Current Sensor Market Size, Share, Growth Analysis, By Current Sensing Method (Direct Current Sensing, Indirect Current Sensing), By Loop Type (Open Loop, Closed Loop), By Technology (Isolated, Non-isolated), By Output Type (Analog, Digital), By End User (Automotive, Consumer Electronics), By Region - Industry Forecast 2024-2031

Global Current Sensor Market size was valued at USD 2.40 billion in 2022 and is poised to grow from USD 2.65 billion in 2023 to USD 5.80 billion by 2031, growing at a CAGR of 10.30% during 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.