Pune, India, May 18, 2021 (GLOBE NEWSWIRE) --
The global current sensor market size is poised to expand at substantial CAGR during the forecast period as current sensing is being explored as a high potential area in the renewable energy sector.
Current sensors are witnessing considerable adoption across key application areas like telecom, consumer electronics, healthcare, and automobile. These components are utilized in products and technology like uninterrupted power supply, inverters and converters, motor drives and battery management.
The following trends are responsible for the accelerated growth of current sensor market worldwide through 2026:
Mobility systems demand in Japan
During 2019, Japan represented more than 25% of the Asia Pacific current sensor market share and is slated to grow at a 5.5% CAGR through 2026, driven by the robust demand for high-speed rails, locomotive freight rail cars, and bullet trains. With the growing demand for such mobility systems, the requirement of current sensors in traction systems, traction motors, transformers, and electric propulsion is soaring. As the presence of numerous industry participants including HIOKI E.E. Corporation, TAMURA Corporation, and KOHSHIN Electric Corporation is setting the tone for further advancement, the APAC industry is set to expand at a notable pace.
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Investments by Indian automotive OEMs
Indian current sensor market size is projected to expand at 8% CAGR through the forecast timeline, thanks to the government support toward the adoption of electric vehicles in the form of favorable initiatives and policies. As such, several Indian automotive OEMs have been investing toward strategic collaborations and acquisitions. This will enhance their footprint across the EV market in the region.
For instance, during November 2019, TECO Electric & Machinery Co. and Mitsui & Co. collaborated to establish TEMICO India, a unit dedicated to traction motor production for EVs. The new company produces over 110 thousand motors on an annual basis, boosting the industry outlook.
Expanded demand for IoT in American healthcare
The healthcare segment in the North America market is slated to grow at a 4.5% CAGR up to 2026, thanks to the trending adoption of telemedicine & telehealth across the region. The COVID-19 pandemic has pushed the necessity for IoT technology for medical devices to initiate remote monitoring contactless consultations in the healthcare segment.
As current sensors are utilized across a plethora of medical devices including imaging devices, CT scans, and MRIs, the growing need for diagnosing and monitoring health conditions of patients is fostering the market forecast. IoT-based devices leverage battery management systems (BMS) alongside circuit protection systems, which require current sensors.
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Deployment of converters & inverters across North America
The current sensor market share from converter & inverter segment is slated to grow at a 5.5% CAGR in North America through the forecast timeline. Renewable energy applications including commercial and residential solar rooftops, photovoltaic systems, and so on utilize converters & inverters. These systems use current sensors for reducing the cost per watt at the same time optimizing solar energy extraction from panels.
Since the sensors can efficiently manage and control converters & inverters and aid in the detection of faults or errors, they form a crucial part of the system. Governments have been focusing on the adoption of solar energy, which is likely to influence the market outlook in a positive way through 2026. For instance, the US Department of Energy (DOE) had invested nearly $130 million toward new solar power projects in the country.
Focus on power usage efficiency across the U.S.
The North America current sensor market size is certain to augment owing to the growing government efforts toward the reduction of energy consumption by improving power usage efficiency across data centers. For example, during March 2021, Iron Mountain Data Centers was recognized by the US Department of Energy (DOE) for enhanced power usage efficiency by nearly 30% across its three data centers over the last five years. As such, the robust growth of data centers for supporting the spread of 5G technology is functioning as a major driver of the market in the region. This is because current sensors are integrated into backup power supply applications including inverters.
Uptick in renewable energy projects across Germany
The Europe current sensor market trends are influenced by the thriving German industry which is expected to exhibit a 5% CAGR through 2026. The German government is accelerating solar power panel installation across the region. This move toward renewable energy adoption is growing more pronounced year on year. For instance, recently, during February 2021, the German KfW Development Bank allocated nearly $97.6 million for renewable energy projects with an estimated output of about 650 GWh annually. Consequently, the growth in market opportunities will translate to a higher revenue for the market forecast in Europe.
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Advanced 5G infrastructure requirement across Europe
Europe current sensor market share from the telecom end-user segment is projected register a 4% CAGR through 2026 on account of the increased penetration of 5G networks for managing internet traffic and catering to the demand for reliable internet connectivity. During September 2020, a Denmark-based telecom company TDC announced commercialization of its 5G services across Aarhus Copenhagen, Odense and Helsingor. This network will enhance infrastructure requirements including servers, macro-base stations, and Advanced Antenna Systems (AASs).
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