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Current Sensor Market Overview
Current Sensor Market size is estimated to reach $5.7 billion by 2030 at a CAGR of 9.4% during the forecast period 2024-2030. The increase in demand for Current Sensors manufactured using BiCMOS technology (a combination of bipolar junction transistor and complementary metal oxide semiconductor) owing to the various features offered by them over conventional CMOS technology such as high current drive per unit, low input density, and high-power dissipation accelerate the Current Sensor market share. The rise in the usage of fully integrated and programmable current sensors and high demand for open loop hall effect current sensor and closed loop hall effect current sensor among consumers further influence the Current Sensor market. Additionally, an increase in demand for intelligent hall-effect and magneto-resistive sensors, technological advancements in non-isolated sensors especially analog-to-digital converters and current sensing amplifiers, research and development, industrialization, growing application areas and expansion of end-user industries positively affect the Current Sensor market. Furthermore, the rise in the need for energy measurement owing to urbanization and industrialization and potential applications in eco-friendly electrical solutions such as battery management and Uninterrupted power supplies extend profitable opportunities to the Current Sensor industry in the forecast period.
Market Snapshot:
Report Coverage
The report: “Current Sensor Market Report– Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Current Sensor Market Report
By Technology: BiCMOS, CMOS.
By Loop: Open-Loop Current Sensor, Closed-Loop Current Sensor.
By Output: Linear (Analog) Current Sensor, Threshold (Digital) Current Sensor.
By Type: Isolated (Magnetic, Opto-Isolated, Shunt-isolated(, Non-Isolated (Analog-to-Digital Converter, Current Sensing Amplifier)
By Application: Proximity Sensing, Positioning, Speed Detection, Current Sensing, Flow Measurement, Others.
By End User: Industrial automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (Japan, China, India, South Korea, Australia and Others), South America (Brazil, Argentina and others) and RoW (Middle east and Africa).
Key Takeaways
- In Current Sensor Market, the Open-loop current sensor is expected to grow at the highest CAGR of 9.9% during the forecast period owing to its low cost, small size, lightweight and low power consumption.
- APAC dominated the Current Sensor market size in 2023 with a share of 33.3% due to the growing requirement of power management, government supporting industrial automation and growth of the industrial sector in countries such as China, India, South Korea and Japan.
- Continuous technological advancements, growing use of fully integrated programmable current sensors, and growing demand for intelligent Current Sensors are expected to drive the growth of the Current Sensor market.
- Current Sensor companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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Current Sensor Market Segment Analysis – By Deployment
In Current Sensor Market, the Open-loop current sensor is expected to grow at the highest CAGR of 9.9% during the forecast period owing to its low cost, small size, lightweight and low power consumption. In addition, this type of current sensor measure DC, AC and complex current wave forms with galvanic isolation. Similarly Open-loop sensors are increasingly being used in an array of applications, including industrial automation, broadcast equipment, power monitoring, robotics, and battery systems, thus driving the Current Sensors market. Moreover, the demand for open-loop current sensors has increased due to its features including compact size, AC/DC and impulse current measurement, low power consumption, large primary aperture, and high level of electric isolation between primary and secondary circuits. Hence these kind of benefits are analysed to drive the Current Sensor industry outlook in the forecast period 2024-2030.
Current Sensor Market Segment Analysis – By End-User Industry
The Consumer Electronics sector in Current Sensors market is growing at the highest CAGR of 10.2% during the forecast period. There is a rise in the demand of consumer electronic devices such as mobile phones, smart TVs, home theatre systems, digital cameras, washing machines, wearable devices, and gaming devices that use current sensors. According to the Consumer Electronics and Appliances Manufacturers Association, India's appliances and consumer electronics industry is projected to double by USD 17.9 Billion by 2024 - 2025. The increasing popularity of electronic compass and navigational equipment in consumer electronic devices will also lead to an increase in the consumption of hall sensors in the consumer electronics segment. Further, the global consumer electronics industry is continuously growing as a result of growing use of advanced and smart electronic devices such as smartphones and increasing standard of living worldwide. Furthermore, companies are investing significantly in R&D activities in consumer electronics devices with people using a greater number of electronic devices with highly advanced features. Hence these factors are analyzed to drive the Current Sensor market growth in the forecast period 2024-2030.
Current Sensor Market Segment Analysis – By Geography
APAC dominated the Current Sensor market size in 2023 with a share more than 34% due to the growing requirement of power management, government supporting industrial automation and growth of the industrial sector in countries such as China, India, South Korea and Japan. Governments of various countries in APAC are taking efforts to propel the Current Sensors industry, owing to significant opportunities in terms of job creation and revenue generation in the industry. For instance, in 2022, The Government of India has approved around three semiconductor manufacturing plant projects worth USD 31.64 million under the Electronic Manufacturing Clusters (EMC) Scheme. This Measure by the Government of India to encourage the electronics manufacturing industry in the country is projected to drive the demand for sensors. This, coupled with the increasing number of technological advancements, is expected to support growth of the global Current Sensors market.
Current Sensor Market Drivers
The growing demand for electric vehicles is analyzed to drive the Current Sensor market in the forecast period:
The demand for electric vehicles is growing significantly, owing to the plans and initiatives of governments of different countries such as India, China, Germany, the U.S, and others. Hall sensors are widely used in electric vehicles to control displacements and rotations of various parts of the vehicle, vibrations of the engine, the ignition system. In addition, several companies have been increasingly investing in R&D to develop advanced sensors. For instance, Allegro has introduced current sensor ICs allow design engineers to use Hall-effect-based current sensor ICs in new EV and HEV applications where increased energy efficiency or new operating features are required., Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. As Current Sensor is used for several applications, hence the rising demand for electric vehicles globally drives the Current Sensor market size in the forecast period 2024-2030.
Technological Advancements of Current Sensor is driving the growth of the market:
Continuous technological advancements, growing use of fully integrated programmable current sensors, and growing demand for intelligent Current Sensors are expected to drive the growth of the Current Sensor market. Moreover, several companies have been developing advanced sensors to gain market traction. For instance, in November 2022, Infineon introduces new XENSIV™ TLE4971 sensor family for automotive applications. These sensors are built on the first generation of current sensors that integrate sensing elements and high precision signal conditioning with voltage isolation. This sensor is aimed at demanding automotive and industrial systems, providing more precision and sensitivity, additional fault detection offerings, and customer programmability. Hence these kinds of advancements are analyzed to drive the Current Sensor share in the forecast period 2024-2030.
Current Sensor Market Challenges
Growing demand for low-cost Current Sensors is hampering the market growth
Automotive, consumer electronics, medical, industrial automation, railways, and aerospace & military are among the industries that use Current Sensors. The automotive and consumer electronics industries have shown a strong need for Hall-Effect-based current sensors. Both of these industries are quickly expanding, yet they confront fierce pricing rivalry in the market. As a result, players in these industries seek low-cost Current Sensors to keep the end product's price low. This low cost of the sensor will hamper the Current Sensor market growth in the forecast period 2024-2030.
Current Sensor Industry Outlook
Product launches, acquisitions, Partnerships, and R&D activities are key strategies adopted by players in the Current Sensor Market. In 2023, the market of Current Sensor industry outlook has been fragmented by several companies. The Current Sensor top 10 companies include:
- ABB
- Melexis N.V
- Allegro Microsystems, Inc.
- LEM International S.A.
- Honeywell International, Inc.
- TDK Corporation
- Texas Instruments, Inc.
- Asahi Kasei Microdevices Corporation
- Infineon Technologies AG
- TAMURA Corporation
Acquisitions/Technology Launches
- In May 2023, Infineon Technologies has acquired the Stockholm-based startup Imagimob AB. This acquisition enhances its edge AI capabilities for sensor solutions, targeting applications like predictive maintenance and anomaly detection in the current sensors market. This strengthens its position in IoT, automotive, and industrial sectors.
- In July 2023, Littelfuse Inc. unveiled its latest Current Sensing Resistor (CSR) family, providing a cost-effective solution for current measurement in circuits. These resistors enable voltage monitoring, control, and power management crucial for applications like battery charging and motor speed regulation, enhancing the competitive landscape in the Current Sensors Market.