Based on region, Asia-Pacific, followed by North America, is expected to register the largest CAGR of 7.2 per cent during the forecast period
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 per cent from 2020 to 2027.
“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,” read a report by Allied Market Research.
It continued, “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.”
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 per cent 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.
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 per cent from 2020 to 2027, owing to high demand for current sensors for installation in motor vehicles.
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 per cent from 2020 to 2027, owing to high linearity, rapid response, and low temperature drift.
