Current Sensor Market Segmentation:
End-Use Segment Analysis
The global current sensor market is segmented and analyzed for demand and supply by end-use into automotive, consumer electronics, industrial, healthcare, telecom, and renewable energy. Out of which, the automotive segment is anticipated to hold the largest market share over the forecast period. The growth of the segment can be attributed to growing production of electric cars. In the US alone, companies produced 442,000 electric automobiles in 2022. The hybrid electric vehicle (HEV), which is swiftly overtaking all other green vehicles in popularity, uses sophisticated electronic circuitry to regulate the flow of electricity throughout the vehicle. With a single-motor HEV, the motor functions as either a drive motor that runs in parallel with the internal combustion engine or as a generator that powers the regenerative braking system and charges the battery. A typical HEV has a number of electrical systems, such as those for an AC motor and a DC-DC converter, that need electrical current sensors to operate as efficiently as possible.
Application Segment Analysis
The global current sensor market is also segmented and analyzed for demand and supply by application into motor drive, converter & inverter, battery management, uninterrupted power supply, and grid infrastructure. Amongst these segments, the motor drive segment is anticipated to have a significant growth in the market over the forecast period, backed by its growing use in industries. A motor drive regulates a motor's output horsepower as well as its speed, torque, and direction. A shunt-wound dc motor with distinct armature and field circuits is often controlled by dc drives. Similar to their dc counterparts, ac drives regulate the speed, torque, and horsepower of ac induction motors. However, to insure smooth functioning of these processes the demand for current sensor is growing. The motor's current is precisely detected by the current sensor, enabling flawless synchronization and orientation control. Moreover, there has been growing focus on reducing the usage of energy and reducing the carbon footprint which would also drive the growth of the market.
Our in-depth analysis of the global current sensor market includes the following segments:
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By Type |
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By Technology |
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By Application |
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By End-Use |
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