By 2026, the Current Sensor Market is anticipated to have grown from USD 2.3 billion in 2021 to USD 3.8 billion, expanding at a CAGR of 10.8%. Growing battery-powered systems use, increased emphasis on renewable energy, widespread use of Hall-effect current sensors, and rising consumer electronics demand are some of the major drivers driving this market's growth. In the midst of COVID-19, the deployment of IoT and IIoT with current sensors and the rising production of hybrid and electric cars create a significant need for current sensors.
Key Players in the Current Sensor Market comprise companies operating at different stages of the value chain. These include Asahi Kasei Microdevices (AKM) (Japan), ACEINNA (US), Melexis (Belgium), Allegro MicroSystems (US), TDK Corporation (Japan), LEM International (Switzerland), Infineon Technologies (Germany), Tamura Corp. (Japan), Texas Instruments (US), and Honeywell (US). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, agreements, joint ventures, partnerships, expansions, acquisitions, and collaborations to strengthen their position in the market.
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Top 2 Players in Current Sensor Market:
Asahi Kasei Microdevices (AKM) of Japan offers a range of complex IC products with analog/digital mixed-signal integrated circuits and advanced sensing devices based on compound semiconductor technology (ICs). To expand its portfolio, the corporation invests substantially in the creation of new goods and technologies. AKM proactively enters new markets to grow its business and regularly adjusts its business strategy to match the shifting needs of its clients. By linking its technology, business models, and people resources both internally and internationally through joint R&D, business alliances, and mergers and acquisitions, the company focuses on improving its capacity to launch new enterprises. It has a large network of distributors and channels spread throughout more than 80 nations.
Leading provider of semiconductor and microelectronics solutions is Infineon Technologies (Germany). Due to the large variety of magnetic sensors in its product line that are based on Hall-effect, anisotropic magnetoresistive (AMR), giant magnetoresistive (GMR), and tunnel magnetoresistive (TMR) technologies, it has been leading the magnetic sensor industry. The company's main emphasis is on organic growth strategies, such as new product introductions, advancements, and expansions. In order to expand its product offerings and enter new application domains, it also focuses on inorganic growth tactics including collaborations and acquisitions.
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