Home Press Releases Current Sensor Market worth $4.7 billion by 2028 at a CAGR of 10.4%

Current Sensor Market worth $4.7 billion by 2028 at a CAGR of 10.4%

by Press Room

(EMAILWIRE.COM, October 12, 2023 ) The current sensor market value was valued at USD 2.8 billion in 2022 and is projected to reach USD 4.7 billion by 2028, growing at a CAGR of 10.4% during the forecast period from 2023 to 2028. Accuracy over different temperature ranges and need for product differentiation and the development of innovative solutions are the major challenges whereas the deployment of IoT and IIoT with current sensors, increase in manufacturing of hybrid and electric cars, and miniaturization of current sensors are some of the major opportunities in the current sensor market.

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Key Market Players:

Key players in the current sensor market availed opportunities like partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

The consumer electronics end user segment is expected to grow at the highest growth rate during the forecast period from 2023 to 2028. The current sensors in the consumer electronics industry cater to the increasing demand generated by a wide range of appliances used for communication, entertainment, and other purposes. In the consumer electronics industry, current sensors are used in both white goods and brown goods. White goods include air conditioners, refrigerators, washing machines, sewing machines, watches and clocks, cleaning equipment, and other domestic appliances. Brown goods include microwave ovens, mixers, grinders, electronic fans, irons, and smart lighting. Apart from these, other electronic goods such as TVs, infotainment systems, smartphones, DVDs, and camcorders have also been considered under the current sensor market.

In North America, the US accounted for the largest share of the current sensor market in 2022 and is projected to grow at the highest CAGR during the forecast period from 2023 to 2028. The presence of leading current sensor manufacturers, such as Allegro MicroSystems, Inc. (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), and Silicon Laboratories (US), in the country is a key factor supporting the growth of the market. In addition, the country houses automotive assembly plants of General Motors (US), Ford Motor Company (US), Fiat Chrysler Automobiles (US), and Tesla Motors (US), which generates substantial demand for current sensors.

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