The current sensor market is projected to grow due to escalating adoption of Industry 4.0 and the proliferation of industrial robots and factory automation. Industrial robots are integrated with current sensors for applications like battery management, converters, and motor drives. The growing implementation of industrial robots will have a positive impact on the overall market growth.
Governments across the globe are taking lucrative initiatives to support electronic manufacturing sector to boost the economy. For Instance, in February 2016, the Government of India introduced Electronic Development Fund to enhance product development and innovation in the field of electronics, IT, and nano-electronics.
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Massive expansion of telecom infrastructure along with deployment of 5G technology in developing economies of MEA and APAC region will favor business growth. The outbreak of COVID-19 has resulted in lockdown and associated trade restrictions worldwide which in turn has affected both demand and supply for current sensors. This may hinder industry growth for a short period.
However, overall growth in demand for intelligent and programmable current sensors will boost industry expansion over the coming years. Estimates suggest that global current sensor market size will exceed the USD 3.5 billion mark by 2026.
Battery management is witnessing major demand due to rising application scope in automotive sector in EVs, automotive circuit protection systems and EV-charging stations. Rising adoption electric vehicles, plug-in Hybrid Vehicles and hybrid electric vehicles requiring rechargeable batteries will boost the deployment of battery management systems. Current sensor market share from battery management application is set to grow at 5% CAGR through 2026.
In 2019, consumer electronics segment held 5% of the global market share and is estimated to grow notable through 2016. The robust growth can be attributed to wide adoption of smart home technologies. The product finds application in a wide range of consumer electronics ranging from smartphones, laptops, smart speakers, televisions, to home appliances such as electric ovens, washing machine, lawn movers, air conditioning, steam irons and others. Rapid proliferation of connected devices and Internet of Things will further support consumer electronic development.
The emergence of anisotropic magneto-resistive sensors and technological advancement in coreless architecture are the kay factors propelling current sensor production. Magneto resistive current sensor offer high linearity suitable for industrial and data center applications including switching power supplies, photovoltaics, uninterruptible power supplies, along with offering low hysteresis and low output noise in operations. In 2019, magneto resistive technology accounted for 5% of the overall share and is estimated to showcase growth rate of 8% over the next few years.
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Europe current sensor market share is estimated to register growth rate of 5% through 2026 on account of the imposition of stringent safety and emission laws, that are fueling the adoption of e-mobility across the region. The European Commission has set an ambitious carbon emission reduction objective for the transport sector by the end of 2050. This is likely to bring major surge in penetration of electric vehicles in transportation sector over 2030-2050.
Key players operating in the current sensor market are constantly focusing on developing innovative products and investing in R&D activities to improve their existing product offering and gain a competitive edge over related firms. Some major contenders in the landscape include TDK Corporation, Allegro MicroSystems LLC, Aceinna, Silicon Laboratories, Honeywell International Inc., and Infineon Technologies AG.
Major Key Points from Table of Content:
Chapter 5. Current Sensor Market, By Type (Revenue, Shipment)
5.1. Key trends, by type
5.2. Closed loop
5.2.1. Market estimates and forecast, 2016 - 2026
5.3. Open loop
5.3.1. Market estimates and forecast, 2016 - 2026
Chapter 6. Current Sensor Market, By Technology (Revenue, Shipment)
6.1. Key trends, by technology
6.2.1. Market estimates and forecast, 2016 – 2026
6.3.1. Market estimates and forecast, 2016 – 2026
6.4.1. Market estimates and forecast, 2016 – 2026
6.5.1. Market estimates and forecast, 2016 – 2026
6.6.1. Market estimates and forecast, 2016 – 2026
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