USD 2.3 billion
Global Current Sensor Market Size, Share, Growth Analysis, By Type(Open-loop current sensor and Closed-loop current sensor), By Technology(Hall Effect, Current Transformer), By End User(Industrial automation, Automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG45N2020 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
95 |
Figures:
76
Global Current Sensor Market Insights
Current Sensor Market size was valued at USD 2.3 billion in 2019 and is poised to grow from USD 2.55 billion in 2023 to USD 5.79 billion by 2031, growing at a CAGR of 10.8% in the forecast period (2024-2031).
The global market is expected to grow substantially throughout the anticipated time frame. The increasing use of temperature and proximity sensors in adaptable and cutting-edge medical services equipment, as well as consumer preference for movement and position sensors, are driving the market growth.
The expansion of consumer electronics goods, technological breakthroughs, and the use of current sensors in industrial automation has been propelling the global market growth. But consumer electronics, followed by the auto industry, IT, and telecom, have the biggest consumption of sensors. Smartphones include sensors to track characteristics and offer a centralised system for autonomous control, including accelerometers, gyroscopes, ambient light sensors, proximity sensors, and temperature detectors.
The market is further influenced by the growing demand for fully integrated and programmable current sensors but by consumers' high demand for open loop and closed loop hall effect current sensors. Additionally, 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 have a positive impact on the current sensor market. Additionally, the rise in energy measurement is importantly brought on by urbanization and industrialization as well as potential applications in environmentally friendly electrical solutions such as battery management and uninterruptible power supplies focusing on providing lucrative opportunities for the market over the forecast period.
US Current Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hall Effect
Fastest Growth
Hall Effect
Growth Rate
10.8% CAGR
Global Current Sensor Market ($ Bn)
Country Share for North America Region (%)
Global Current Sensor Market By Technology ($ Bn)
Global Current Sensor Market By Technology (%)
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Global Current Sensor Market Segmental Analysis
Global Current Sensor market is segmented on the basis of Type, Technology, End User, and region. By Type, the market is segmented into Open-loop current sensor, and Closed-loop current sensor. By Technology, the market is segmented into Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil. By End User, the market is segmented into Industrial automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, and Others. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according region.
Current Sensor Market Analysis by Technology
The hall effect segment dominated the global market. One of the most significant market trends now occurring in the sensor sector is Hall Effect technology. Technology advancements in Hall-based current sensors, such as coreless technology, are primarily what is driving the expansion. It helps sensor manufacturers streamline their designs and cut down on the bill of materials, improving their integration across diverse industry sectors. Numerous advantages of the Hall Effect technology include great accuracy, a wide frequency spectrum, linearity, and low energy usage. Robots, intelligent batteries, traction motor inverters, and smart fuse devices are some instances of industrial applications for the programmable and intelligent Hall Effect sensors. The Hall Effect technology segment is driven by rising demand for programmable and advanced coreless sensors for industrial automation.
The second-largest share will belong to the current transformer section. With iron core coils, current transformers are commonly employed to monitor the primary side current and busbar current in AC systems. These transformers may be single- or dual-core and are capable of detecting DC current. In most cases, it has an auxiliary DC winding. These transformers are also durable and uncomplicated. Due to an increase in the usage of smart monitoring devices and the quick growth of smart grid networks, this segment's market share will increase.
Current Sensor Market Analysis by End User
The industrial segment dominated the global market. Manufacturing facilities, storage facilities, and other types of facilities fall within the industrial category. The production plant uses a variety of manually operated, partially automated, and entirely automated machines. The inclusion of a current sensor in this equipment is required for current measurement purposes. Due to the growing use of these sensors in industrial automation and market-wide technological advancements, the market for industrial current sensors is predicted to grow more quickly over the course of the forecast period. To introduce advances in the area of current sensors, various businesses are stepping up their research and development efforts.
Global Current Sensor Market By Technology, 2023 (%)
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Global Current Sensor Market Regional Insights
In terms of market share and revenue, North America currently dominates the global market. This is because governments' environmental concerns are growing, which has contributed to a growth in the utilization of renewable energy sources in this region for electricity generation and conversion.
Asia-Pacific market is expected to grow at the fastest CAGR. In growing nations like China, India, and Japan, population growth and urbanization have sped it up development, which will drive up prices for current sensors from end-users in the energy, automotive, telecom and networking, industrial, and healthcare industries. The Consumer Electronics and Appliances Manufacturers Association predicts that the consumer electronics and appliances market in India would double to INR 1.48 lakh crore (about USD 17.9 billion) by 2024–25. As more companies produce fully integrated, programmable current sensors based on CMOS or BiCMOS technology, demand for these sensors will rise in tandem with the growth of the consumer electronics industry. There are hundreds of sensors currently available that can sense almost everything in robots. A microprocessor in the robots can process the analogue signal between 0V and 5V the current sensors output.
Global Current Sensor Market By Region, 2024-2031
- Largest
- Fastest
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Global Current Sensor Market Dynamics
Current Sensor Market Drivers
An increase in the use of battery-powered technologies and an increased emphasis on renewable energy.
- The market for battery-powered devices is expanding quickly as a result of the expanding portable electronic equipment, automotive, and uninterruptible power supply (UPS) industries. Because of the rapid adoption of electric vehicles and increased investments in renewable energy, the market for battery-powered systems is expanding. Battery-powered systems are advantageous for both solar and wind energy systems. Therefore, the current sensors market is projected to advance during the forecast period as a result of the development in renewable energy projects global market.
Increasing Relevance of Industrial Robots and the Need for Hall Effect Technology
- Due to the advancement of hall-based technologies like coreless technology, its demand has surged. The manufacturer's bill of materials (BOM), design size, and forward integration into other industry verticals are decreased as a result of this. Additional benefits of Hall Effect Technology include linearity, high precision, low energy consumption, and broad frequency bandwidth. Leading market players are currently concentrating on BICMOS design and galvanic isolation-based technology for advancements in Hall Effect technology. The current demand for sensor has grown as a result of benefits and potential growth.
Current Sensor Market Restraints
Decrease in Average Selling Prices to Create Intense Pricing Pressure
Even though the number of current sensors being used in automated vehicles, telecommunications equipment, consumer electronics, and healthcare devices has expanded, price erosion has severely slowed sales growth. Part of this can be attributed to the intense competition among the increasing number of sensor manufacturers. Although lower ASPs are good for consumers, they have a negative impact on suppliers' profit margins. The average selling price (ASP) decreases as a result of the intense pricing pressure, which restricts revenue growth in the fiercely competitive modern sensor market.
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Global Current Sensor Market Competitive Landscape
The competitive landscape for the contemporary sensor market breaks down information by competitor. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. Only the companies' focus on the current sensor market is mentioned in the data points above.
Current Sensor Market Top Player’s Company Profiles
- Allegro MicroSystems, LLC
- Honeywell International Inc.
- TDK Corporation
- Infineon Technologies AG
- LEM Holding SA
- ACEINNA Inc.
- Melexis NV
- Silicon Laboratories Inc.
- Asahi Kasei Microdevices Corporation
- STMicroelectronics NV
- Tamura Corporation
- Kohshin Electric Corporation
- Magnesensor Technology
- Sensitec GmbH
- Pulse Electronics Corporation
- Coto Technology
- NK Technologies
- CR Magnetics, Inc.
- Veris Industries, LLC
- ATC Semitec Ltd.
Current Sensor Market Recent Developments
- In June 2022, Murata debuted their MRD family of open-loop current sensors for industrial systems. High-performance tunnel magneto-resistive (TMR) components are used in each sensor in the MRD series, enabling accurate detection of both DC and AC currents up to 40A and maintaining stable properties across a broad temperature range.
- In January 2022, Toshiba Electronic Devices & Storage Corporation developed a shunt MOS current sensor-integrated half-bridge module. Power electronics systems can monitor current with high accuracy and minimal power loss when the sensor is used with components like gallium nitride (GaN) power devices. The innovative sensor technique uses a low-voltage MOSFET (metal oxide semiconductor field effect transistor) connected to a GaN field effect transistor to sense current.
Global Current Sensor Key Market Trends
- The production of electric vehicles is on the rise globally as a result of increased advancements in automotive technology. Typically, a detailed architectural schematic of an electric automobile includes several current sensors. In addition, these are required for the control of brushless (BLDC) electric motors. This motor-control-current gadget is used in the EVs made by firms like BMW, Volkswagen, etc. These sensors are typically used in solar power inverters, power inverters that drive traction motors in mid- and full-hybrid electric vehicles, and battery current monitoring. Advanced features are integrated into CMOS Hall-effect-based magnetic sensors, which also offer high-level output signal capabilities. A fully customized output is possible with sophisticated magnetic sensors that have programmable memory and even microcontroller circuitry. Standard interfaces that facilitate communication with other circuits in EVs may also be developed. In addition, the hybrid electric vehicle (HEV), which is swiftly overtaking other green vehicles in popularity, uses sophisticated electronic circuitry to regulate how much electric energy is sent through the car. In a single-motor HEV, the motor serves as a generator to charge the battery during regenerative braking or as a driving motor in parallel with the internal combustion engine. A typical HEV has a number of devices, including applications for AC motors and DC-DC converters, that depend on electrical current sensors to operate as efficiently as possible. The US Department of Energy estimates that compared to the previous year, HEV sales grew by roughly 76% in 2021.
Global Current Sensor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global current sensor market analysis, the demand for low-cost, accurate, and small-size sensor solutions has increased significantly over the last decade in industrial, automotive, commercial, and communications systems. Further IC performance improvements have been made possible by new design approaches and the methodical application of modern BiCMOS technology. By allowing extra functionalities, such as power protection, to be included into the present sensor IC, it has also paved the path for new product ideas. Let's say the industry participants in the production of these sensors continue to put their attention on enhancing IC performance. The next generation of fully integrated, reasonably priced current sensor devices might then start to emerge as a result of this.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.3 billion |
| Market size value in 2031 | USD 5.79 billion |
| Growth Rate | 10.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Current Sensor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Current Sensor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Current Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Current Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Current Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Current Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Current Sensor Market Report Snapshots
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