The global current sensors market is anticipated to grow at a considerable CAGR of 8.4% during the forecast period (2021-2027). The high usage of current sensors in the renewable energy generation system is a key factor driving the growth of the global current sensors market. The rising global concern towards carbon emissions has propelled the renewable energy sector across the globe. This will positively influence the current sensors market in the near future. The current sensors are used in the photovoltaic systems and inverter configuration which are used in the renewable energy generation systems as they deliver fast response time and high output bandwidth.
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Various innovative renewable energy projects are in line in various parts of the globe which will give significant growth to the current sensors market in the near future. For instance, the MIMRee project developing robot-delivering maintenance and repair on offshore wind farms got funding of around $4.5 million by Innovate UK in August 2021. Moreover, growing investment by regional government in the development of solar plants to meet the growing demand for energy is again contributing to the growth of the current sensors market across the globe.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Loop Type
o By Technology
o By Output Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Allegro MicroSystems, LLC, Honeywell International, Inc., Infineon Technologies AG, Melexis NV, TDK Corp., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Current Sensors Market Report Segment
By Loop Type
- Open Loop
- Closed Loop
By Technology
- Micro-electromechanical systems (MEMS)
- Hall-Effect
- Shunt
- Fluxgate
- Magneto Resistive
By Output Type
- Analog
- Digital
By Application
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Energy
- Others (including Aerospace & Defense, Telecom & Networking)
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