Current Sensor Market to Surpass USD 5.3 Billion by 2028 as World Witnesses Huge Rise in Production of Consumer Electronics
The current sensor market value surpassed USD 2.48 billion in 2021. The market is predicted to reach USD 5.3 billion by 2028, at a stable CAGR of 8.4% during the forecast period (2022-2028).
Westford USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — The current sensor market is expanding due to the increased adoption of power management systems in data centers, which improves speed and efficiency while lowering power expenditure. Furthermore, the government has strictly enforced rules to control data center power consumption, one of the key factors driving the current sensor market’s growth. A current sensor is an electronic device that detects electric current in a wire and converts it into a measurable output voltage signal proportional to that current. The generated output signal is then used to display the measured current in an ammeter and can be stored in a data acquisition system for further analysis.
According to SkyQuest’s market insights, over 3.4 billion cellular IoT connections will establish by 2023-24. The next industrial revolution in intelligent connectivity is fueled by IoT as the traditional manufacturing sector undergoes a digital transition. Such a pattern is transforming how businesses handle highly complicated systems and machines to increase productivity and decrease downtime, which is favorable for expanding the current sensor market.
Surge in Demand for Hybrid Vehicles to Push the Growth Trajectory of Current Sensor Market
As per SkyQuest, sales of electric vehicles more than doubled to 6.8 million in 2021, accounting for close to 9.2% of the worldwide car market. The rapid development of the electric vehicle industry, which has become a significant consumer of current sensors, is also greatly aided by favorable governmental laws and more remarkable technological improvements. Such prominent factors are anticipated to push the current sensor market positively.
As the auto industry investigates various power possibilities, electric and hybrid electric vehicles (HEVs) are more popular than ever. Improved technology, including utilizing a small modular design with a high thermal power density, increased battery performance for electric and hybrid vehicles and enhanced driver comfort through quick cabin heating.
The research covers every facet of the current sensor market, beginning with an overview, market size, present trends, growth rate, significant drivers, and market difficulties. Then, to provide a thorough overview of market segmentation, the research analyzes each region independently later.
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Versatile Usage of Current Sensors in the Diverse Industry Applications to Drive Significant Demand
As per SkyQuest’s research insights, the consumer electronics sector will generate around USD 1,150 billion in revenue in 2023-24. The global industry is anticipated to rise by 2.17% annually from 2023 to 2028. More and more consumer products, including smartphones, smart TVs, home theatre systems, digital cameras, washing machines, and wearable technologies, come with sensors. The market for hall sensors will expand due to the rising use of the electronic compass and navigational tools in consumer electronics products. Additionally, businesses are substantially spending in R&D for consumer electronics items as more consumers use electronic devices with more advanced functionalities.
The consumer electronics industry is expected to expand significantly, and demand for automotive and healthcare devices and current sensors is expected to increase, making East Asia and North America the most profitable markets for current sensors. Regional trends and governmental laws greatly impact how the present sensor and semiconductor business develops.
The current sensor market report discusses product penetration, profit margins, and R&D status and discusses technical information, manufacturing plant analysis, and raw material source analysis. In addition, the market report assists in making future forecasts, including the size of the global market by product category, end-user application, and various regions, based on a sub-divisional analysis of the industry.
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Key Developments in Current Sensor Market
- LEM in Switzerland has introduced the first integrated current sensor with a Sigma Delta bitstream output. The first step toward a 16-bit digital current sensor. The HMSR DA offers clear signals and prevents serious issues from vibration and electromagnetic noise in applications vulnerable to noise, distortion, and interference. By replacing a shunt resistor, digital insulator, and power supply circuit with an integrated current sensor and digital sigma-delta converter, it is possible to increase the signal-to-noise ratio (SNR), decrease cost, and minimize footprint.
- NOVOSENSE has released over ten new products under its brand. The latest products find extensive use in the automotive, industrial, information and communication, and consumer electronics industries. The NOVOSENSE NSM2015/NSM2016 Hall-effect current sensor chips can be used for automotive OBC, DC/DC, PTC heaters, charging guns, PDU, and other systems requiring AC or DC current sensing. It is an internal high-isolation current sensor with a meager primary-side conduction resistance for precise measurement without additional isolation components.
- A half-bridge module with an integrated shunt MOS current sensor was created by Toshiba Electronic Devices & Storage Corporation. When employed on gallium nitride (GaN) power devices, the sensor enables power electronics systems to monitor current with great accuracy and without increasing power loss. A low-voltage MOSFET (metal oxide semiconductor field effect transistor) is coupled to a GaN field effect transistor for current sensing in the novel sensor technology.
- Minut, a property technology company, introduced a new type of sensor, described as “the world’s first native outdoor noise monitoring solution created mainly for the hospitality industry. The new generation sensor comes with all of the current hardware’s functionality, including noise, occupancy monitoring, and humidity tracking. In addition, integrations with services like Airbnb, and a new outdoor mode that extends Minut’s industry-leading noise monitoring outside, will be present in the new sensor generation.
The key players in the present sensors market are increasing their manufacturing capacities to meet the rising demand from OEMs and corporate clients. In addition, businesses that want to improve their capacity anticipate collaborating with global suppliers to ensure their presence on a worldwide scale. The current sensor market report offers a clear assessment of the industry’s current state. It covers trustworthy projections for the same, the most up-to-date market evaluation, and a thorough investigation of the leading vendors, geographical regions, product categories, and application areas.
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Prominent Players in Current Sensor Market
- Infineon Technologies
- Texas Instruments
- Honeywell International Inc.,
- Tamura Corp.
- Allegro MicroSystems, LLC.
- LEM International SA
- TDK Corporation
- Pulse Electronics
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