Current Sensor Market: Size, Share, Growth | Trends & Analysis 2020-2027
PORTLAND, OREGON, UNITED STATES, August 15, 2021 /EINPresswire.com/ — Increase in demand for the Hall-effect technology, surge in adoption of industrial robots, and increase in production of hybrid vehicles in the automotive industry fuel the growth of the global current sensor market. However, high investment costs and technical issues regarding current sensors restrain the growth of the market. Contrarily, surge in adoption of 5G technology, which leads to demand of closed loop current sensor, presents opportunities in the next few years.
According to the report published by Allied Market Research, the global current sensor market garnered $1.65 billion in 2019, and is estimated to garner $2.61 billion by 2027, manifesting a CAGR of 6.3% from 2020 to 2027. The report provides detailed analysis of drivers & opportunities, key investment pockets major segments, Porter’s Five Forces, value chain, and competitive scenario.
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Key players of the global current sensor market analyzed in the research include Infineon Technologies, Texas Instruments, Honeywell International Inc., Tamura Corp., Allegro MicroSystems, LLC, LEM International SA, TDK Corporation, Eaton Corporation PLC, Pulse Electronics, and Sensitec GmbH.
Key Benefits For Stakeholders
• This study comprises analytical depiction of the global current sensor market size along with the current trends and future estimations to depict imminent investment pockets.
• The overall current sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current sensor market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.
The report offers detailed segmentation of the global current sensor market based on type, current sensing technology, end use, and geography.
By end use, the industrial segment held the largest market share in 2019, contributing to nearly two-fifths of the global current sensor market, and is expected to maintain its leadership status during the forecast period. However, the automotive segment is estimated to witness the highest CAGR of 7.5% from 2020 to 2027.
By type, the open loop segment contributed to the largest market share, holding nearly three-fourths of the total market share in 2019, and will maintain its dominance during the forecast period. However, the closed loop segment is projected to portray the fastest CAGR of 7.2% from 2020 to 2027.
Based on region, Asia-Pacific is estimated to witness the highest CAGR of 7.2% during the forecast period. Moreover, this region accounted for the largest market share in 2019, accounting for more than one-third of total share of the global market, and will maintain its dominant share by 2027. The report also discusses regions including North America, Europe, and LAMEA.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.