The North America Current Sensor Market would witness market growth of 7.9% CAGR during the forecast period (2021-2027).
The factors such as the rising trend of hybrid vehicles and the implementation of industrial robots in the automotive industry are augmenting the growth of the current sensor market. Also, the demand for closed-loop current sensors is boosting due to the increase in adoption of 5G technology and is anticipated to create profitable opportunities for the market of the current sensor. In contrast, the high costs and technical issues related to current sensors are some of the aspects that are hindering the growth of this market around the world. Factors such as the rise in the demand for trending hybrid vehicles, adoption of industrial robots, and integration of Hall Effect technology in the current sensor are propelling the growth of the current sensor market.
The regional current sensor market size is expected to propel because of the increasing initiatives of government towards the reduction of energy consumption by enhancing the power usage efficiency in the data centers. For instance, in March 2021, Iron Mountain Data Centers was recognized by the US Department of Energy (DOE) for improved power usage efficiency by nearly 30% around its various data centers during the past five years.
The increase in the technological enhancement of Hall-based current sensors like coreless technology is driving its demand. The evolving technology is offering benefits like decreased design size, bill of material, and increase in the integration of hall-effect technology in various industry verticals. This technology is offering some more advantages like low power consumption, high accuracy, wide frequency bandwidth, and linearity, which is fueling the demand for Hall-effect technology.
The US market dominated the North America Current Sensor Close Loop Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $135.4 million by 2027. The Canada market is experiencing a CAGR of 12.6% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 11.6% during (2021 - 2027).
Based on Type, the market is segmented into Open Loop and Close Loop. Based on Technology, the market is segmented into Hall Effect, Current Transformer, Flux Gate and Others. Based on Output Type, the market is segmented into Analog and Digital. Based on End User, the market is segmented into Industrial, Automotive, Consumer Electronics, Telecommunication and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Current Sensor Market is Estimated to Reach USD 2 Billion by 2027 at a CAGR of 8.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Melexis N.V. (Xtrion N.V.), Allegro Microsystems, Inc. (Sanken Electric Co., Ltd.), LEM International S.A., Honeywell International, Inc., TDK Corporation, Texas Instruments, Inc., Infineon Technologies AG, Asahi Kasei Corporation, Tamura Corporation, and Aceinna, Inc.
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