The Global Current Measurement Sensor Market is projected to reach a value of over USD 4.79 billion by 2027 at a CAGR of around 9.6%.
Current sensor is a device who measures the current passing through a wire by using the magnetic field to detect the current and generate a proportional output. When a current pass through the circuit, a voltage drops across the path where the current is flowing. Moreover, magnetic field is generated near the current carrying conductor. Current sensing is a generation of voltage related to the current passing to the circuit. A traditional method of current sensing is to put a resistor in the path of current to be sensitive and place the sensed resistor anywhere in series with the circuit it maybe loads or switch. Hence, current sensing devices are stated as current to voltage converter.
Market Driver:
Source: IEA 2020
The sale of electric vehicles from 2018 is increasing. In 2018, China accounted 45% market share in Electric vehicles. In comparison with China, Europe accounted 24% and the US accounted 22% market share. Rising prices of fossil fuels and growing concerns of health & environment, the market of EVs are expected to rise during forecast period. According to Allegro MicroSystems, LLC, a typical HEV contain various systems that require electrical current sensors for AC motor and DC–DC converter applications. This company provide Hall-effect current sensor technology to provide unique, high bandwidth, enhanced resolution, improving the performance and cost-effectiveness for HEV applications.
Market Opportunity:
The industrial IoT is a part of IoT is used by many global players to collect, aggregate, and share large amount of data for achieving automation level at domestic and commercial levels. IoT current and voltage sensors consists of contactless hall effect, shunt resister current resister, battery voltage sensors, and temperature sensors. These sensors are read by analog to digital converter and processed by programmable microcontroller. This data is then uploaded to cloud with the help of Wi-Fi interface. Hence, need for monitoring battery driven equipment, energy efficiency, cost monitoring, and efficient solar power operations will drive the IoT current sensors market and can become an opportunity for the current measurement sensors market during growth period.
The report on the current measurement sensor market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Type, Technology, End Use Industry, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Current Measurement Sensor Market, by Type
Current Measurement Sensor Market, by Technology
Current Measurement Sensor Market, by End Use Industry
Current Measurement Sensor Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE CURRENT MEASUREMENT SENSOR MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
