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Many current sensor companies, including TDK Corporation, Allegro MicroSystems, Infineon Technologies AG, Silicon Laboratories, Honeywell International, Aceinna, and others, are focused on taking strategic actions such as mergers, acquisitions and the development of products to consolidate their position in the current sensor market.
For example, in October 2021, Infineon Technologies AG has launched its XENSIV TLE4972 automotive current sensor, which uses the company’s proven Hall technology for stable and accurate current measurements.
Citing another example, in September 2021, Hioki launched two new products, including AC / DC sensor and power analyzer. The solutions have been designed to ensure efficient and safe use of energy through accurate measurement of electrical flow in wind and solar power generation equipment.
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Here are some key trends that are expected to influence the current expansion of the sensor industry in the coming years:
Growing demand for UPS and SMPS
The current sensor market revenue from UPS (Uninterrupted Power Supply) and SMPS (Switched-Mode Power Supply) applications is expected to increase at a CAGR of 7% between 2021 and 2027. This increase is mainly due to the increasing demand for high speed . broadband connections and cloud-based services in data centers.
Different types of current sensors help improve UPS and SMPS effectively by limiting reverse current flow in systems, while improving safety. The technology has moved from conventional large sizes to compact rack systems for data centers.
Increase the adoption of e-mobility through Europe
The growing formulation of strict safety and emissions regulations is encouraging the adoption of electric mobility in Europe, stimulating the current outlook for the sensor industry in the years to come. Citing an example, the EC (European Commission) has set an ambitious target for reducing CO2 emissions for the transport industry until 2050. The sector therefore anticipates a high penetration of electric vehicles between 2030 and 2050.
Major automotive suppliers in the region, including Audi, BMW Group, PSA Group and others, are focused on developing advanced automotive safety systems, including ADAS and self-driving cars. Due to these aspects, Europe The current market value of the sensors is expected to register a CAGR of 5.5% from 2021 to 2027.
Extend product deployment in the telecommunications sector
The telecommunications segment accounted for nearly 10% of market revenue in 2020 and is expected to exceed a 5% CAGR over the estimated period. This increase is attributed to the increasing integration of 5G technology in developing countries including South Korea, Argentina, India, and China, among others.
The growing demand for continued internet connectivity and the increase in data traffic due to the trend of remote working is forcing telecom operators to upgrade their network infrastructure, thus increasing the size of the industry in the near future.
In summary, the increasing adoption of hybrid and electric vehicles globally will boost the market size for current sensors over the anticipated period.
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