Current Sensor Market Trends

Growth Drivers

• Rise in Need for Renewable Energy - Global renewable electricity capacity is anticipated to increase by more than 59% from 2020 levels to over 4799 GW by 2026, which is equal to the present total world capacity of nuclear and fossil fuels put together. Through 2026, the expansion in the world's electricity capacity is expected to come from renewable sources virtually exclusively—solar PV would provide more than half. This growing demand for renewable energy can be attributed to rising people awareness regarding growing pollution and rising government initiatives, further also boosting the market growth. Grid-tied systems require current sensors to manage the converters and inverters, optimize the extraction of energy from solar panels, and detect faults for safety. Hence the growing need for renewable energy is estimated to boost the market growth.

• Growing Adoption of Electric Vehicles - Despite supply chain snags and the ongoing Covid-19 epidemic, electric car sales hit a new high in 2021. Sales nearly doubled to about 5 million around the world, representing a sales share of approximately 8%, compared to 2020, increasing the total number of electric vehicles on the road to about 15 million.

• Surge in Electric Power Station - The quantity of charging stations increased by over a factor of two between 2015 and 2020. More than 55% more charging stations were added in 2021 alone in the United States.

• Growth in Telecom Industry - In 2021, in India, there was estimated to be about 659,000 mobile towers, up from approximately 390,000 in 2014. According to this, the number of mobile base transceiver stations has climbed quickly, rising from about 790,000 in 2014 to approximately 3 Million in 2021, an increase of 187%. From about 43% in March 2014 to approximately 57% in October 2022, rural teledensity increases.

• Upsurge in Adoption in Laptops - About 276 million laptops are anticipated to be shipped in 2021, together with almost approximately 159 million tablet computers, worldwide.

Challenges

• Growing Pricing Pressure Which Has Resulted into Decline in Average Selling Price - Despite the fact that more and more current sensors are being used in automated cars, telecommunication equipment, consumer electronics, and healthcare devices, price erosion has severely slowed the rise of sales. The fierce competition among the growing number of sensor manufacturers contributes to some of this. While the drop in ASP is good for consumers, it causes suppliers' profit margins to contract. As a result of the extreme pricing pressure, the average selling price (ASP) declines, which inhibits revenue growth in the fiercely competitive current sensor market.
• Inaccuracy for Different Temperature Ranges
•  Availability of Substitutes