European Current Sensor Market size is predicted to surpass USD 650 million by 2026, according to a latest forecast report by Graphical Research.
Rising government concerns toward increasing energy consumption and greenhouse gas emissions have accelerated the deployment of renewable energy and solar energy. Several regulatory bodies and governments in Europe are increasing their investments and funding activities to accelerate the adoption of renewable sources for power generation and to boost the establishment of solar power plants. This will drive growth opportunities for companies operating in the Europe current sensor industry. In May 2020, the European Investment Bank (EIB) announced its investment in photovoltaic plants in Poland. The bank will lend around USD 21.8 million for the operation and construction of 66 small-scale photovoltaic plants of Energy Solar Projekty sp. z o.o.
The shunt current sensors held over 26% market share in 2019 is estimated to witness a CAGR of around 5.5% between 2020 and 2026 on account of increasing demand from applications where large current spans are required such as high capacity batteries of electric vehicles and hybrid-electric vehicles. These sensors deliver accurate & precise current measurement and optimize energy flow in various electric vehicle subsystems such as traction inverters, onboard chargers, etc.
Browse detailed statistical insights from the report, “Europe Current Sensor Market Size By End-use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication), By Type (Closed Loop, Open Loop), By Technology (Hall Effect, Shunt, Fluxgate, Magneto Resistive), By Application (Motor Drive, Converter & Inverter, Battery Management, Uninterrupted Power Supply (UPS) & Switched-Mode Power Supply (SMPS)), Research Report, Country Outlook (UK, Germany, France, Italy, Spain, Russia), Price Trends, Growth Prospects, COVID-19 Impact Statistics, Competitive Industry Share & Forecasts, 2020 - 2026” along with the table of contents (ToC) @
The telecom segment is anticipated to expand at a CAGR of 4% from 2020 to 2026. Growth is driven by the increasing deployment of the 5G network in Europe to manage rising traffic demand and uninterrupted internet connectivity. In September 2020, TDC, a telecommunication company located in Denmark, announced the commercialization of its 5G services in Odense, Aarhus Copenhagen, and Helsingor. The 5G network deployment will increase advanced infrastructure requirements such as Advanced Antenna Systems (AASs), servers, and macro base stations.
The UK current sensor market accounted over 15% revenue share in 2019 and is set to observe around 3.5% growth rate during the forecast timeline due to the ongoing trend of industrial automation, which will drive the demand for current sensors in various operating conditions and predictive maintenance in industrial machinery. Rising government efforts to accelerate new technologies in the manufacturing sector will fuel the market size. In September 2020, the UK government dominated a funding of USD 364 million to boost regional manufacturing capabilities with augmented reality, robotics, and AI technology.
The European current sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026 for the following segments:
Europe Market, By Type
Europe Market, By Technology
- Hall effect
- Magneto resistive
Europe Market, By Application
- Motor drive
- Converter & inverter
- Battery management
- UPS & SMPS
Europe Market, By End-use
- Consumer electronics
The above information has been provided for the following countries: