Lucintel Forecasts Industrial Current Sensor Market to grow at a CAGR of 4% – 6% from 2020 to 2025

According to the recent study the industrial current sensor market is projected to grow at a CAGR of 4% – 6% from 2020 to 2025. Growth in this market is primarily driven by rising adoption of IIoT (Industrial Internet of Things) and growth of the automotive industry.

Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in industrial current sensor market by sensor type (closed loop and open loop), end use industry (BICMOS and CMOS), end use industry (automotive, consumer electronics, and industrial automation), and region (North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW)).

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“Open loop current sensor market is expected to remain the largest segment during the forecast period.”

Based on sensor type, the industrial current sensor market is segmented into closed loop and open loop), end use industry (BICMOS and CMOS. Lucintel forecasts that the open loop current sensor market is expected to remain the largest segment due to provide a cost advantage over a closed-loop sensor in high current ranges (over 100 A). The sensor of this type are small in size and light in weight, and they maintain constant power consumption, irrespective of the current levels.

“Within the industrial current sensor market, the industrial automation segment is expected to remain the largest end use industry”

Based on end use industry the industrial automation segment is expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare, open loop current sensor type to support remote monitoring facilities, and consumer comfort and convenience enhancement.

“Asia pacific will dominate the industrial current sensor market in near future”

Asia Pacific is expected to witness the highest growth over the forecast period, supported by growth of the automotive and consumer electronics industries.

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Major players of industrial current sensor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Honeywell, Infienon, Eaton, Allegro MicroSystems, Kohshin Electric, STMicroelectronics, Texas Instruments, Pulse Electronics, API Technologies, Tamura Corporation of America, and Melaxis are among the major industrial current sensor providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/industrial-current-sensor-market.aspx or helpdesk@lucintel.com