Sensor market is anticipated to reach nearly $6,404.2M by 2032
According to the most recent analysis released by Fact.MR – a market research and competitive intelligence provider, the global current sensor market is anticipated to grow at a CAGR of just over 9.6% over the anticipated years, reaching a market value of $ 6,404.2 million by the end of 2032.
In terms of the current sensor market, the end-use vertical of industrial automation holds the majority of the market share. In growing nations like China and India, demand for the automotive industry has increased. Additionally, growing consumer desire for personalised and intelligent vehicles has created a number of new business opportunities for the sensor industry. Additionally, over the projection period, improvements in manufacturing and production will fuel demand for current sensors.
Due to its high functional features, direct sensing based current sensors are anticipated to be the most appealing segment. These sensors are used in the automotive, medical, and consumer electronics industries. A potential growth is anticipated to be created by the present sensor market, which is predicted to increase Y-0-Y growth of 4.8% in 2022.
The market is anticipated to offer enormous prospects due to East Asia's low investment, low cost, and simple accessibility of skilled labour. The global current sensor is consolidated at the top and fragmented at the bottom.
Key takeaways from market study:
- The global current sensor market is anticipating to reach the market value of $ 6,404.2 million by the end of 2032.
- In the sensor method segment, direct current sensing sub segment is projected to grow with the CAGR of 8.6% in the upcoming years.
- Industrial automation, in the end use segment is to gain CAGR of 8.3% in the projected years i.e. 2022-2032 and the market share of 21.6% in 2022.
- In East Asia and South Asia, will have Y-O-Y growth of 6.3% and 8.2% respectively in 2022.
“Advance manufacturing and automotive industry is set to boost demand for current sensor with direct current sensing technology.” says a Fact.MR analyst.
Leading competitors in the present sensors market are concentrating on product innovation while spending more on R&D. The semiconductor sector has many businesses that apply for patents, and many of those that have been awarded do so for products or manufacturing processes.
These patents for innovations aid businesses in securing their intellectual property rights and developing a unique selling proposition (USP) in this fiercely competitive industry that is populated by multiple national and international competitors. Additionally, businesses are implementing vertical integration to maximise value chain profits and diversify their product offerings.