According to a new market report by Lucintel, the future of the global industrial current sensor market looks promising with opportunities in the automotive, consumer electronics, and industrial automation industries. The global industrial current sensor market is expected to decline in 2020 due to the global economic recession led by the COVID-19 pandemic. However, the market will witness recovery in the year 2021, and it is expected to grow with a CAGR of 5% from 2020 to 2025. The major growth drivers for this market are rising adoption of IIoT (Industrial Internet of Things) and growth of the automotive industry.
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In this market, closed loop and open loop are the two sensor types. Lucintel forecasts that open loop current sensor are expected to witness the highest growth during the forecast period, as they provide a cost advantage over a closed-loop sensor in high current ranges (over 100 A). The sensor of this type are small in size and light in weight, and they maintain constant power consumption, irrespective of the current levels.
Within the industrial current sensor market, industrial automation will remain the largest end use industry, and it is expected to witness the highest growth over the forecast period due to increasing usage of current sensor in industrial automation and technological advancements.
Asia Pacific is expected to witness the highest growth over the forecast period, supported by growth of the automotive and consumer electronics industries.
Honeywell, Infienon, Eaton, Allegro MicroSystems, Kohshin Electric, STMicroelectronics, Texas Instruments, Pulse Electronics, API Technologies, Tamura Corporation of America, and Melaxis are among the major manufacturers of the industrial current sensor market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global industrial current sensor market by sensor type, technology, end use industry, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global Industrial Current Sensor Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global industrial current sensor market by sensor type, technology, end use industry, and region as follows:
By Sensor Type [$M shipment analysis for 2014 – 2025]:
By Technology [$M shipment analysis for 2014 – 2025]:
By End Use Industry [$M shipment analysis for 2014 – 2025]:
Automotive
Consumer Electronics
Industrial Automation
By Region [$M shipment analysis for 2014 – 2025]:
United States
Canada
Mexico
China
Japan
India
South Korea
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
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