According to the research report titled ‘Europe Current Sensor Market Size By End-use, By Type, By Technology, By Application, Research Report, Country Outlook, Price Trends, Growth Prospects, COVID-19 Impact Statistics, Competitive Industry Share & Forecasts, 2020 – 2026’, available with Market Study Report, Europe current sensor market is expected to be valued at USD 650 million by the year 2026.
 

Increasing energy consumption across various application verticals, rising focus on adoption of renewable power sources to minimize greenhouses gas emissions, and growing energy demand backed by population expansion in the region are backing the progress of Europe current sensor market.
 

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By type, the market is bifurcated into closed loop and open loop, whereas fragmentation based on technology includes hall-effect, shunt, fluxgate, and magneto resistive. 
 

The shunt segment captured 26% market share in 2019 and is expected to record a CAGR of 5.5 % over the coming five years. This can be ascribed to the ability of this technology to deliver accurate and precise current measurement, and optimize energy flow in traction inverters, onboard chargers, and other EV subsystems.
 

On the other hand, magneto resistive technology segment of Europe current sensor industry is anticipated to exhibit 5.5% CAGR during the analysis timeframe, owing to enhanced performance, reliability, and flexibility of this technology across automation machinery, motor drives, and industrial robots. Furthermore, high investments by market participants on research & development activities for smart magneto resistive sensors is likely to add the segmental share.
 

Based on application, the marketplace is segmented into motor drive, converter & inverter, battery management, UPS & SMPS, and others. The end use spectrum consists of automotive, consumer electronics, industrial, healthcare, telecom, and others.
 

The telecom segment is expected to register a CAGR of 4 % over 2020-2026, attributable to focus on deploying 5G infrastructure to meet the demand for efficient and uninterrupted internet connectivity. Emergence of macro base stations, advanced antenna systems, and servers throughout Europe is expected to foster the adoption of current sensors.
 

Speaking of geographical ambit, German current sensor market share is likely to grow by 5 % during 2020-2026, driven by favorable government initiatives to promote the adoption of renewable energy sources. For example, in March 2021, the government of Germany announced to invest nearly USD 6.5 billion for the development of electric vehicle charging infrastructure in the country.
 

Major players operating in Europe current sensor market are Vishay Intertechnology, Inc., Vacuumschmelze GmbH & Co. KG, Texas Instruments Incorporated, TE Connectivity Corporation, Tamura Corporation, STMicroelectronics N.V., Silicon Laboratories, Inc., Sensitec GmbH, ROHM Co., Ltd., Omron Corporation, NVE Corporation, Infineon Technologies AG, Honeywell International, Inc., and Asahi Kasei Microdevices Corporation.