbH) (Germany)
- Infineon Technologies AG (Germany)
- Melexis NV (Belgium)
- Honeywell International Inc. (US)
- Asahi Kasei Microdevices Corporation (Japan)
- ABB Group (Switzerland)
- NK Technologies (US)
- Tamura Corporation (Japan)
- Vacuumschmelze GmbH Co KG (Germany)
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