The Global Current Sensor Market size was USD 2.31 Billion in 2021 and is expected to register a revenue CAGR of 10.4% over the forecast period, according to the latest analysis by Emergen Research. Rising demand for renewable energy, consumer electronic products, and Electric Vehicles (EVs) among consumers are further increasing demand for current sensors.
Rising concerns about global warming have increased due to an increase in GHG emissions brought on by burning of fossil fuels. Currently, the transport industry accounts for over 30% of CO2 emissions in developed nations. Rising demand for renewable energy has led to an increase in popularity of EVs globally. In Electric Vehicle (EV) systems, current and power monitoring are typically used to track overall current used from battery and provide driver with real-time data utilizing algorithms regarding amount of charge still in the battery. Similarly, a typical HEV has a number of systems, including applications for AC motors and DC-DC converters, that depend on electrical current sensors to operate as efficiently as possible. This has led to an increase in demand for current sensors in EVs and thereby propel market revenue growth.
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Additionally, increasing deployment of IoT and industrial robots is expected to support revenue growth of the market. Along with a split-core current sensor, this industrial IoT wireless AC current monitor sensor measures current. It determines RMS current value, samples current at a high data rate, and transmits wirelessly. To reduce power usage, this process is repeated at user-defined timing intervals with sleep in between driving growth of the market.
Factors, such as rapid decline in Average Selling Prices (ASPs) and inaccurate results due across various temperature ranges are restraining revenue growth of the market. However, rapid technological innovation in current sensors and a surge in demand for EVs are expected to support growth of the market in long term.
Some Key Highlights from the Report
On 27 October 2021, Infineon Technologies AG. launched its first automotive current sensor named XENSIV TLE4972. The coreless current sensor measures current with accuracy and stability using Infineon’s tried-and-true Hall technology. TLE4972 is perfect for xEV applications including traction inverters used in hybrid and battery-powered vehicles as well as battery main switches due its compact form and diagnosis modes.
The open-loop segment revenue is expected to account for largest share over the forecast period due to their small size, low power consumption, and open-loop current sensors, which are widely used in battery-powered circuits as they produce an output voltage proportional to measured current.
The isolated segment accounted for a larger market share in 2021 owing to its efficacy and simplified design due to elimination of need for external concentrators which can further contribute to revenue growth of this segment.
The digital segment is expected to register a rapid growth rate over the forecast period. Increased demand for efficient power monitoring systems and energy consumption is a result of growing demand for power-efficient technologies, which is expected to sustain revenue growth of the market over the forecast period.
The North America market is expected to account for largest revenue share during the forecast period. Rising geopolitical tensions between the U.S and China, which has led to increasing investments by the Government of U.S. In addition, presence of major companies such as Honeywell International Inc., Texas Instruments Incorporated., and others are expected to driving market revenue growth.
Some major companies operating in the market include Honeywell International Inc., Texas Instruments Incorporated, Aceinna Inc., Allegro MicroSystems, Inc., Tamura Corporation, LEM International SA, Infineon Technologies AG, Melexis., Asahi Kasei Microdevices Corporation, and TDK Corporation.
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Emergen Research has segmented the global current sensor market based on loop type, technology, output type, end-users,and region:
Loop Type Outlook (Revenue, USD Billion, 2019–2030)
Technology Outlook (Revenue, USD Billion, 2019–2030)
Output Type Outlook (Revenue, USD Billion, 2019–2030)
End-User Outlook (Revenue, USD Billion, 2019–2030)
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Regional Outlook (Revenue, USD Billion, 2019–2030)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of Middle East & Africa
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Key Questions Answered in the Report:
What is the growth rate of the Current Sensor market? What is the anticipated market valuation of Current Sensor industry by 2030?
What are the key growth driving and restraining factors of the Current Sensor market?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
What are the key opportunities and growth prospects of the Current Sensor industry over the forecast period?
Which region is expected to show significant growth in the coming years?
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