Current Sensor Market estimated to reach worth $3.8 billion by 2026

(IT-NEWSWIRE.COM, September 23, 2021 ) The report "Current Sensor Market with COVID-19 Impact Analysis by Loop Type (Closed Loop and Open Loop), Technology (Isolated and Non-Isolated Current Sensors), Output Type (Analog and Digital), End-User, and Geography - Global Forecast to 2026", The global current sensor market is expected to grow from USD 2.3 billion in 2021 to USD 3.8 billion by 2026; it is expected to grow at a CAGR of 10.8% during 2021–2026. Key factors fueling this markets growth include growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in consumer electronics industry. Deployment of IoT and IIoT with current sensors and increasing manufacturing of hybrid and electric cars create a strong demand for current sensor for efficient industrial operations in the midst of COVID-19.

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Isolated current sensor is expected to gain a significant share of current sensor market by 2026

The isolated current sensor is expected to account for the larger share of the current sensor market by 2026. The growth of the segment can be attributed to the increasing demand for magnetic current sensors worldwide due to their usability in a wide range of applications. Moreover, the isolation of current sensing circuitry is needed for technical and regulatory reasons in many applications, such as line-operated industrial and commercial motors, electric/hybrid electric vehicles (EVs/HEVs), solar arrays, home energy metering, and many other less-visible applications, where high voltages and currents are common.

Based on end user, consumer electronics to witness the highest CAGR in current sensor market during 2021–2026

The current sensor market for consumer electronics segment is expected to grow with the highest CAGR during the forecast period. The consumer electronics segment includes home appliances, smartwatches, tablets, smartphones, etc. Sensors play an important role in improving the performance of a range of consumer electronic devices and creating effective human–machine interfaces. As technologies used in consumer electronics are evolving, smart consumer electronics devices are being manufactured, thereby leading to an improved lifestyle of people. Current sensors are expected to witness high adoption in consumer electronic devices in the coming years.

Current sensor market in APAC to grow at the highest CAGR during the forecast period

The current sensor market in APAC is expected to grow at the highest CAGR during the forecast period attributed to the increased use of these sensors in the automotive, building automation, energy, and manufacturing industries. APAC is one of the important regions for the automotive industry due to increased passenger car manufacturing and sales in various countries such as China, Japan, and South Korea. The growing adoption of isolated current sensors for electric and hybrid vehicles in the automotive industry is driving the growth of the market for current sensors in APAC.

Key players in the market include Asahi Kasei Microdevices (AKM) (Japan), ACEINNA (US), Melexis (Belgium), Allegro MicroSystems (US), TDK Corporation (Japan), LEM International (Switzerland), Infineon Technologies (Germany), Tamura Corp. (Japan), Texas Instruments (US), and Honeywell (US). These players are increasingly undertaking product launches and developments, acquisitions, partnerships, and expansions, to increase their market shares.

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Current Sensor Market estimated to reach worth $3.8 billion by 2026