Current Sensor Market to Reach $5 Bn by 2030

Current sensor market size is anticipated to surpass USD 5 billion by 2030, according to the latest research study by Global Market Insights Inc. Growing adoption of green energy across power grids, due to increased concerns associated with climate change and environmental protection, will drive the product demand.

A dramatic shift in preference for renewable energy systems is fueling the requirement for hall effect technology in current sensors. Hall-effect sensors are commonly integrated into power generation systems, PV inverters, central/off-grid inverters, solar string monitoring, grid-tied renewable energy systems, and converters for wind & solar energy.

The current sensor industry share from the grid infrastructure applications will depict more than 8% CAGR from 2022 to 2030. There is a substantial rise in electricity and energy demand in developing countries, along with a growing need for robust power grids capable of withstanding power outages and failures. The integration of current sensors will surge in power grids used for energy supply from solar farms, wind turbines, hydropower stations, and nuclear power plants. Consistent investments in the developed nations to modernize their grid will bolster the acceptance of suitable current sensor components.