Mushrooming automotive sales across India and China is anticipated to open up lucrative revenue pools for current sensor manufacturers in the long term forecast period.
ROCKVILLE, MD / ACCESSWIRE / September 24, 2020 / The current sensor market is all set to register a robust 8% CAGR, generating an absolute $ opportunity worth US$ 2.7 Bn by 2030-end, projects Fact.MR in a recent report. Rapid advancements across the automotive, semiconductors and telecommunications industry is the primary contributor to growth.
Developing regions such as India and China are expected to emerge as major revenue hubs, owing to a flourishing automotive industry. As a result, uptake of current sensors to manufacture power converters has surged in these regions, prompting vendors to establish their businesses in these countries.
Besides, advancements in industrial manufacturing and production processes have necessitated the use of heavy machinery which requires significant electricity flow regulation, broadening prospects for current sensors in this domain.
"Prominent vendors are enhancing their production capabilities so as to fulfil the unwavering demand from OEMs and commercial customers. Collaboration with global suppliers is an important step in this direction," remarks the Fact.MR analyst.
Request a report sample to gain comprehensive market insights at
Current Sensors Market- Key Takeaways
- Hall effect current sensors are slated to find extensive applications due to their reliability, high speed and high temperature range
- Direct current sensors are likely to capture over 75% of the global market share
- Consumer electronics and industrial automation are slated to capture over half of the total market share by end-use verticals
- East Asia to emerge as the most lucrative market, registering prolific expansion throughout the 2020-2030 forecast period.
Current Sensors Market- Prominent Drivers
- Government support for industrial and automotive infrastructure development heightens growth prospects for current sensors
- South Asia represents impressive growth prospects attributed to a flourishing energy sector
- Technological advancements to spur market players to introduce efficient current sensors, thus augmenting growth prospects
Current Sensors Market- Key Restraints
- Disruptions in output in hall-effect sensors due to its magnetic nature may discourage their adoption, inhibiting growth
- Introduction of low-cost alternative sensors is proving to be a significant barrier to the expansion of existing current sensor growth
COVID-19's Impact on the Current Sensors Market
The COVID-19 pandemic has induced major sluggishness in the current sensors market. This is largely an end-product of failing automotive production & sales and a decline in industrial output. The imposition of nationwide lockdowns to curb the virus's spread has compelled factories to shut down, creating gaps in demand-supply equations.
Maximum crunch has been recorded in China, the epicenter of the pandemic, and the U.S, the worst affected country. These nations have experienced a nearly total cessation of industrial operations, limiting the uptake of current sensors across the automotive and other industries.
Based on these trends, it is prudent to conclude that a sharp dip in the growth curve is expected until the latter half of 2021, after which prospects would appear marginally better.
Discover more about the global current sensors market with 212 figures and 72 data tables, along with the table of contents. You will also find market segmentation on https://www.factmr.com/report/4871/current-sensor-market
Prominent players in the current sensor market are focusing on innovation of products through increased R&D expenditure. Numerous companies in the semiconductor industry file for patents. Furthermore, companies are vertically integrating operations to enjoy full profit of the value chain and increase their product portfolio.
For instance, in 2019, Texas Instruments introduced the industry's smallest current-sense amplifier in a leaded package, and the smallest, most accurate comparators. The INA185 current sense amplifier achieves high precision in less space and maintains high performance.
More Valuable Insights on Current Sensor Market
Fact.MR, in its new offering, presents an unbiased analysis of the global current sensor market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the current sensor market on the basis of sensor type (hall effect sensors and rogowski coils current sensors), sensing method (direct current sensing method and indirect current sensing method), circuit type (isolated and non-isolated circuit) and end-use vertical (IT & telecom, consumer electronics, automotive, industrial automation, healthcare, energy & utility, and others), across seven major regions.
Explore Fact.MR's Coverage on the ICT Division
Transportation Sensors Market: FACT.MR's report on the Transportation Sensors market offers insights on the market during 2018-2026, including restraints, revenue sources, market leaders, and market strategies.
Mini LED Market: Fact.MR's report on the mini LED market offers a 10-year forecast for 2020-2030. The study analyzes crucial trends that are currently determining the growth of the mini LED market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players.
Dual Interface Smart Card Market: The global dual interface smart card market is expected to witness tremendous growth, owing to high technological advancements in the fields of semiconductors and telecommunications. Dual interface smart cards find application in industries such as telecommunication, BFSI, retail marketing, and numerous others.
Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, Ireland, and has delivery centers in the U.S. and India. Fact.MR's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
11140 Rockville Pike
Rockville, MD 20852
View source version on accesswire.com: