Current Sensor Market Outlook
According to the report by Expert Market Research (EMR), the global current sensor market size reached a value of USD 2.04 billion in 2023. Aided by the increasing demand for energy-efficient solutions and the widespread adoption of electric vehicles (EVs), the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032 to reach a value of USD 3.60 billion by 2032.
Current sensors are crucial components in various applications, including power management, battery monitoring, and motor control, across diverse sectors such as automotive, consumer electronics, and renewable energy. These sensors play a vital role in ensuring the safety, efficiency, and reliability of electrical systems by accurately measuring the flow of electric current.
There are numerous factors contributing to the current sensor market growth including the surge in electric vehicle production, driven by environmental concerns and government incentives. These sensors are essential for battery management systems, motor control, and charging infrastructure in electric vehicles. Additionally, the proliferation of smart devices and wearables has led to a growing need for efficient power management solutions. Current sensors are integral to optimising battery life and ensuring the safety of these devices.
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The market growth is also being supported by the creation of an open looped current sensor that meets the requirements for widespread use in different sectors. Current sensors with a quick response time of less than ten seconds, along with thermal isolation and machine mountable standard packaging, are becoming increasingly popular. Furthermore, the utilisation of current sensors in motor control systems to regulate torque and enhance motor reliability through fault detection is contributing to the current sensor market expansion. Additionally, the development of current sensors as alternatives to high-frequency current transformers, aimed at reducing size and enhancing the overall quality of electric components, is expected to further boost the market growth.
Moreover, the expansion of the renewable energy sector is one of the major current sensor market trends. The shift towards renewable energy sources, such as solar and wind, has spurred the demand for current sensors in power inverters, energy storage systems, and grid management.
The integration of current sensors in industrial automation and Internet of Things (IoT) applications is increasing, as they provide critical data for monitoring and controlling electrical systems, consequently driving up the current sensor market share.
On the basis of geography, North America, Europe, and the Asia Pacific are the key regional markets for the product. The Asia Pacific is anticipated to lead the market growth, fuelled by the rapid expansion of the automotive and consumer electronics industries in the region. Meanwhile, Latin America and the Middle East and Africa are expected to provide lucrative opportunities for the market expansion in the coming years.
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Current Sensor Market Segmentation
The market can be divided based on the type, current sensing technology, end use, and region.
Market Breakup by Type
- Open Loop
- Closed Loop
Market Breakup by Current Sensing Technology
- Hall Effect
- Current Transformer
- Flux Gate
- Rogowski Coil
Market Breakup by End Use
- Automotive
- Consumer
- Industrial
- Telecommunication
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global current sensor market. Some of the major players explored in the report by Expert Market Research are as follows:
- Allegro MicroSystems, Inc.
- Eaton
- Honeywell International Inc.
- Infineon Technologies AG
- TAMURA Corporation
- TDK Corporation
- Sensitec GmbH
- Others
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