Westford, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Current Sensor Market will attain a value of USD 5.79 billion by 2031, with a CAGR of 10.30% over the forecast period (2024-2031). Rapidly surging demand for electronics and portable electronic devices around the world is projected to boost sales of current sensors in the future. Growing sales of electric vehicles, high adoption of industrial robots, and investments in renewable energy infrastructure development are slated to drive the demand for current sensors over the coming years.
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Current Sensor Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 2.65 billion |
| Estimated Value by 2031 | $ 5.80 billion |
| Growth Rate | Poised to grow at a CAGR of 10.30 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Investments in the development of smart grids |
| Key Market Drivers | Rising emphasis on improving energy efficiency and rising sales of electric vehicles |
Hall Effect Technology Takes Center Stage in Global Current Sensor Market Development
Ability to make coreless sensors through hall effect technology and advancements in the same technologies are projected to help the dominance of this segment. From robots to intelligent batteries, current sensors based on hall effect technology are projected to find a wide scope of application on a global level. Rising demand for industrial automation will also favor the demand for current sensors based on hall effect technologies going forward.
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Rapid Digitization of Industrial Activity Helps Industrial End Users Bring in Major Revenue
Industries around the world are undergoing a digital transformation as penetration of digital technologies and automation rises rampantly. The growing use of industrial robots, automation devices, and other digital products in industries will help boost sales of current sensors over the coming years. Industrial end users are forecasted to boost market growth at a notable pace across the forecast period and beyond.
North America Takes the Top Spot in Global Current Sensor Demand Owing to Rising Use of Automation
North America is estimated to hold a major chunk of the global current sensor market share owing to rapid adoption of novel digital technologies and high use of automation. Increasing investments in the development of renewable energy infrastructure and grid modernization programs will also help boost market growth. Rising use of automation in multiple industry verticals and growing demand for electric vehicles will also boost current sensor sales in this region with the United States emerging as the top market.
Current Sensor Market Insights:
Drivers
Restraints
Prominent Players in Current Sensor Market
Key Questions Answered in Current Sensor Market Report
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