Selbyville, Delaware, July 14, 2020 (GLOBE NEWSWIRE) —
According to latest report “Current Sensor Market by Type (Closed Loop, Open Loop), Technology (MEMS, Hall Effect, Shunt, Fluxgate, Magneto Resistive), End Use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication), Application (Motor Drive, Converter & Inverter, Battery Management, UPS & SMPS), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of current sensors will cross $3.5 billion by 2026.
The current sensor market growth is attributed to adoption of industry 4.0 and proliferation of industrial robots and factory automation. The robots require current sensors in several applications such as motor drives, converters, battery management, and other applications. The increasing adoption of industrial robots will positively impact the overall market.
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Battery management segment in the current sensor market is projected to witness a growth rate of 5% during the forecast timeline led by rising applications in the automotive sector including battery management for electric vehicles, EV-charging stations, and automotive circuit protection systems. An increasing number of vehicles requiring rechargeable batteries including electric vehicles (EVs), Plug-in Hybrid Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs) are showcasing deployments of battery management systems.
The magneto resistive technology segment accounted for a market share of around 5% in 2019 and will grow at a CAGR of over 8% through 2026. Increasing technological advancement in coreless architecture and development of Anisotropic Magneto-Resistive (AMR) sensors, flourishing the growth of magneto resistive (MR) technology. MR current sensor also offers low hysteresis and low output noise with high linearity suitable for industrial and data center applications such as photovoltaics, switching power supplies, uninterruptible power supplies, etc.
The consumer electronics sector held a revenue share of more than 5% in 2019 and is predicted to register 3% gains till 2026. The growth is credited to the wide adoption of smart home technologies in developing nations. The current sensors find applications in a wide range of consumer electronics ranging from laptops, smartphones, televisions, smart speakers to home appliances including electric ovens, lawn movers, washing machine, air conditioning, etc. The increasing penetration of Internet of Things (IoT) and connected devices will further propel the market demand.
Europe current sensor market will expand at a over 5% from 2020 to 2026 impelled by stringent safety and emission regulations, which favor the adoption of e-mobility in the region. European Commission (EC) has set an ambitious CO2 emission reduction objective for the transport sector by 2050. Due to this, the transportation sector will foresee large market penetration of electric vehicles (EVs) in 2030 to 2050. Moreover, major automotive OEMs in the region including BMW Group, PSA Group, Audi, etc., are focusing on development of advanced automotive safety systems such as self-driving cars and ADAS.
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Some of the key companies operating in the current sensor market include Allegro MicroSystems LLC, TDK Corporation, Silicon Laboratories, Aceinna, Infineon Technologies AG, and Honeywell International Inc. Industry players are focusing on new product launches, entering new alliances to complement the existing partner network, and implementing new technologies to strengthen their market presence.
Some major findings of the current sensor market report include:
- Open loop current sensors are projected to witness high demand in the renewable energy sector due to distinctive characteristics including small-size, lightweight, and ability to maintain constant power consumption.
- The rising development in coreless sensors and adoption of advanced BiCMOS technology in current sensor architecture will boost the adoption of hall effect technology.
- The aggressive expansion of telecom infrastructure due to increasing stress on network is driving the current sensor market.
- The UPS and SMPS in enterprise and hyperscale datacenter infrastructure will witness high growth during the projected timespan. The growth is attributed to rise in demand for cloud-based services and high-speed broadband connections, which have led to modernization and construction of data centers.
- The demand for current sensors in advanced automotive will increase rapidly owing to several applications in overcurrent protection, control of motor drives, and battery management. Technological developments in vehicular systems, such as ABS systems, self-driving technologies, and ADAS, will further influencing the market growth.
Table of Contents (ToC) of the report:
Chapter 3. Current Sensor Market Insights
3.1. Industry segmentation
3.2. Current Sensor industry landscape, 2016 – 2026
3.2.1. Global semiconductor landscape, 2016 – 2026
3.2.2. Global current sensors landscape, 2016 – 2026
3.3. Impact analysis of corona virus (COVID-19) pandemic on the market
3.3.1. Global outlook
3.3.2. Impact by region
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Latin America
3.3.3. Industry value chain
220.127.116.11. Research and development
3.3.4. Competitive landscape
18.104.22.168. Distribution network
22.214.171.124. Business growth
3.4. Industry ecosystem analysis
3.4.1. Component supplier
3.4.5. Vendor landscape
3.5. Technology & innovation landscape
3.5.1. New development in current sensor technology
126.96.36.199. Coreless current sensors
188.8.131.52. Unshielded SQUID current sensors
3.5.2. Comparison of different current sensor technologies
3.5.3. Packaging trend in current sensing
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls and challenges
3.8. Price trend analysis
3.9. Growth potential analysis
3.10. Porter’s analysis
3.10.1. Industry rivalry
3.10.2. Threat of new entrants
3.10.3. Buyer power
3.10.4. Supplier power
3.10.5. Threat of substitutes
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/current-sensor-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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