With respect to type, the closed-loop current sensor market size reached over USD 1.5 billion in 2022 due to their increasing adoption for measuring AC & DC currents as well as providing high linearity, fast response and low temperature drift. The growing penetration of automation, robotics, and power supplies in industrial applications is contributing to the higher preference for closed-loop current sensors. Rising usage in noisy environments as well as for industrial & commercial purposes for easily converting the output to voltage will enhance the industry expansion.
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Current sensor market share from motor drive applications will witness over 8% CAGR from 2023-2032. Motor drives are extensively deployed across the manufacturing industries as they help in controlling and regulating several rotating equipment, including machine spindles, pumps, fans, compressors, and conveyors. Apart from helping in lowering the maintenance and energy cost as well as carbon footprint, they enhance the process control, reduce energy usage, generate energy efficiently while optimizing the operations of several applications. The increasing usage of autonomous mobile robots, production logistics, automated guided vehicles and tugger trains, and warehouses in the automotive and industrial sectors.
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On the basis of technology, the hall-effect current sensor market size may cross USD 3 billion by 2032. The growth can be attributed to the rising adoption of hall effect technology for delivering current monitoring, user safety and security, system diagnosis & fault detection, current imbalance, and test & measurement. This technology also offers high working voltage levels for operating with different levels of isolation along with optimum accuracy combined with low drift for enabling the accurate current measurements over temperature & time. Therefore, increasing deployment in renewable energy, hybrid vehicles, and energy-efficient appliances will foster the industry dynamics.
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Asia Pacific current sensor market size will record over 10% CAGR from 2023-2032 on account of the rising customer inclination for electronic devices across the emerging markets of India, China, and Japan. The rapidly growing consumer electronics sector in the region has further boosted the demand for current sensors. According to Invest India, the appliances & consumer electronic industry in the country is set to double to over $18 billion (INR 1.48 lakh Cr) by 2025. The rapid population growth will also accelerate the adoption of current sensors in the region.