Current Sensor Market to Witness Steady Growth
Stratview Research published a new report on the “Current Sensor Market” that offers detailed segmentation of the market based on Loop Type (Closed Loop, Open Loop), By End Use (Automotive, Consumer Electronics, Telecom and Networking, Medical, Energy and Power, Industrial, Others), and Region.
According to the report, 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 present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Leading players in the market -
To build a successful business, it is vital to understanding the market - both the customers and the competitors. The report published consists of a list of key players active in the Current Sensor Market, is given 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)
Report Findings
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.
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