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Thursday, 18 April 2024
Tuesday, 04 Jul 2023 12:00 am

Current Sense Amplifier Market is expected to reach US$ 5.97 billion by 2030

The global Current Sense Amplifier market size is projected to grow from USD 3.66 billion in 2023 to USD 5.97 billion by 2030.

By The Insight Partners

Rising Demand for Current Sensing Amplifiers in Renewable Energy Industry to Provide Opportunities for Current Sense Amplifier Market during 2023–2030.

According to our latest market study on "Current Sense Amplifier Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Sensing Type, Current Direction, and End User," the market is expected to grow from US$ 3.66 billion in 2023 to US$ 5.97 billion by 2030; it is estimated to record a CAGR of 7.2% from 2023 to 2030. 

The continuous rise in the demand for energy is putting designers of power electronics applications under constant pressure to improve efficiency. The advent of the smart grid, grid-tied photovoltaic (PV), and other grid-tied renewable energy systems requires the development of high-efficiency power inverters. Here, current sense amplifiers are used to measure, monitor, and manage the power flow.

Current Sense Amplifier Market — by Geography, 2023

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00019446

Source: The Insight Partners Analysis

In solar-powered plants, solar-power modules are integrated with variable power sources for a standardized electrical network. Here, the solar inverter helps rectify the direct current (DC) voltage from the solar panel to the alternating current (AC) for grid functioning. It also helps monitor the nonlinear response of photovoltaic diodes to ensure maximum power production. This raises the need for current measurement and reliable current flow monitoring, which can be solved by integrating current sense amplifiers, which is expected to fuel the current sense amplifier market growth. In addition, the demand for current sense amplifiers is increasing for energy harvesting purposes as they help to operate with input levels that exceed their supply voltage. 

Furthermore, it is also seen that various renewable energy projects are carried out worldwide due to the rising demand for energy. A few large solar projects are:

  • Sawtooth Energy Center Project: The project will be constructed in Nevada and will consist of a solar energy generating facility having a 1,000 MW capacity and about 1,000 MW energy storage facility. The construction will start in October 2023 and will be operational by December 2023. 
  • Smoky Valley Solar Project: It will be constructed in Nevada with an investment of US$ 1 billion. A 1,000 AC MW solar generation facility will be linked to the battery energy storage system. Its construction will commence in the third quarter of 2023, and it will be operational by the end of 2025. 
  • Ditat Deus Solar Project: It will be a 650 MW AC solar power generating facility with 350 MW of battery storage. The project will be constructed on 5,946 acres of land in Arizona. The construction will start in June 2023, and the plant is expected to operate commercially by December 2025.

Hence, the growing number of renewable energy projects will raise the demand for current sense amplifiers to manage the power flow, which would create an opportunity for the current sense amplifier market during the forecast period.

Texas Instruments Incorporated; STMicroelectronics N.V; Analog Devices, Inc.; Semiconductor Components Industries, LLC; and Microchip Technologies Inc. are a few key current sense amplifier market players profiled during the study. Several other major current sense amplifier market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The current sense amplifier market report provides detailed market insights, which helps the key players strategize their growth.

The COVID-19 pandemic has moderately impacted various industries and hampered overall business operations. During the initial stages of the pandemic, many industries, including the current sense amplifier market, faced production shutdowns and supply chain disruptions due to lockdown measures and travel restrictions. This resulted in a temporary decline in demand for current sense amplifiers as manufacturing activities slowed down across multiple sectors. However, as the pandemic progressed, the focus on healthcare, telecommunications, data centers, and other essential industries increased. These industries experienced a surge in demand for current sense amplifiers to support critical applications such as medical equipment, telecommunication infrastructure, and power management systems, which boost the growth of the current sense amplifier market. Further, the COVID-19 pandemic accelerated the digital transformation and the adoption of remote working and learning practices. This led to an increased demand for electronic devices, IoT devices, and cloud-based services, which boosted the need for current sense amplifiers in these sectors, fueling the current sense amplifier market growth in the forecasted period.

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