The global current sensor market value is expected to register commendable expansion over the forthcoming years, impelled by the rising demand for magneto resistive technology across various regions. The technology offers high-end specifications comprising low output noise, core-less architecture, high linearity, and low hysteresis. It is extensively deployed in the energy/utility sector, owing to high sensitivity, reliable performance, and design flexibility in harsh operating conditions.
Impelled by these factors, current sensor market size is estimated to surpass a valuation of USD 3 billion by 2027, as stated by the latest research conducted by Global Market Insights, Inc.
Numerous current sensor companies, including TDK Corporation, Allegro MicroSystems, Infineon Technologies AG, Silicon Laboratories, Honeywell International, Aceinna, and others, are focusing on the adoption of strategic moves such as mergers, acquisitions, and product developments for consolidating their position in the market.
For instance, in October 2021, Infineon Technologies AG launched its XENSIV TLE4972 automotive current sensor, which makes use of the company’s well-proven Hall technology for stable and precise current measurements.
Quoting another instance, in September 2021, Hioki rolled out two new products, comprising an AC/DC sensor and a power analyzer. The solutions have been designed for ensuring the efficient and safe use of energy via accurate electric flow measurement in wind & solar power-generation equipment.
Here are some pivotal trends that are expected to influence current sensor industry expansion over the ensuing years:
Rising demand for UPS & SMPS
The market revenue from UPS (Uninterrupted Power Supply) & SMPS (Switched-Mode Power Supply) applications is anticipated to escalate at a CAGR of 7% between 2021 and 2027. This rise is majorly impelled by the surging demand for high-speed broadband connections and cloud-based services in data centers.
Different current sensor types help in the improvement of UPS and SMPS in an efficient manner by limiting the flow of reverse current in systems, while enhancing safety. The technology has advanced from conventional large sizes to compact rack systems for data centers.
Increasing adoption of e-mobility across Europe
Rising formulation of strict safety and emission regulations is encouraging the adoption of e-mobility in Europe, boosting current sensor industry outlook in the coming years. Citing an instance, the EC (European Commission) has set an aggressive CO2 emission reduction target for the transportation industry through 2050. The sector, therefore, anticipates a high penetration of EVs between 2030 and 2050.
Key automotive OEMs in the region, comprising Audi, BMW Group, PSA Group, and others, are focusing on the development of advanced automotive safety systems, comprising ADAS and self-driving cars. Owing to these aspects, Europe current sensor market value is estimated to register a CAGR of 5.5% from 2021 to 2027.
Expanding product deployment across the telecommunications sector
The telecommunication segment accounted for nearly 10% of the market revenue in 2020 and is estimated to exceed a CAGR of 5% through the estimated period. This rise is attributed to the escalating integration of 5G technology in developing countries comprising South Korea, Argentina, India, and China, among others.
The increasing request for continuous internet connectivity and escalating data traffic owing to the remote working trend is forcing telecom operators in the upgradation of their network infrastructure, augmenting industry size in the near future.
In a nutshell, the soaring adoption of hybrid and electric vehicles at the global level will spur current sensor market size over the anticipated period.
Source: Global Market Insights Inc.