Feb 8, 2021   SOURCE: PR NewsWire

Current Sensor Market to Reach $2.61 Bn, Globally, by 2027 at 6.3% CAGR: AMR

PORTLAND, Ore., Feb. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Current Sensor Market by Type (Open Loop and Closed Loop), Current Sensing Technology (Hall Effect, Current Transformer, Flux Gate, and Rogowski Effect), and End Use (Automotive, Consumer Electronics, Industrial, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global current sensor industry generated $1.65 billion in 2019, and is expected to reach $2.61 billion by 2027, witnessing a CAGR of 6.3% from 2020 to 2027.

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Drivers, restraints, and opportunities

Demand for the Hall-effect technology, increase in adoption of industrial robots, and trend of hybrid vehicles in the automotive industry drive the growth of the global current sensor market. However, high initial costs and technical issues related to current sensors hinder the market growth. On the other hand, rapid adoption of 5G technology that raises the demand for closed-loop current sensor creates new opportunities in the coming years.

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Covid-19 Scenario

    --  Owing to the shutdown of manufacturing facilities, the R&D activities in
        the semiconductor and electronics industry have been stopped. The supply
        chain disruptions have led to a shortage of raw materials.
    --  Daily operations in the end-use industries such as industrial and
        automotive have been stopped due to lockdown. This has led to decrease
        in demand for current sensors.
    --  The demand would grow gradually as end-use industries begin their
        operations during the post-lockdown period. Moreover, purchase
        capability among customers would increase. By the end of 2020, the
        demand would grow for the development of autonomous technologies, such
        as industrial robots and autonomous electric cars.

The open loop segment to maintain its dominant share during the forecast period

Based on type, the open loop segment accounted for the highest market share, accounting for nearly three-fourths of the global current sensor market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. This is due to its compact size and less power consumption. However, the closed loop segment is expected to grow at the highest CAGR of 7.2% from 2020 to 2027, owing to high linearity, rapid response, and low temperature drift.

Get detailed COVID-19 impact analysis on the Current Sensor Market

The industrial segment to maintain its lead position during the forecast period

Based on end-use industry, the industrial segment accounted for the highest market share in 2019, contributing to nearly two-fifths of the global current sensor market, and is estimated to maintain its lead position during the forecast period. This is due to rise in application in heavy machinery that needs operation protection. However, the automotive segment is projected to witness the fastest CAGR of 7.5% from 2020 to 2027, owing to high demand for current sensors for installation in motor vehicles.

Asia-Pacific, followed by North America, to grow at the fastest rate

Based on region, Asia-Pacific, followed by North America, is expected to register the largest CAGR of 7.2% during the forecast period. Moreover, Asia-Pacific held the highest market share in 2019, contributing to more than one-third of the global current sensor market, and will maintain its leadership status by 2027. This is attributed to presence of large number of industries and high customer potential that leads to increase in demand. The report also analyzes regions including Europe and LAMEA.

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Leading market players

    --  Infineon Technologies
    --  Honeywell International Inc.
    --  Texas Instruments
    --  Allegro MicroSystems, LLC
    --  Tamura Corp.
    --  TDK Corporation
    --  LEM International SA
    --  Pulse Electronics
    --  Eaton Corporation PLC
    --  Sensitec GmbH

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