New York, United States , Jan. 15, 2023 (GLOBE NEWSWIRE) -- The Global Current Sensor Market Size is expected to grow from USD 2.43 billion in 2021 to USD 6.00 billion by 2030, at a CAGR of 11.80% during the forecast period 2022-2030. The demand for operational effectiveness combined with lower costs and improved security, both for assets and personnel, has grown in significance and is now driving positive market growth factors.
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Sensors are available in a wide range of shapes and sizes. Sensing technology, on the other hand, is only a technique that employs sensors to gather data by employing them to detect quantities of physical, chemical, or biological properties and transforming them into audible signals. Sensors are merely tools that recognise the feature quantity of a measuring item and translate it into a signal that can be read by an instrument. Current sensors, also known as current transformers, use a magnetic field to detect the current and provide the proper output by measuring the current passing through a wire. They are used with both AC and DC and can detect physical input such as light, heat, motion, wetness, pressure, or any other thing. There are options for further processing, display, or transmission of electronic information. Sensors that can identify a wide range of characteristics from the real environment are present everywhere.
With the use of sensors, modern technology enables very precise and power-efficient products that can comprehend everything around them. In order to create new value for processes and specific organisations, sensors are essential. During the anticipated time frame, it is anticipated that the global market for current sensors will expand significantly. The current sensor market is being driven by factors such as customer preference for movement and position sensors as well as the growing utilisation of temperature and proximity sensors in flexible and cutting-edge medical equipment. Technological advancements, increased consumer electronics product development, and rising industrial automation have all propelled the global current sensor market. Sensors are used by many different sectors. However, the consumer electronics industry uses it the most, followed by the automotive, IT, and telecom sectors. Smartphones have sensors including accelerometers, gyroscopes, ambient light sensors, proximity sensors, and temperature detectors that can be used to monitor parameters and provide a centralised system for automatic control.
Browse 55 market data Tables and 55 Figures spread through 195 Pages and in-depth TOC on “Global Current Sensor Market Size, Share, and COVID-19 Impact Analysis, By Type (Open-Loop Current Sensor, Closed-Loop Current Sensor), By Technology (Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil), By End-User (Industrial automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, Others), By Application, by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”
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Open-loop current sensor segment is witnessing the faster market growth.
On the basis of type, the current sensor market is segmented into open-loop current sensor and closed-loop current sensor. Open-loop current sensor segment is witnessing the fastest market growth over the forecasted timeframe. This type of current sensor uses galvanic isolation to monitor complex current waveforms as well as DC and AC current waveforms. In many different applications, including industrial automation, broadcast technology, power monitoring, robotics, and battery systems, open-loop sensors are being employed more and more. The characteristics of open-loop current sensors, such as their small size, capacity to measure both AC/DC and impulse current, low power consumption, large primary aperture, and high degree of electrical isolation between primary and secondary circuits, have also increased consumer demand for them. Various benefits are analysed in order to drive the Current Sensor industry outlook in the anticipated time frame.
Hall Effect segment is growing with the highest CAGR.
Based on technology, the current sensor market is segmented into Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil. The hall Effect segment is witnessing the fastest market growth than the rest of the segments due to its ability to provide contactless detection of DC and AC currents using a magnet-electric converting hall element. These sensors have a simple, dependable design that reduces the power loss of the current target circuit. Hall Effect sensors are widely used in industrial and automotive equipment, which is encouraging market growth.
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The consumer electronics segment is witnessing significant growth over the forecast period.
On the basis of end users, the global current sensor market is segmented into Industrial automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, and Others. Among these, the consumer electronics segment is witnessing significant growth. Consumer goods with current sensors, such as cell phones, smart TVs, home theatre systems, digital cameras, washing machines, and wearable technology, are becoming more and more common. The increased use of electronic compasses and navigational tools in consumer electronics devices would increase the market's consumption of hall sensors. The worldwide consumer electronics market is expected to continue to develop as more people utilise sophisticated and clever electronic gadgets like smartphones and as living standards rise. Additionally, as more consumers use electronic devices with very complex functionality, corporations are investing heavily in R&D for consumer electronics gadgets.
North America is witnessing a rapid expansion in the current sensor market during the forecast period.
The North American region is experiencing the fastest market growth as a result of the adoption of smart home and smart city developments, which have accelerated the proliferation of various electronic systems, including lighting control, HVAC management, home healthcare devices, home appliances, and others.
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Key Market Players of Current Sensor Market: According to the market research analysis, Texas Instruments Inc., TDK Corporation, Infineon Technologies AG, Silicon Laboratories Inc., LEM Holding SA, Melexis NV, Honeywell International Inc, TAMURA Corporation, Asahi Kasei Microdevices Corporation, Allegro MicroSystems, LLC, Aceinna Inc. are recognized as the key players of current sensor market.
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