According to a new report Global Current Sensor Market, published by KBV research, The Global Current Sensor Market size is expected to reach $2 billion by 2027, rising at a market growth of 8.1% CAGR during the forecast period.
The closed-loop current sensor market acquired a significant revenue share in 2020 and would exhibit a promising growth rate during the forecast period. In various commercial and industrial applications, the closed-loop current sensors are providing low-temperature drift, fast response in less time, and high accuracy.
The Hall-effect current sensors segment procured a substantial market share and is projected to witness a lucrative growth rate in the forecast period. The factor such as the increasing technological development in Hall-based current sensors like coreless technology is responsible for the growth of this segment. Through this, sensor manufacturers can decrease the Bill of Material (BOM) and design size due to which there is an upsurge in the integration of hall-effect current sensors in various industry verticals.
The current sensor market will witness lucrative growth in North America as there is a significant rise in the deployment of inverters and converters. Also, the demand for renewable energy appliances like photovoltaic systems, residential & commercial solar rooftops, and among others etc. is increasing due to which there is a surge in the demand for current sensors in this region. The sensors have become a crucial part of the system as they can help in identifying errors or faults and can efficiently control and manage inverters & converters.
Full Report: https://www.kbvresearch.com/current-sensor-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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