Current Sensor Market Regional Analysis:
Asia Pacific region is poised to dominate around 42.6% market share by 2035, driven by the growing demand for consumer electronics and the rise in electric vehicle production. Moreover, in 2021, the manufacturing of electric vehicles in Asia-Pacific had double-digit YoY growth, reaching 122,243 units. Asia Pacific nations' growing environmental consciousness and worries about green energy have prompted manufacturers of power electronics applications to continuously create new products to boost efficiency. Moreover, high efficiency power inverters are needed for grid-tied renewable energy systems and photovoltaic (PV) systems, expanding the market for current sensors in APAC. Additionally, growing government attempts to use renewable energy sources for electricity generation would accelerate market expansion.
The North America current sensor market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market in this region can be attributed to rising use of industrial robots for efficient workflow management in numerous manufacturing facilities. A current sensor responds quickly and accurately to detect overload current and phase control in a variety of industrial machines. To keep track of the voltage and current levels in microcontroller, industrial robots need current sensors. Hence growing adoption of robots is estimated to boost demand for current sensor. Moreover, increasing government attempts to hasten the region's use of solar power would increase market expansion prospects. Additionally, there has been growing trend of smart house in North America owing to which the adoption for electronic devices is growing. For the effective operation of batteries and current/voltage variations, different electronic devices such as HVAC control, portable electronics, lighting control, and infotainment systems require current sensors. Hence this factor is also estimated to boost the growth of the market in this region.
Additionally, the market in Europe region is also estimated to have a significant growth over the forecast period, backed by increasing government financing and attempts to encourage the use of electric vehicles and preserve the environment. These electric vehicles need a variety of powertrain subsystems, including inverters, battery management systems, and onboard chargers, which need current sensors to improve motor performance, bandwidth, and low noise & reaction time. Hence, growing adoption of electric vehicle is estimated to boost the growth of the market in this region. Moreover, the adoption of industries robot is also growing which would influence the growth of the market.
