According to the research report titled ‘Current Sensor Market Size By Type, By Technology, By End Use, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, global current sensor market is anticipated to attain considerable growth over 2020-2026.
 

Increasing adoption of IoT (internet of things)-based applications along with inclination towards smart-home automation systems are bolstering the growth of global current sensor market.
 

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For the record, current sensors are devices that utilize magnetic field to detect electric current in a wire, subsequently generating a signal proportional to that current. They are used in DC as well as AC power supply.
 

Introduction of advanced and innovative solutions along with increasing awareness regarding the advantages of the devices including cost & energy saving have augmented the demand for current sensors in the energy sector, which in turn is stimulating the overall market outlook.
 

Based on technology, the report states that the MEMS segment accounted for 5% of the market share in 2019 and is slated to register similar growth in the ensuing years. Rising adoption of the low cost, high-precision sensors in the automotive industry is fueling the growth of the segment.
 

With regards to the application spectrum, the convertor & invertor segment reflected around 20% of the market share in 2019, primarily due to rising adoption of current sensors in data and telecom centers in order to offer flexible and energy-efficient services.
 

Speaking of the end-user spectrum of global current sensor market, the report claims that the telecommunications sector is projected to register a CAGR of 5% over 2020-2026. Increasing initiatives regarding infrastructural development have compelled several countries to adopt 5G solutions, which in turn is driving the growth of the segment.
 

Moving on to regional analysis, Middle East and Africa accounted for 8% market share in the year 2019 and is estimated to generate commendable returns in the subsequent years. Increasing popularity of smart home automation systems along with increasing adoption of IoT technologies for efficient automated operations and industry practices are responsible for the expansion of the regional market.
 

The major players operating in global current sensor market are Vishay Intertechnology, Inc., VACUUMSCHMELZE GmbH & Co. KG, Texas Instruments Incorporated, TE Connectivity, TDK Corporation, TAMURA Corporation, STMicroelectronics N.V., Silicon Laboratories Inc., Sensitec GmbH, Rohm Co. Ltd., Omron Corporation, NVE Corporation, Melexis, Littelfuse, Inc., Kohshin Electric Corporation, Infineon Technologies AG, Honeywell International Inc., Asahi Kasei Microdevices Corporation, Allegro MicroSystems, LLC, and Aceinna Inc. among others.