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PORTLAND, Ore., Feb. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Current Sensor Market by Type (Open Loop and Closed Loop), Current Sensing Technology (Hall Effect, Current Transformer, Flux Gate, and Rogowski Effect), and End Use (Automotive, Consumer Electronics, Industrial, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 20202027." According to the report, the global current sensor industry generated $1.65 billion in 2019, and is expected to reach $2.61 billion by 2027, witnessing a CAGR of 6.3% from 2020 to 2027. Drivers, restraints, and opportunities Demand for the Hall-effect technology, increase in adoption of industrial robots, and trend of hybrid vehicles in the automotive industry drive the growth of the global current sensor market. However, high initial costs and technical issues related to current sensors hinder the market growth. On the other hand, rapid adoption of 5G technology that raises the demand for closed-loop current sensor creates new opportunities in the coming years. Download Sample Report (227+ Pages with Latest Insights): https://www.alliedmarketresearch.com/request-sample/8323 Covid-19 Scenario Owing to the shutdown of manufacturing facilities, the R&D activities in the semiconductor and electronics industry have been stopped. The supply chain disruptions have led to a shortage of raw materials. Daily operations in the end-use industries such as industrial and automotive have been stopped due to lockdown. This has led to decrease in demand for current sensors. The demand would grow gradually as end-use industries begin their operations during the post-lockdown period. Moreover, purchase capability among customers would increase. By the end of 2020, the demand would grow for the development of autonomous technologies, such as industrial robots and autonomous electric cars. The open loop segment to maintain its dominant share during the forecast period Based on type, the open loop segment accounted for the highest market share, accounting for nearly three-fourths of the global current sensor market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. This is due to its compact size and less power consumption. However, the closed loop segment is expected to grow at the highest CAGR of 7.2% from 2020 to 2027, owing to high linearity, rapid response, and low temperature drift. Get detailed COVID-19 impact analysis on the Current Sensor Market The industrial segment to maintain its lead position during the forecast period Based on end-use industry, the industrial segment accounted for the highest market share in 2019, contributing to nearly two-fifths of the global current sensor market, and is estimated to maintain its lead position during the forecast period. This is due to rise in application in heavy machinery that needs operation protection. However, the automotive segment is projected to witness the fastest CAGR of 7.5% from 2020 to 2027, owing to high demand for current sensors for installation in motor vehicles. Asia-Pacific, followed by North America, to grow at the fastest rate Based on region, Asia-Pacific, followed by North America, is expected to register the largest CAGR of 7.2% during the forecast period. Moreover, Asia-Pacific held the highest market share in 2019, contributing to more than one-third of the global current sensor market, and will maintain its leadership status by 2027. This is attributed to presence of large number of industries and high customer potential that leads to increase in demand. The report also analyzes regions including Europe and LAMEA. Interested? Do Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/8323 Leading market players Infineon Technologies Honeywell International Inc. Texas Instruments Allegro MicroSystems, LLC Tamura Corp. TDK Corporation LEM International SA Pulse Electronics Eaton Corporation PLC Sensitec GmbH Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements. Avenue Library Subscription | Request for 14 Days Free Trial of before Buying: https://www.alliedmarketresearch.com/avenue/trial/starter Similar Reports: Magnetic Sensor Market by Type (Hall Effect Sensor, Magnetoresistive Sensor, Squid Sensor, and Fluxgate Sensor), Application (Speed Sensing, Detection, Position Sensing, Navigation, and Others), and End User (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 20202026 Gas Sensor Market by Gas Type(Carbon Monoxide, Methane, Hydrogen, Ammonia, Oxygen, and Others), Technology (Infrared Gas Sensor, Photo Ionization Sensor, Electrochemical Gas Sensor, Thermal Conductivity Gas Sensor, Metal Oxide-Based Gas Sensor, Catalytic Gas Sensor, and Others)and End Use (Defense & Military, Healthcare, Consumer Electronics, Automotive & Transportation, Industrial, and Others):Global Opportunity Analysis and Industry Forecast, 20202027 Torque Sensor Market by Type (Dynamic Torque Sensor and Static Torque Sensor) and Application (Automotive, Industrial, Aerospace & Defense, HealthCare, and Others): Global Opportunity Analysis and Industry Forecast, 20192026 Microelectromechanical System (MEMS) Sensor Market by Type (Inertial Sensor, Pressure Sensor, Optical Sensor, Environment Sensor, and Ultrasonic Sensor) and Application (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Healthcare, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026 Biometric Sensor Market by Type (Capacitive Sensors, Optical Sensors, Thermal Sensors, Ultrasound Sensors, and Electric Field Sensors), Application (Voice Scan, Finger Scan, Hand Scan, Facial Scan, Iris Scan, Vein Scan, and Others)- Global Opportunity Analysis and Industry Forecast, 2019-2026 Pre-Book Now with 10% Discount: Smart Grid Sensors Market by Sensor (Voltage, Outage, and Transforming Monitoring), Application (Smart Energy Meter, Advanced Metering Infrastructure, Smart Grid Distribution Network, Data Collection, and Control), and End User (Consulting, Deployment & Integration, Support & maintenance, and Dynamic Line Rating): Global Opportunity Analysis and Industry Forecast, 20192026 Reed Sensor Market by Type (Dry-Reed Sensor, Mercury-Wetted Reed Sensor) and Application (Automotive, Transportation, Consumer Electronics, Robotics & Automation, Telecommunications, Healthcare, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 20192026 About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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Answer: Current Sensor Market to Reach $2.61 Bn, Globally, by 2027 at 6.3% CAGR: AMR - Demand for the Hall-effect technology, increase in adoption of industrial robots, and trend of hybrid vehicles in the automotive industry drive the growth of the global current sensor market.