New York, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global current sensor market size is slated to expand at ~12% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 7 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.One of the biggest worldwide sectors nowadays is the electronics sector which is expanding quickly due to the growing urbanization across the globe, rising affluence, and expanding use of digital technology. For instance, the global consumer electronics market is expected to increase by over 2% between 2023 and 2028, reaching a value of around USD 1176 billion in that year.
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Power supply systems for electronic devices use current sensors to monitor and modify the output current and monitor power consumption to ensure reliable and effective functioning and optimize performance.
Growth in Adoption of Clean Energy Applications to Boost Market Growth
Renewable energies are a vital step toward achieving universal access to contemporary, reasonably priced, dependable, and sustainable energy since they lessen reliance on fossil fuels and their negative environmental effects. It is estimated that renewable energy sources are expected to supply over 94% of the additional power capacity added to the world by 2026. Moreover, hydropower is one of the most widely used renewable energy sources to produce electricity since it is more environmentally benign and produces fewer greenhouse gases. This is where current sensors come into play. The most common type of sensor found in hydropower plants is the current sensor which is employed to identify the upper and lower guides of the hydro-generator set which is crucial for maintaining optimal performance.
Current Sensor Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Production of Electric Vehicles to Drive Growth in the Asia Pacific Region
The current sensor market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing adoption of electric vehicles in the region, which are integrated with current sensors for safe and reliable operations. China has made the adoption of electric vehicles a key component of decarbonizing its transportation sector from having almost no electric vehicles to owning about half of the world's passenger electric vehicle fleet, the country continues to lead the way in the transition to an electric vehicle (EV) future. For instance, more than 38% of cars sold in China by 2030 will be electric driven by the growing investments by national and municipal governments in the advancement of electric vehicles, and the government's marketing initiatives combined with reasonably priced batteries.
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Increasing Number of Data Centers to Drive the Growth in the North America Region
The North America current sensor market is estimated to garner the largest revenue by the end of 2035. With more than 2,700 data centers, the United States dominated the globe in 2022, impelled by development in high-speed streaming and remote work. These data centers utilize current sensors for various purposes, especially for energy management which is crucial for data centers. Moreover, these sensors allow data centers to improve overall energy efficiency and reduce operational costs. Additionally, the smart home is becoming more and more popular in the region, which is expected to drive the demand for current sensors that are employed for various applications to enhance energy management and manage electrical consumption.
Current Sensor Segmentation by Application
- Motor Drive
- Converter & Inverter
- Battery Management
- Uninterrupted Power Supply
- Grid Infrastructure
The motor drive segment is anticipated to hold the largest revenue by the end of 2035. This is largely due to the growing integration of robotic automation. For instance, more than 86% of businesses worldwide plan to include robotic automation in their infrastructure. Automation and robotics have become game-changers in recent years, transforming sectors all over the world owing to their many advantages—including high productivity, consistent speed, and quality, enhanced workplace safety, and greater floor space utilization. In robotic automation, a motor driver which refers to an integrated circuit (IC) chip is mostly used to convert digital outputs from the robot's microcontroller brain into the strong energy required to power the motors that move the robot. These motor drivers have a built-in current sensor that allows the motor driver to sense current and provide precise synchronization and orientation.
Current Sensor Segmentation by End-User
- Automotive
- Consumer Electronics
- Industrial
- Healthcare
- Telecom
- Renewable Energy
The automotive segment in current sensor market is anticipated to hold the largest revenue by the end of 2035. The market for electric vehicles such as hybrid electric vehicles (HEVs) is anticipated to grow as a result of the growing manufacturing of these vehicles, which is expected to drive the market for current sensors. Moreover, electrical current sensors are necessary for a variety of systems in a typical HEV to operate as efficiently as possible and are a small, reliable, adaptable, and affordable option for motor control inverters for HEV. Additionally, in automotive inverters, which are of critical importance in the propulsion systems of hybrid electric vehicles current sensors are frequently employed to manage motor torque. Furthermore, hall current sensors are utilized in HEV and EV converters, and inverters, as they possess built-in galvanic isolation for minimal power loss for high-efficiency hybrid electric vehicle applications. It is anticipated that the number of hybrid electric vehicles produced worldwide will reach over 5 million by 2025.
A few of the well-known indsutry leaders in the global current sensor market that are profiled by Research Nester are Infineon Technologies AG, Honeywell International Inc., Texas Instruments Incorporated, Allegro Micro Systems, Inc., Tamura Corp., TDK Corporation, LEM International SA, Pulse Electronics, Eaton Corporation PLC, Sensitec GmbH
Recent Development in the Current Sensor Market
- Texas Instruments Incorporated introduced the first Hall-effect current sensors The TMCS1100 and TMCS1101 that offer reliable 3-kVrms isolation and enable the lowest drift and highest accuracy over time and temperature specifically for AC or DC high-voltage systems.
- TDK Corporation a leading magnetic sensor solution provider partnered with LEM International SA to create tunnel magnetoresistance (TMR) dies that incorporate integrated current sensors (ICS). Furthermore, the companies announced to creation of exceptional new goods for a range of market niches that need to be electrified and will be quicker, more precise, and quieter than current options.
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