What is Industrial Current Sensor Market Scope?
An industrial current sensor is a device that detects and converts current to an easily measurable output voltage, which is proportional to the current through the measured path. There are a wide variety of sensors that are based on different technology and have different characteristics for a variety of applications. They are mostly used in power electronics systems such as frequency converters, traction converters, UPS systems, or welding systems to quickly and accurately detect current.
The Industrial Current Sensor market study is being classified by Type (Open Loop Sensor and Closed Loop Sensor), by Application (Aerospace & Defense, Automotive, Consumer Electronics, Telecommunication, Industrial Automation, Utilities and Medical) and major geographies with country level break-up.
Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Industrial Current Sensor market throughout the predicted period.
Honeywell International Inc. (Uni8ted States), Infineon Technologies (Germany), Eaton (Ireland), Allegro Microsystems (Uni8ted States), ABB Ltd. (Switzerland), STMicroelectronics (Switzerland), Melexis (Belgium), Harting Technology Group (Germany), Mors Smitt (United States) and Tamura Corporation (Japan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are TE Connectivity (Switzerland), ICE Components Inc. (United States), TDK Corporation (Japan), Phoenix Contact (Germany) and Omron (Japan).
Analyst at AMA have segmented the market study of Global Industrial Current Sensor market by Type, Application and Region.
On the basis of geography, the market of Industrial Current Sensor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In 2016, TDK Corporation has acquired InvenSense, Inc. for USD 13.00 per InvenSense share, for a total acquisition price of USD 1.3 billion. This Acquisition promotes further growth in sensor and actuator products of TDK, and will strengthen TDK’s position as a stronger global player for sensor solutions.
On March 23, 2021, Allegro MicroSystems, Inc., has announced a new, coreless Hall-effect current sensor for demanding automotive and industrial systems. It offers higher accuracy and sensitivity, additional fault detection capabilities, and user programmability.
Influencing Market Trend
- Growing Trend in Current Switch/Relay Market such as Smarter Relays
- Growing Demand from Power Electronics Applications to Protect Against Overload or Underload
- East Integration with the Existing System
- Technological Advancements such as New Microprocessor-based Current Sensors
- Increasing Demand from Transportation Sector such as Electric Vehicle
- High Manufacturing and Operational Cost
- Availability of Substitute Products
Key Target AudienceIndustrial Current Sensor Manufacturers, Components & Parts Suppliers, Semiconductor & Electronics Company, Traders/Distributors/Exporters/Importers, Industry Bodies & Associations and Others
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