Current Sensor Market 2020 by Growth Analysis and Forecast to 2027
The soaring demand for power management devices is estimated to transform the current sensor market in 2020. The sensor and controls reports are produced by Market Research Future, which features market options for expansion. The income of USD 3.71 billion is anticipated to shape the market with a CAGR of 8.3% in the forecast period.
The fast-paced development of the manufacturing and consumer electronics sectors is estimated to guide the Current Sensor Market in the impending period. Also, the rise in the production and demand for electric vehicles is predicted to control the current sensor market share in the approaching period. The rising investment in the market by stakeholders is estimated to motivate the current sensor market.
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The market for current sensor is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of the current sensor market has been studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, Asia-Pacific is expected to grow with the highest rate during the forecast period. The market growth in Asia-Pacific is high due to the increasing concentration of end-users such as consumer electronics and automotive industries. In addition, Asia-Pacific is at the forefront of digital transformation in semiconductor & electronics industry which impacts the production of power-efficient devices. The production of power efficient devices for consumer, automotive, and industrial applications has further increased the need for current measurement and ultimately the increased production of current sensors. Additionally, China, Taiwan, and Japan are among the largest exporters of electronic components in the Middle East & Africa and Europe. On the other hand, North America is estimated to continue dominating the current sensor market during the forecast period owing to the major contribution from the US and Mexico.
The key players in the current sensor market size are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Pulse Electronics Corporation (US), Honeywell International Inc. (US), Tamura Corporation (Japan), Melexis NV (Belgium), Vacuumschmelze GmbH & Co. KG (Germany), Infineon Technologies AG (Germany), Phoenix Contact (Germany), Texas Instruments, Inc. (US), Allegro MicroSystems, LLC (UK), and AKM Semiconductor Inc (US).
Apart from the top key players, the other players contributing nearly 40–45% in the current sensor market are Advantech B+B SmartWorx (US), Broadcom Inc. (US), Coto Technology (US), CR Magnetics Inc (US), CUI, Inc. (US), Diodes Incorporated (US), Harting Technologiegruppe (Germany), Lem Holding SA (Switzerland), Littelfuse, Inc. (US), Monnit Corporation (US), Red Lion Controls, Inc. (US), Silicon Laboratories, Inc. (US), TDK-Micronas (Switzerland), and Weidmüller Interface GmbH & Co. KG (Germany).
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