The Asia Pacific Current Sensor Market would witness market growth of 8.1% CAGR during the forecast period (2021-2027).
The growing adoption of the latest developing technologies like cloud computing and the Industrial Internet of Things has raised the demand for industrial robots in manufacturing, especially in countries like South Korea & China, which has propelled the demand for the global current sensor market. These industrial robots need current sensing applications for DC motors, circuit, and servos that calculate precise power requirement and functionality of robots. Thus, the growth of the current sensor market would be boosted by the increase in the adoption of industrial robots.
Asia-Pacific is one of the major regions because of a growing number of passenger car manufacturing and sales in several countries like Japan, South Korea, and China. The excessive use of current sensors is found in building automation, automotive, manufacturing, and energy industries. Also, the increase in the deployment of isolated current sensors for hybrid and electric vehicles is augmenting the market of the current sensors in this region.
There is a rise in awareness about growing environmental and green energy concerns in the nations of Asia-Pacific due to which power electronic applications designers are focusing on developing new products to increase efficiency. The increase in the number of initiatives taken by the regional government toward the implementation of renewable sources for power generation will further fuel the growth of the current sensor market.
The China market dominated the Asia Pacific Digital Current Sensor Market by Country 2020, thereby, achieving a market value of $81.9 million by 2027. The Japan market is showcasing a CAGR of 8.9% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 10.2% during (2021 - 2027).
Based on Type, the market is segmented into Open Loop and Close Loop. Based on Technology, the market is segmented into Hall Effect, Current Transformer, Flux Gate and Others. Based on Output Type, the market is segmented into Analog and Digital. Based on End User, the market is segmented into Industrial, Automotive, Consumer Electronics, Telecommunication and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Melexis N.V. (Xtrion N.V.), Allegro Microsystems, Inc. (Sanken Electric Co., Ltd.), LEM International S.A., Honeywell International, Inc., TDK Corporation, Texas Instruments, Inc., Infineon Technologies AG, Asahi Kasei Corporation, Tamura Corporation, and Aceinna, Inc.
Scope of the Study
Market Segments covered in the Report:
• Open Loop
• Close Loop
• Hall Effect
• Current Transformer
• Flux Gate
By Output Type
By End User
• Consumer Electronics
• South Korea
• Rest of Asia Pacific
• Melexis N.V. (Xtrion N.V.)
• Allegro Microsystems, Inc. (Sanken Electric Co., Ltd.)
• LEM International S.A.
• Honeywell International, Inc.
• TDK Corporation
• Texas Instruments, Inc.
• Infineon Technologies AG
• Asahi Kasei Corporation
• Tamura Corporation
• Aceinna, Inc.
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