Current Sensor Market Size, Share, Growth Analysis, By Current Sensing Method, By Loop Type, By Technology, By Output Type, By End User, 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 projected to experience significant growth over the forecast period. This growth is largely driven by the increasing adoption of temperature and proximity sensors in advanced and versatile medical equipment, along with rising consumer interest in movement and position sensors. The market is further bolstered by the expanding consumer electronics sector, technological advancements, and the integration of modern sensors in industrial automation. Among the key sectors consuming sensors, consumer electronics lead, followed by the automotive, IT, and telecom industries. Smartphones, in particular, utilize a variety of sensors, such as accelerometers, gyroscopes, ambient light sensors, proximity detectors, and temperature sensors, for tracking features and facilitating centralized autonomous control. Additionally, there is growing demand for fully integrated and programmable current sensors, especially open-loop and closed-loop Hall effect current sensors. Technological progress in non-isolated sensors, such as analog-to-digital converters and current sensing amplifiers, along with research and development, industrialization, expanding applications, and growth in end-user industries, further contribute to the market's expansion. The increased focus on energy measurement, driven by urbanization, industrialization, and applications in eco-friendly electrical solutions-like battery management and uninterruptible power supplies-presents lucrative opportunities for the market during the forecast period.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Current Sensor market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Current Sensor Market Segmental Analysis

Global Current Sensor Market is segmented by Current Sensing Method, Loop Type, Technology, end user and region. Based on Current Sensing Method, the market is segmented into Direct Current Sensing, and Indirect Current Sensing. Based on Loop Type, the market is segmented into Open Loop, and Closed Loop. Based on Technology, the market is segmented into Isolated, and Non-isolated. Based on Output Type, the market is segmented into Analog, and Digital. Based on End User, the market is segmented into Automotive, Consumer Electronics, Telecom & Networking, Healthcare, Industrial, Energy & Power, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Drivers of the Global Current Sensor Market

The market for battery-powered devices is growing rapidly due to the increasing demand from the portable electronics, automotive, and uninterruptible power supply (UPS) sectors. The rise in electric vehicle adoption, coupled with growing investments in renewable energy, is further fueling the expansion of battery-powered systems. Battery-powered solutions are particularly beneficial for solar and wind energy systems, making them integral to the renewable energy industry. As global renewable energy projects continue to develop, the market for current sensors is expected to see significant growth throughout the forecast period.

Restraints in the Global Current Sensor Market

Although the use of current sensors in automated vehicles, telecommunications equipment, consumer electronics, and healthcare devices has grown significantly, sales growth has been hampered by price erosion. This decline is largely due to the fierce competition among the growing number of sensor manufacturers, which drives prices down. While lower average selling prices (ASPs) benefit consumers, they negatively affect the profit margins of suppliers. The intense pricing pressure in the highly competitive sensor market continues to push ASPs down, limiting revenue growth despite the increased demand for sensors across various industries.

Market Trends of the Global Current Sensor Market

The global production of electric vehicles (EVs) is rapidly increasing due to advancements in automotive technology. A detailed architectural schematic of an electric vehicle typically includes several current sensors, which are essential for controlling brushless (BLDC) electric motors. These motor control current sensors are used in EVs produced by companies like BMW and Volkswagen. Additionally, these sensors are crucial in solar power inverters, power inverters that drive traction motors in mid- and full-hybrid electric vehicles, and for battery current monitoring. Advanced CMOS Hall-effect-based magnetic sensors, which offer high-level output signal capabilities, are also integrated into EVs. These sensors can be fully customized with programmable memory and microcontroller circuitry, and standard interfaces may be developed to facilitate communication with other circuits in EVs. Hybrid electric vehicles (HEVs), which are becoming increasingly popular among green vehicles, rely on sophisticated electronic circuitry to regulate the flow of electric energy. In a single-motor HEV, the motor either generates electricity to charge the battery during regenerative braking or operates in parallel with the internal combustion engine as a driving motor. HEVs are equipped with various devices, such as AC motor applications and DC-DC converters, all of which depend on electrical current sensors to function optimally. According to the U.S. Department of Energy, HEV sales surged by approximately 76% in 2021 compared to the previous year, highlighting the growing demand for these energy-efficient vehicles.