Latest News- Current Sensor Market: Open loop current sensors is expected to lead the Type segment during 2024-2028

The Current Sensor Market is being driven by Rise in adoption of energy-efficient solutions

The Current Sensor Market is expected to grow at a CAGR of 10.37% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.79 billion. The current sensor market is witnessing a surge in demand due to the increasing emphasis on Industry 4.0 and smart manufacturing. Current sensors play a pivotal role in these processes by enabling real-time monitoring and optimization of energy usage and power consumption. With Industry 4.0 initiatives gaining traction, manufacturers are integrating current sensors into their systems for precise current measurement, as well as advanced features such as connectivity, data analytics, and interoperability with other smart devices. This integration facilitates the seamless incorporation of current sensor data into industrial automation systems, resulting in proactive maintenance, energy efficiency enhancements, and productivity improvements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Open loop current sensors
  • Closed loop current sensors
• Technology
  • Hall effect
  • Current transformer
  • Flux gate
  • Rogowski coil
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in adoption of energy-efficient solutions
• Increasing demand for high-precision current measurement in semiconductor manufacturing processes
• Growing integration of current sensors in industrial automation equipment and Internet of Things (IoT) devices

However, the market also witnesses some limitations, which are as follows:

• Increasing complexity of current sensor solutions
• Fluctuation in accuracy of current sensors over varying temperature ranges
• Increasing emphasis on environmental sustainability and hazardous substance regulations

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Market Scope in Current Sensor Market Research Report

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Research Analysis Overview

The Current Sensor Market encompasses advanced sensor technology applications in various industries, including aerospace electronics, telecommunications equipment, automotive electronics, and industrial automation equipment. High-performance current sensing solutions are integral to fault detection systems in robotics applications, embedded software, and current monitoring systems. Single power supply designs and circuit protection systems benefit from current sensing technology. Defense electronics, microcontrollers, and industrial automation solutions utilize precision current measurement in analog and digital electronics. Magnetic field sensing and non-contact current sensing are crucial for industrial control, low-power design, and power system analysis in electronics design. The market prioritizes sensor cost and reliability in the context of industrial IoT, predictive maintenance, remote monitoring, low current sensing, and fault detection. Complementary metal-oxide semiconductor (CMOS) technology and power electronics play a significant role in high and low current sensing applications. Precision measurement is essential for smart grid and electrical engineering applications.

Market Research Overview

The current sensor market is a significant segment of the global electronic equipment and instruments market, which is part of the larger electronics industry. This market caters to various sectors, including autonomous vehicles, industrial automation, railways, automotive, and consumer electronics, among others. Technavio, a leading technology research firm, estimates the global electronic equipment and instruments market to expand at a moderate pace. The market size is determined by the revenue generated from the sales of associated ICT and electronics products, equipment, and components in industries such as communications, technology hardware and storage, consumer electronics, industrial electronics, and electronic manufacturing services. Key applications for current sensors include dual power supply systems in autonomous devices, medical equipment, and consumer electronics, where high sensitivity is essential.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/