Asia Pacific Current Sensor Market size surpassed USD 500 million in 2019 and is expected to witness over 7% CAGR from 2020 to 2026.
Rising concerns toward green energy and growing environmental awareness in Asia Pacific countries have led designers in power electronics applications to constantly develop new products to increase efficiency. Grid tied renewable energy system and photovoltaic system (PV) require high efficiency power invertors, increasing the opportunities for the APAC current sensors Industry expansion. Rising government initiatives toward the adoption of renewable sources for power generation will further boost the market growth. For example, in March 2019, a Chinese state-owned developer, CECEP announced the development of 0MW floating solar project, which is estimated to generate around 77,693 MWh of electricity in the initial year.
APAC Market, By Type
The closed loop segment is anticipated to register a growth of over 9.5% in terms of volume through 2026. The segment growth is driven with the increasing adoption of closed loop current sensors in data center applications such as servers and linear flow of current in circuits. Closed loop current sensors are gaining significant adoption in data centers for uninterrupted power supplies (UPS) and switch-mode power supplies (SMPS) for the measurement of alternating (AC), direct (DC) & impulse current. These sensors are used for feedback control to deliver output proportional to measured current, thereby aiding to achieve high accuracy, linearity, and fast response in data applications.
APAC Market, By Country
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India current sensor market is set to observe around 8% growth rate till 2026 owing to rising government initiatives to accelerate electric vehicle adoption in the country. Thereby, to cater high demand, several automotive OEMs are investing in strategic acquisition & collaboration and imposing their footprint in the Indian Electric Vehicle (EV) market. In November 2019, Mitsui & Co. and TECO Electric & Machinery Co. announced their joint venture to establish TEMICO India, which will be producing traction-motors for EVs. The company is expected to produce around 110 thousand of motors annually, which will further increase the demand for current sensors for motor-drives in the region.
Competitive Industry Landscape
Key players operating in the market are Allegro Microsystems, LLC, Honeywell International Inc, Infineon Technologies AG, Omron Corporation, Littelfuse, Inc, among others.
The companies are continuously focusing on strategic collaborations and acquisitions to enhance their market position among other players. For instance, in June 2019, TE Connectivity announced its agreement with First Sensor AG to enhance its engineered sensors for various industries including transportation, medical, and industrial applications. Also, in April 2020, Silicon Laboratories acquired the connectivity business of Redpine Signals. This will help the company to strengthen its low-power connectivity portfolio and enhance its deployment of current sensor products in wireless SoC, modules, and evaluation kits.