The latest market report published by Credence Research, Inc. is “Global Current Sensors Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028“. The Global Current Sensors Market generated revenue of around USD 2194.2 million in 2021 and is anticipated to grow a CAGR of over 10.30% during the forecast period from 2022 to 2028 to reach around USD 3951.20 million in 2028.
The current sensor market is driven by factors like the rising adoption of temperature and proximity sensors in flexible and cutting-edge medical equipment, as well as consumer preference for movement and position sensors. The worldwide current Sensor Market has been driven by growing consumer electronics product development, technical breakthroughs, and expanding use of current sensors in industrial automation. A lot of different industries use sensors. However, consumer electronics, followed by the automotive, IT, and telecom industries, use it the most. Smartphones have sensors to monitor parameters and offer a centralized system for autonomous control, including accelerometers, gyroscopes, ambient light sensors, proximity sensors, and temperature detectors. The widespread deployment of 5G networks in nations like South Korea, China, and India will increase demand for sensors currently on the market. The widespread use of 5G and the significant increase in high-bandwidth network acceptance will promote the use of these sensors in various business verticals. The telecom industry will fuel the integration of closed-loop current sensors due to their high accuracy and quick response capabilities.
The global current sensors market is bifurcated into Type, Current Transformer, End-user and Geography. Based on type, the market is categorized into Open loop and Closed loop. Based on Current Sensing Technology, the market is segmented into Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil. Based on End Users, the market is segmented into Automotive, Consumer Electronics, Industrial, Telecommunication, and Others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Browse Global Current Sensors Market report-https://www.credenceresearch.com/report/current-sensors-market
In 2021, Asia Pacific was the fastest-growing region in the projected project. Due to the rising usage of these sensors in the manufacturing, automotive, building automation, and energy sectors, APAC is anticipated to see the fastest CAGR growth over the projected Because of the increase in the manufacture and sales of passenger automobiles in countries like APAC, Japan, China, and South Korea, is one of the most important markets for the automotive industry. Because isolated current sensors are used more often in the automotive industry for electric and hybrid vehicles, the market for current sensors is growing in APAC.
Why to Buy This Report-
- This study focuses on qualitative and quantitative market analysis based on segmentation that considers economic and non-economic aspects.
- The report identifies the area and market segment anticipated to see the quickest growth and hold most of the market share.
- The industry’s current and long-term market prospects in light of recent developments, including potential growth avenues, growth-promoting factors, and challenges that growing and developing regions must face.
- The report on the worldwide current sensors market also examines major market trends, significant competitors, market growth strategies, and important international, regional, and national application areas.
The Global Current Sensors Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|Segmentation|| By Type (2016–2028; US$ Mn)|
By Current Sensing Technology (2016–2028; US$ Mn)
By End Use (2016–2028; US$Mn)
By Geography Segment (2016–2028; US$Mn)