Outlook And Growth Current Sensor and Voltage Sensor Market

Chicago, March 21, 2023 (GLOBE NEWSWIRE) -- The Current Sensor Market Loop Type (Closed Loop and Open Loop), Technology (Isolated and Non-Isolated Current Sensors), Output Type (Analog and Digital), End-User, and Geography (2021-2026)", Key factors fueling this market's growth include growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in consumer electronics industry. Deployment of IoT and IIoT with current sensors and increasing manufacturing of hybrid and electric cars create a strong demand for current sensor for efficient industrial operations in the midst of COVID-19.

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Current sensors and voltage sensors are essential components in a wide range of industries and applications, including power electronics, automotive, renewable energy, and industrial automation. The market for these sensors is expected to see significant growth in the coming years due to several factors, including:

Current Sensor Market Report Scope :

1. Increasing Demand for Energy-Efficient Solutions: The demand for energy-efficient solutions is increasing across various industries, and current and voltage sensors play a crucial role in enabling energy efficiency by monitoring and controlling power consumption.
2. Growing Adoption of Electric and Hybrid Vehicles: Electric and hybrid vehicles require sophisticated power electronics systems that rely on current and voltage sensors for accurate and reliable monitoring and control of power. As the adoption of electric and hybrid vehicles continues to grow, the demand for current and voltage sensors is expected to increase.
3. Increasing Deployment of Renewable Energy Sources: Renewable energy sources such as wind and solar power require sophisticated power electronics systems that rely on current and voltage sensors for accurate and reliable monitoring and control of power. As the deployment of renewable energy sources continues to increase, the demand for current and voltage sensors is expected to grow.

Advancements in Technology: The development of new technologies such as Hall-effect sensors, magnetic sensors, and shunt resistors is expected to increase the accuracy and reliability of current and voltage sensors while reducing their cost. These advancements are expected to make current and voltage sensors more accessible to a wider range of applications and industries, driving market growth.

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Key Challenges for the Current and Voltage Sensor Market include:

1. Integration with Existing Systems: Current and voltage sensors need to be integrated into existing systems, which can be a challenge in some cases. Integration challenges can include compatibility issues and the need for custom solutions.
2. Competition from Other Sensing Technologies: Other sensing technologies such as temperature sensors and pressure sensors can be used for similar applications as current and voltage sensors, creating competition in the market.

Cost: Current and voltage sensors can be relatively expensive, which can limit their adoption in certain applications and industries.

Asahi Kasei Microdevices (AKM) (Japan), ACEINNA (US), Melexis (Belgium), Allegro MicroSystems (US), TDK Corporation (Japan), LEM International (Switzerland), Infineon Technologies (Germany), Tamura Corp. (Japan), Texas Instruments (US), and Honeywell (US) are a few major companies in the current sensormarket. Organic growth strategies, such as product launches and developments, is a focus of many of the companies mentioned above.

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The Magnetic Sensor Market by Type (Hall Effect, Magnetoresistive (AMR, GMR, TMR), SQUID, Fluxgate), Range (<1microgauss, 1microgauss-10gauss, and >10gauss), Application, End-user Industry, Geography - Global Forecast

The Automotive Sensors Market was valued at USD 24.3 billion in 2020 and is estimated to reach USD 47.5 billion by 2026, registering a CAGR of 13.6% during the forecast period.