August 23, 2022 03:15 ET | Source: Global Market Insights Inc. Global Market Insights Inc.
Selbyville, Delaware, Aug. 23, 2022 (GLOBE NEWSWIRE) --
Current sensor market size is anticipated to surpass USD 5 billion by 2030, according to the latest research study by Global Market Insights Inc. Growing adoption of green energy across power grids, due to increased concerns associated with climate change and environmental protection, will drive the product demand.
A dramatic shift in preference for renewable energy systems is fueling the requirement for hall effect technology in current sensors. Hall-effect sensors are commonly integrated into power generation systems, PV inverters, central/off-grid inverters, solar string monitoring, grid-tied renewable energy systems, and converters for wind & solar energy.
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High costs and lack of technical capabilities linked with some current sensors may act as potential restraining growth factors. Technological advancements in the industry may help overcome product limitations such as functional failure when exposed to high voltage currents. Also, the gradual expansion of consumer electronics & telecom sectors worldwide will accelerate the development and production of the components. Robust investments for industrial automation and implementation of IIoT technologies will power the current sensor market trends by end of 2030.
The report states that open-loop current sensors held more than 35% revenue share in 2021. these sensors are primarily used to measure AC & DC currents and to facilitate electrical isolation between the sensor output and the circuit. A broad spectrum of applications, including battery-powered circuits, will positively influence the industry outlook.
The current sensor market share from magneto-resistive technology will be over USD 900 million by 2030. Magneto-resistive current sensors offer several advantages, including high-end features such as high linearity, core-less architecture, low output noise, and low hysteresis.
Expansion of grid infrastructure to boost the application of current sensor
The current sensor industry share from the grid infrastructure applications will depict more than 8% CAGR from 2022 to 2030. There is a substantial rise in electricity and energy demand in developing countries, along with a growing need for robust power grids capable of withstanding power outages and failures. The integration of current sensors will surge in power grids used for energy supply from solar farms, wind turbines, hydropower stations, and nuclear power plants. Consistent investments in the developed nations to modernize their grid will bolster the acceptance of suitable current sensor components.
Growing focus on industrial automation in Middle East & Africa region
As per the new report, current sensor market in MEA will attain around 5% gains between 2022-2030, supported by growing investments into infrastructure modernization in the oil & gas sector. In addition to oil & gas, domains such as construction and mining are also witnessing a higher espousal of automation in processes as well as the use of control systems. Fast-paced implementation of Industry 4.0 technologies in key regional industries will augment the demand for current sensor products.
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The competitive landscape of the global current sensor market is inclusive of manufacturers such as Allegro MicroSystems, Inc., Honeywell International Inc., Infineon Technologies AG, Omron Corporation, TDK Corporation, Melexis, TAMURA Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., and LEM International SA. These organizations are focusing on the development of advanced current sensor components via means of collaborations and partnerships.
In February 2022, Infineon Technologies partnered with SensiML, a provider of AI tools enabling intelligent Internet of Things (IoT) endpoints. The aim of this deal was to provide an easy and seamless way to gather data from Infineon XENSIV sensor, train Machine Learning (ML) models, and roll out real-time inference models directly onto ultra-low-power PSoC 6 microcontrollers (MCUs).
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary 2.1 Current sensor industry 3600 synopsis, 2018 – 2030 2.1.1 Business trends 2.1.2 Regional trends 2.1.3 Type trends 2.1.4 Technology trends 2.1.5 Application trends 2.1.6 End-use trends Chapter 3 Industry Insights 3.1 Introduction 3.2 Impact of COVID-19 outbreak 3.3 Impact of Russia-Ukraine war on industry 3.4 Current sensor industry ecosystem analysis 3.5 Technology & innovation landscape 3.6 Regulatory landscape 3.7 Industry impact forces 3.7.1 Growth drivers 3.7.1.1 Increasing demand for electric and hybrid vehicles globally 3.7.1.2 Rise in industrial automation trends 3.7.1.3 Rising trend toward the use of renewable energy in electricity generation 3.7.1.4 Proliferation of 5G base stations in Asia Pacific 3.7.2 Pitfalls & challenges 3.7.2.1 High costs and technical issues associated with current sensors 3.8 Investment portfolio 3.9 Growth potential analysis 3.10 Porter’s analysis 3.11 Pestel analysis About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.