Current Sensor Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Current Sensor Market was valued at USD 3.04 billion in 2023 and is projected to grow at over 9.8% CAGR between 2024 and 2032. The market increasingly integrates with IoT (Internet of Things) and Industry 4.0 technologies. Current sensors now feature IoT connectivity and smart capabilities, enabling real-time monitoring, remote diagnostics, and predictive maintenance for electrical systems. This integration supports data-driven decision-making, enhancing energy efficiency and reducing downtime in industrial and commercial settings.

As industries shift towards digitalization, the demand for current sensors that integrate with IoT platforms to drive smart manufacturing and operational efficiency continues to rise. For instance, in February 2024, STEGO, a leading manufacturer of electrical components, introduced the Smart Sensor Current ESS 076. This innovative product aims to improve efficiency and reduce costs in industrial plants by offering precise power consumption measurements, allowing plant operators to identify inefficiencies and take targeted measures to enhance energy efficiency.

The Current Sensor Industry is classified based on type, technology, end use , and region.

Based on type, the market is divided into closed loop and open loop segments. The closed loop segment dominates the market and is expected to exceed USD 3 billion by 2032. Utilizing a magnetic core, closed-loop current sensors maintain accuracy and stability. They sense the current, produce an output proportional to it, and use feedback control to compare it to the actual current. This design minimizes errors from external magnetic fields and temperature fluctuations, ensuring precise and reliable measurements. Due to their high precision, closed-loop sensors are favored in applications like power electronics, industrial automation, and energy monitoring.

Based on technology, the current sensor market is categorized into Hall effect, shunt, fluxgate, and magneto resistive. The shunt segment is the fastest-growing, with a CAGR of over 12% between 2024 and 2032. The shunt current sensor segment is expanding rapidly due to its superior accuracy and cost-effectiveness. Shunt sensors provide precise current measurements by monitoring the voltage drop across a known resistor, allowing for accurate current detection. This precision makes them highly desirable in applications requiring reliable performance and efficiency, such as power management systems and electric vehicles. Additionally, the increasing demand for energy-efficient solutions and the push for renewable energy integration drive the growth of the shunt sensor segment.

Asia-Pacific current sensor market accounted for over 43% of the market share in 2023 and will expand rapidly through 2032. China plays a crucial role as a major manufacturing hub and consumer. China's vibrant electronics and automotive landscape fuels a substantial demand for current sensors, which are used in power management, industrial automation, and the growing electric vehicle sector. Leveraging its robust manufacturing capabilities, China produces cost-effective current sensor solutions and sophisticated, high-precision models. With rapid expansion in China's industrial and automotive sectors, especially in electric vehicles and renewable energy, the demand for current sensors continues to rise.

Product Code: 4120

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360º synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increasing demand for electric and hybrid vehicles globally
  - 3.8.1.2 Rise in industrial automation trends
  - 3.8.1.3 Rising trend toward the use of renewable energy in electricity generation
  - 3.8.1.4 Proliferation of 5G base stations in Asia Pacific
  - 3.8.1.5 Growth in electric vehicle (EV) adoption
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 High costs and technical issues associated with current sensors
  - 3.8.2.2 Integration with existing systems
3.9 Growth potential analysis
3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Type, 2021-2032 (USD Million and Units)

5.1 Key trends
5.2 Closed loop
5.3 Open loop

Chapter 6 Market Estimates and Forecast, By Technology, 2021-2032 (USD Million and Units)

6.1 Key trends
6.2 Hall-effect
6.3 Shunt
6.4 Fluxgate
6.5 Magneto-resistive

Chapter 7 Market Estimates and Forecast, By Application, 2021-2032 (USD Million and Units)

7.1 Key trends
7.2 Motor drive
7.3 Converter and inverter
7.4 Battery management
7.5 UPS and SMPS
7.6 Starter and generators
7.7 Grid infrastructure
7.8 Others

Chapter 8 Market Estimates and Forecast, By End-use, 2021-2032 (USD Million and Units)

8.1 Key trends
8.2 Automotive
8.3 Consumer electronics
8.4 Industrial
8.5 Healthcare
8.6 Telecommunications
8.7 Renewable energy
8.8 Others

Chapter 9 Market Estimates and Forecast, By Region, 2021-2032 (USD Million and Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 Aceinna
10.2 Allegro MicroSystems, Inc.
10.3 Asahi Kasei Microdevices Corporation
10.4 Honeywell International Inc.
10.5 Infineon Technologies AG
10.6 KOHSHIN ELECTRIC CORPORATION
10.7 LEM International SA
10.8 Littelfuse, Inc.
10.9 Melexis
10.10 NVE Corporation
10.11 Omron Corporation
10.12 ROHM Co., Ltd.
10.13 Sensitec GmbH
10.14 Silicon Laboratories
10.15 STMicroelectronics N.V.
10.16 TAMURA Corporation
10.17 TDK Corporation
10.18 TE Connectivity
10.19 Texas Instruments Incorporated
10.20 VACUUMSCHMELZE GmbH and Co. KG
10.21 Vishay Intertechnology, Inc.