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

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 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, 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.'

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 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. 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.

In terms of market share and revenue, North America currently dominates the 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.