North American Current Sensor Market size is poised to cross USD 1 billion by 2026, according to a latest forecast report by Graphical Research.
The industry growth with the proliferation of data centers to support the 5G technology and increasing demand for online services. The increasing deployment of data centers will increase the adoption of current sensors for inverters and uninterrupted power supply applications. These sensors monitor input/output current and improve battery management systems with a high level of efficiency. Rising government efforts to reduce power consumption in data centers will drive the demand for various monitoring devices equipped with current sensors. In March 2021, the U.S. Department of Energy (DOE) recognized Iron Mountain Data Centers to improve power usage efficiency by 30% across three data centers for five years.
The healthcare segment is estimated to witness at a CAGR of 4.5% from 2020 to 2026. Current sensors are used in a wide range of medical devices, such as CT scans, MRIs, and imaging devices, to monitor and diagnose a patient’s vital condition. The rising demand for IoT technology in medical devices for contactless and remote monitoring of patients will add an opportunity for market growth. IoT enables devices to deploy Battery Management Systems (BMSs) and circuit protection systems, which will increase the requirement for current sensors in the coming years.
Browse detailed statistical insights from the report, “North America Current Sensor Market Size By Application (Motor Drive, Converter & Inverter, Battery Management, Uninterrupted Power Supply (UPS) & Switched-Mode Power Supply (SMPS)), By Type (Closed Loop, Open Loop), By Technology (Hall Effect, Shunt, Fluxgate, Magneto Resistive), By End-use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication), Research Report, Country Outlook (U.S., Canada), Price Trends, Growth Prospects, COVID-19 Impact Statistics, Competitive Industry Share & Forecasts, 2020 - 2026” along with the table of contents (ToC) @
Canada current sensor market accounted over 13% revenue share in 2019 and is predicted to register a growth of over 4% between 2020 and 2026 driven by the presence of major automotive OEMs in the region such as General Motors, FCA Group, and Ford, Toyota, among others. These companies are continuously inclined toward accelerating their production activities and R&D for electric vehicles, thus boosting the market demand. Furthermore, rising government initiatives to accelerate electric vehicle production and adoption in the country will add an opportunity for market growth. In October 2020, the Ontario government in collaboration with the federal government announced an investment of around USD 295 million for the retooling of Ford’s Oakville Assembly Complex into a global hub for battery-electric vehicle production.
The North American 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:
North America Market, By Type
North America Market, By Technology
- Hall effect
- Magneto resistive
North America Market, By Application
- Motor drive
- Converter & inverter
- Battery management
- UPS & SMPS
North America Market, By End-use
- Consumer electronics
The above information has been provided for the following countries: