Europe Current Sensor Market size crossed USD 500 million in 2019 and is estimated to expand at more than 5% CAGR between 2020 and 2026.
Increasing government initiatives and funding activities to propel electric vehicle adoption and archive a clean environment will add an opportunity for the market. In March 2021, the Government of Germany announced a funding of USD 6.5 billion to accelerate electric vehicle charging infrastructures in the country. The fund will be provided by 2024 and will further increase the production of EVs in the region. These electric vehicles require various powertrain subsystems, such as inverters, battery management systems, onboard chargers, which require current sensors to enhance motor performance, bandwidth, and low noise & response time.
The magneto resistive segment is set to observe 5.5% growth rate during the forecast period. Magneto resistive current sensors offer high flexibility, reliability, and improved performance, which increase their demand in various industrial applications such as motor drives, industrial robots, and automation machinery.
Market players are inclined toward the development of smart magneto resistive sensors to measure various parameters, such as current, proximity, angle, etc., and cater to the high demand in new industry verticals. In June 2019, NVE Corporation developed a new Tunneling Magnetoresistance (TMR) sensor to measure AC, detect security intrusion, and proximity for applications in the Industrial Internet of Things (IIoT).
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Germany market size for current sensors will grow at a CAGR of 5% till 2026 driven by rising government initiatives to accelerate the installation of solar power generation in the region. This will drive the demand for current sensors for fault detection and manage power efficiency in various inverter/converter applications. In February 2021, KfW Development Bank, Germany announced a credit package of around USD 97.6 million to accelerate renewable energy projects in the region with a projected output of around 650 GWh every year.
Leading players operating in the market include Allegro Microsystems, LLC, Infineon Technologies AG, Honeywell International, Inc., ROHM CO., LTD., and STMicroelectronics N.V., among others.