Pune, India, May 18, 2021 (GLOBE NEWSWIRE) –
The global current sensors market size is poised to increase at a substantial CAGR during the forecast period as current sensing is explored as a high potential area in the renewable energy sector.
Current sensors are seeing tremendous adoption in key application areas such as telecommunications, consumer electronics, healthcare, and automotive. These components are used in products and technologies such as uninterruptible power supply, inverters and converters, motor drives and battery management.
The following trends are responsible for the accelerated growth of the current global sensor market up to 2026:
Demand for mobility systems in Japan
In 2019, Japan accounted for more than 25% of Market share of current sensors in Asia-Pacific and is expected to grow at a CAGR of 5.5% through 2026, due to strong demand for high speed trains, locomotive freight cars and high speed trains. With the growing demand for such mobility systems, the needs for current sensors in traction systems, traction motors, transformers and electric propulsion are skyrocketing. As the presence of many industry players including HIOKI EE Corporation, TAMURA Corporation and KOHSHIN Electric Corporation sets the tone for further advancements, the APAC industry is set to grow at a noticeable pace.
Access sample pages of the report, “Asia-Pacific Current Sensors Market Forecast 2026âIn detail with the table of contents (ToC) @
Investments by Indian automotive suppliers
The size of the current sensors market in India is expected to increase by 8% CAGR throughout the forecast period, driven by government support for the adoption of electric vehicles in the form of favorable initiatives and policies. As such, several Indian automotive suppliers have invested in strategic collaborations and acquisitions. This will improve their footprint in the electric vehicle market in the region.
For example, in November 2019, TECO Electric & Machinery Co. and Mitsui & Co. collaborated to create TEMICO India, a unit dedicated to the production of traction motors for electric vehicles. The new company produces more than 110,000 engines on an annual basis, improving the outlook for the industry.
Increased demand for IoT in U.S. healthcare
The healthcare segment in the North American market is expected to grow at a CAGR of 4.5% through 2026, driven by the trend adoption of telemedicine and telehealth in the region. The COVID-19 pandemic has driven the need for IoT technology for medical devices to launch remote monitoring contactless consultations in the healthcare segment.
As current sensors are used in a plethora of medical devices, including imaging devices, CT scanners, and MRIs, the growing need to diagnose and monitor patient health conditions is driving the market forecast. IoT-based devices leverage battery management systems (BMS) alongside circuit protection systems, which require current sensors.
Access sample pages of the report, “North America Current Sensors Market Forecast 2026âIn detail with the table of contents (ToC) @
Deployment of converters and inverters across North America
The current sensor market share of the converter and inverter segment is expected to grow at a CAGR of 5.5% in North America throughout the forecast period. Renewable energy applications including commercial and residential solar rooftops, photovoltaic systems, etc. use converters and inverters. These systems use current sensors to reduce the cost per watt while optimizing the extraction of solar energy from the panels.
Since sensors can effectively manage and control converters and inverters and aid in fault or error detection, they are a crucial part of the system. Governments have focused on adopting solar power, which is likely to influence the market outlook positively through 2026. For example, the US Department of Energy (DOE) had invested nearly $ 130 million in new solar energy projects in the country. .
Focus on the efficiency of energy consumption in the United States
The current size of the sensor market in North America will certainly increase due to increasing government efforts to reduce power consumption by improving the efficiency of power use in data centers. For example, in March 2021, Iron Mountain’s data centers were recognized by the United States Department of Energy (DOE) for nearly 30% improved energy efficiency in its three data centers during over the past five years. As such, the robust growth of data centers to support the diffusion of 5G technology is functioning as a major market driver in the region. This is because current sensors are integrated into uninterruptible power supply applications, including inverters.
Increase in renewable energy projects across Germany
the Current trends in the sensor market in Europe are influenced by the thriving German industry which is expected to post a 5% CAGR through 2026. The German government is stepping up installation of solar panels in the region. This evolution towards the adoption of renewable energies is more and more pronounced from year to year. For example, recently, in February 2021, the German Development Bank KfW allocated almost $ 97.6 million to renewable energy projects with an estimated production of around 650 GWh per year. Therefore, growing market opportunities will result in higher revenue for the market forecast in Europe.
Access sample pages of the report, “Current Forecast of Europe Sensors Market 2026âIn detail with the table of contents (ToC) @
Advanced 5G infrastructure requirement across Europe
The current sensor market share in Europe in the telecom end-user segment is expected to register a CAGR of 4% through 2026 due to the increased penetration of 5G networks to handle internet traffic and meet the demand for internet connectivity reliable. In September 2020, a Denmark-based telecommunications company, TDC, announced the commercialization of its 5G services in Aarhus Copenhagen, Odense and Helsingor. This network will improve infrastructure requirements, including servers, macro base stations and advanced antenna systems (AAS).
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