Global Alternating Current (AC) Meters Sensors Market – Industry Trends and Forecast to 2029

Alternating Current (AC) Meters Sensors Market Analysis and Size

With the advent of industrial digitalization and the increasing demand for high-speed networks, the industry will grow. The widespread adoption of 5G networks in countries such as India, China, and South Korea will drive up current sensor market demand. The growing acceptance of high-bandwidth networks, as well as the growing popularity of 5G, will support the use of these sensors in a variety of industry verticals.

Data Bridge Market Research analyses that the alternating current (AC) meters sensors market which was growing at a value of 1.25 billion in 2021 and is expected to reach the value of USD 2.45 billion by 2029, at a CAGR of 8.80% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Alternating Current (AC) Meters Sensors Market Scope and Segmentation

Market Definition

Current sensors are used to determine whether the current is alternate current (AC) or direct current (DC). These are used in voltage and current monitoring, logging, and proof-of-concept applications. These sensors determine the type of current in the transmission cable and then convert it to analogue or digital signals. The AC current sensor is a simple external current sensor that measures the magnetic field surrounding the conductor through which the alternating current flows.

Global Alternating Current (AC) Meters Sensors Market Dynamics

Drivers

• Rapidly developing automation in automotive industry

The widespread application of current sensors in the automotive industry is boosting market growth. As more vehicle components become automated, using assistance systems to assist drivers while ensuring their safety, the use of electric currents is increasing significantly. Furthermore, electric motors are widely used to electrify vehicles such as automobiles in order to improve convenience and safety. This is increasing the use of a current sensor to measure consumption and emission reductions in order to avoid the destruction of electric components in a vehicle, thereby boosting the growth of the current sensor industry. The rising demand for current sensors that can deliver consistency and durability is propelling the alternating current (AC) meters sensors market forward.

• Technological advancements to improve overall aspect of the products

Factors such as sensor miniaturisation, increased consumer electronics use, and increased demand for renewable energy are driving up demand for  alternating current (AC) meters sensors. Furthermore, advancements in the smart homes, and outdoor lighting are expected to drive market growth. Advanced manufacturing technologies, low-cost and high-speed electronic circuits, and novel signal processing methods have fuelled recent advancements in sensor technologies. These new advancements in the field provide robust technical solutions, increasing the economic efficiency, reliability, and quality of technical products.

Opportunity

• Widespread adoption IoT

The widespread adoption of IoT and IIoT technologies, as well as the wide range of applications in current sensing technology of electronic systems such as battery life chargers and indicators, voltage and current regulators, over-current protection and supervising circuits, ground fault detectors, communications devices, switch-mode and linear power supplies, overload protection, and motor speed controls, as well as the high demand for and production of battery-powered applications and renewable energy sources, have all contributed to the rapid growth of the industry.

Restraints

• Lack of precision and prevalence

However, a lack of galvanic separation and heat indulgence will restrain the growth of the AC current metres sensors market during the forecast period. Precision over an unstable temperature range, as well as the prevalence of new alternative current sensing technologies, pose significant challenges to the growth of the AC current metres sensors market.

This  alternating current (AC) meters sensors market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the  alternating current (AC) meters sensors market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Alternating Current (AC) Meters Sensors Market

The COVID-19 outbreak has a negative impact on the market. The sensor manufacturers' ability to produce was hampered by the inaccessibility of raw materials and components as a result of the disruption in the supply chain. A decrease in customer purchasing power and a decrease in the number of electric vehicles would also impede the industry's growth. However, the post-COVID-19 ramifications will fuel the production of autonomous technologies such as industrial robots and self-driving electric vehicles, accelerating the growth of the current sensor market size.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In June 2020 Allegro MicroSystems, LLC introduced an advanced Current Sensor with an accurate 400 kHz Current Sensor IC and a 5 kV isolation rating. The ACS37002 has 400kHz sensing bandwidth up to 180 A with low offset and better than 1% typical total accuracy over the entire -40°C to 150°C auto temperature range, enabling more efficient power conversion in higher frequency switching applications.
• In March 2020, Paragraf, the market leader in graphene-based transformative electronic devices, announced the release of a new graphene Hall Effect sensor that is ideal for battery applications such as the electric vehicle (EV) sector.
• In March 2019 Allegro MicroSystems launched its latest Hall Effect current sensor IC, with the highest speed and accuracy in >400A sensing applications to date. It is best suited for hybrid and electric vehicle inverter applications that need high accuracy sensing to 1000Amps or more, the ACS70310 offers diagnostic functions that can help improve functional safety and reliability.

Global Alternating Current (AC) Meters Sensors Market Scope

The  alternating current (AC) meters sensors market is segmented on the basis of sensor type, technology and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Sensor type

• Digital/Inductive Current Sensor
• Open Loop Current Sensor
• Closed Loop Current Sensor

Applications 

• Automotive
• Industrial
• Consumer Electronics
• Energy
• Telecom and Networking
• Healthcare
• Others

Technology

• Hall-Effect Current Sensing
• Giant Magneto resistive (GMR)
• Current Sensing

Alternating Current (AC) Meters Sensors Market Regional Analysis/Insights

The  alternating current (AC) meters sensors market is analysed and market size insights and trends are provided by country, sensor type, technology and application as referenced above.

The countries covered in the  alternating current (AC) meters sensors market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The North American region dominates the  alternating current (AC) meters sensors market. This is due to the country's much faster adoption of new technologies than other regions. Furthermore, North America has rapidly growing consumer electronics and automobile markets, which has accelerated the growth rate of the  alternating current (AC) meters sensors market in this region.

Asia-Pacific will be discovering highest growth rate. As major manufactures are present in this region along with increasing demand for consumer electronics. Besides, a good growth rate is expected in the European region due to high involvement in the automobile sectors and consumer electronics.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Alternating Current (AC) Meters Sensors Market Share Analysis

The  alternating current (AC) meters sensors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to  alternating current (AC) meters sensors market.

Some of the major players operating in alternating current (AC) meters sensors market are:

• Texas Instruments Incorporated (U.S.)
• Panasonic Corporation (Japan)
• Siemens (Germany)
• Honeywell International Inc. (U.S.)
• ABB (Switzerland)
• Analog Devices, Inc. (U.S.)
• General Electric Company (U.S.)
• Kongsberg (Norway)
• Emerson Electric Co. (U.S.)
• STMicroelectronics (Switzerland)
• Microchip Technology Inc. (U.S.)
• NXP Semiconductors (Netherland)
• Maxim Integrated (U.S.)
• Mouser Electronics, Inc. (U.S.)
• Robert Bosch GmbH (Germany)
• TE Connectivity (Switzerland)
• OMEGA Engineering Inc. (U.S)
• Semiconductor Components Industries, LLC (U.S)
• Endress+Hauser Hauser Group Services AG (Switzerland)
• Amphenol Corporation (U.S)

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