What is the global market size of Current Sensor Market?

Current Sensor Market size was valued at USD 2.3 billion in 2021 and is poised to grow from USD 2.55 billion in 2022 to USD 5.79 billion by 2030, growing at a CAGR of 10.8% in the forecast period (2023-2030).

Who are the key vendors in the Current Sensor Market?

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. '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.'

What is the key driver of Current Sensor Market?

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.

What is the key market trend for Current Sensor Market?

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

Which region accounted for the largest share in Current Sensor Market?

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.

Current Sensor Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to current sensor market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Current Sensor Market News

September 2023 - Melexis announced the launch of the MLX91230, the first product from the third generation of current sensors to deliver 0.5 percent accuracy at an affordable price in a compact design. Includes IVT measuring power together, incorporates a microcontroller (MCU) to offload functions from the internal ECU, uses pre-installed safety features, and EV is considered perfect for battery systems and power distribution systems.
March 2023 - ROHM deliverd space-saving, highly accurate current sensor amplifiers for industrial applications including wireless base stations, PLCs and inverters and consumer applications such as home appliances. This reduces the number of components from eleven to only three compared to traditional systems (operational amplifier + discrete components).
In July 2023, Littelfuse Inc. becomes the majority shareholder of the company announced the launch of its new current sensing resistor (CSR) family offering a more cost-effective solution for measuring current in circuits, enabling voltage monitoring, control and power management including battery charging and other functions.

Current Sensor Market Report Snapshots

REPORT OVERVIEW BUY NOW

REQUEST FOR SAMPLE

Want to customize this report?

REQUEST FREE CUSTOMIZATION

FAQs

Current Sensor Market size was valued at USD 2.65 Billion in 2023 and is poised to grow from USD 2.92 Billion in 2024 to USD 6.4 Billion by 2032, growing at a CAGR of 10.30% during the forecast period (2025-2032).

'Asahi Kasei Corporation (Japan) ', 'Infineon Technologies AG (Germany) ', 'Allegro Microsystems, Inc. (US) ', 'LEM International SA (Switzerland) ', 'Melexis (Belgium) ', 'TDK Corporation (Japan) ', 'ACEINNA (US) ', 'Honeywell International Inc. (US) ', 'Tamura Corporation (Japan) ', 'Texas Instruments Incorporated (US) ', 'Silicon Laboratories (US) ', 'Ningbo Xici Electronic Technology Co., Ltd. (China) ', 'Kohshin Electric Corporation (Japan) ', 'Yageo Group (Taiwan) ', 'Vacuumschmelze GmbH & Co. KG (Germany) ', 'STMicroelectronics (Switzerland) ', 'Omron Corporation (Japan) ', 'ICE Components, Inc. (US) ', 'Magnesensor Technology (US) ', 'American Aerospace Controls (US) ', 'Electrohms Private Limited (India) ', 'DARE Electronics, Inc. (US) ', 'Yuanxing Electronics Co., Ltd. (China) ', 'Sensor Electronic Technology (SET) (US) ', 'Tell-I Technologies, Inc. (US)'

One of the major drivers of the current sensor market is the increasing adoption of electric vehicles (EVs) worldwide. While the global push for sustainability and reduction carbon emissions is severe, EVs are gaining momentum. Sensors now play a key role in monitoring and monitoring the flow of power in EV battery management systems and electric powertrains, ensuring efficient and safe operation. Increasing demand for EVs is now driving the consumption of sensors role in automotive manufacturing and charging stations has increased.

Advances in Hall-Effect Sensors: Hall-effect sensors, which detect magnetic fields to measure current, are becoming increasingly popular in the market due to their accuracy and reliability. These sensors are improved by digital interfaces and self-calibration features a Hall effect sensors' ability to operate in harsh environments and are well suited to modern technologies such as industrial automation and renewable energy systems further strengthens their position as a growing feature of current sensing technologies.

The current sensor market in Asia-Pacific dominated the global market and accounted for 32.30% in 2023. Increasing demand for smartphones, tablets, PCs and smartwatches fuelled urbanization and increasing digitization efforts in the economy such as China, Japan and South Korea. This sector recognizes that as countries in the region accelerate their digital transformation initiatives, there is a growing need to automate planning, a mistake improved detection and prediction repair capabilities, leading to the use of current advanced sensor technologies.