PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555552
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555552
Current Sensor Market size was valued at USD 2,824.2 Million in 2023, expanding at a CAGR of 10.60% from 2024 to 2032.
A current sensor, also known as a current transducer or current transformer, is an electrical device that measures the passage of electric current through a circuit. It is vital in a wide range of applications that require current monitoring and management, including power systems, renewable energy systems, industrial automation, and electric vehicles. They typically work on the principle of electromagnetic induction, which allows them to detect and measure current without the need for direct electrical contact.
Current Sensor Market- Market Dynamics
Increasing demand for electric vehicles is expected to boost the current sensor market
The demand for electric vehicles is increasing rapidly due to government plans and activities in nations such as India, China, Germany, the United States, and others. Hall sensors are commonly employed in electric vehicles to manage the displacement and rotation of various vehicle components, engine vibrations, and the ignition system. In addition, some corporations have increased their investment in R&D to develop improved sensors. For instance, Allegro has launched current sensor ICs, which enable design engineers to use Hall-effect-based current sensor ICs in new EV and HEV applications requiring better energy efficiency or novel operating capabilities. Ford Motor has pledged to raise its electric car investments to $30 billion by 2025, up from $22 billion by 2023. Because Current Sensor is utilized in a variety of applications, increased global demand for electric vehicles will drive the Current Sensor market size between 2024 and 2032.
Current Sensor Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.60% over the forecast period (2024-2032)
Based on Type segmentation, open loop was predicted to show maximum market share in the year 2023
Based on Isolation segmentation, isolated was the leading segment in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Current Sensor Market is segmented on the basis of Type, Isolation, End-Use, and Region.
The market is divided into two categories based on Type: Closed Loop and Open Loop. The open loop segment had the biggest proportion in 2023. There is a growing emphasis on energy efficiency in industries, commercial buildings, and residential applications, which has resulted in a higher demand for Open Loop current sensors. These sensors are critical for monitoring and optimizing electrical currents, which helps to reduce energy consumption. Open Loop current sensors are critical in monitoring and controlling power generation and distribution as the globe shifts to renewable energy sources like solar and wind power.
The market is divided into two categories based on Isolation: Isolated and Non-Isolated. In 2023, the isolated current sensor category will hold the majority of the market share. The increasing usage of battery-powered devices in a variety of industries, including automotive, consumer electronics, and healthcare, is boosting demand for isolated current sensors. These sensors are used to monitor current flow in battery-powered devices, which helps to extend battery life and improve overall system performance.
Current Sensor Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America dominates the market in 2023. Several factors contribute to the growth of the North American current sensor market. For starters, the region is placing a greater emphasis on energy efficiency and sustainability, which has resulted in increased demand for current sensors across a variety of businesses. These sensors are essential in energy management systems, helping to reduce environmental impact and lower energy expenditures. Second, the growth of renewable energy sources in North America, such as wind and solar power, has increased the demand for current sensors to optimise energy conversion and monitor electricity flow.
Asia Pacific is the rapidly expanding region in the market. The sensor market in Asia-Pacific (APAC) is undergoing significant expansion and transformation. China, Japan, South Korea, India, and other APAC countries are leading the way in this market. Governments around APAC are actively investing in modern sensor technology to improve a variety of sectors, including manufacturing and energy management. The current sensor market is experiencing substantial growth, owing to the country's developing manufacturing sector and rising demand for automation.
The market's major players include Infineon Technologies, Honeywell International, Texas Instruments Incorporated, TAMURA Corporation, TDK Corporation, Allegro MicroSystems, LLC, LEM International SA, Eaton Corporation, Pulse Electronics, NK Technologies, Sensitec GmbH, Sensor Electronic Technology, and others. With a strong presence in all verticals and geographies, the Current Sensor Market is highly competitive and dominated by established pure-play suppliers. These companies have a large geographic footprint and a strong partner ecosystem to serve a variety of consumer categories. The current sensor market is extremely competitive, with numerous vendors providing comparable goods and services.
In May 2023, Infineon Technologies has purchased Stockholm-based firm Imagimob AB. This acquisition expands its edge AI capabilities for sensor solutions, focusing on applications such as predictive maintenance and anomaly detection in the present sensors industry. This increases its position in the IoT, automotive, and industrial markets.