Categories: IT & Communication Technology

Current Sensor Market Growth Outlook Through 2024-2033

Overview and Scope
A current sensor refers to a device that detects current and converts it into an output voltage that can be easily measured and is proportionate to the current flowing through the measured route. Current sensors are used for power metering, current supply measurement, control system diagnosis, managing loads from motors, and other purposes.

Sizing and Forecast
The current sensor market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to automotive electrification, consumer electronics evolution, medical device innovation, regulatory standards influence, industrial automation growth..

The current sensor market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to supply chain and manufacturing capabilities, global economic factors, emerging applications, market competition and innovation, industry adoption trends.. Major trends in the forecast period include energy efficiency regulations, renewable energy growth, electrification in automotive, industrial automation, iot and smart devices..

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Segmentation & Regional Insights
The current sensor market covered in this report is segmented –

1) By Type: Closed Loop, Open Loop
2) By Technology: Hall Effect, Shunt, Fluxgate, Magneto-Resistive
3) By Application: Motor Drive, Converter and Inverter, Battery Management, UPS and SMPS, Starter and Generators, Grid Infrastructure, Other Applications
4) By End-Use: Automotive, Consumer Electronics, Industrial, Telecommunication, Other End-Uses

North America was the largest region in the current sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the current sensor market report during the forecast period. The regions covered in the current sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Major companies operating in the current sensor market report are Allegro MicroSystems LLC, Honeywell International Inc., Infineon Technologies AG, TDK Corporation, TAMURA Corporation, Texas Instruments Incorporated, Melexis N.V., LEM International SA, ACEINNA Inc., Omron Corporation, Asahi Kasei Microdevices Corporation, STMicroelectronics N.V., Silicon Laboratories Inc., Pulse Electronics Corporation, Vishay Intertechnology Inc., Microchip Technology Incorporated, ROHM CO. LTD., ON Semiconductor Corporation, Elan Microelectronics Corporation, Triad Magnetics Inc., Current Sensors Inc., SCT Sensing Technologies Inc., Semtech Corporation, Analog Devices Inc., VACUUMSCHMELZE GmbH & Co. KG, Grace Technologies Inc., Eaton Corporation PLC, NK Technologies Inc., Crocus Technology Inc., SoftEnergy Controls Inc. .

Key Industry Players
Major companies operating in the current sensor market are focused on developing advanced products such as automotive-qualified integrated current sensors to gain a competitive advantage. An automotive-qualified integrated current sensor is a sensor device designed and certified to meet the stringent reliability and performance standards specified for automotive applications, providing precise measurement of electrical currents within vehicles without the need for external isolation components. For instance, in June 2023, Novosense AB, a Sweden-based wireless sensor system manufacturer, introduced the NSM2019, an automotive-qualified integrated current sensor with low impedance and high isolation. This chip offers a fully integrated solution for precise current measurement in automotive and industrial systems, eliminating the need for external isolation components. With a unique package design, the NSM2019 achieves industry-leading primary conductor resistance of just 0.27 mΩ and supports continuous currents up to 100 A. It addresses challenges in heat dissipation design for compact systems. Available in automotive-qualified and industry-qualified versions, the automotive-qualified variant meets AEC-Q100 Grade 0 reliability standards, operates in harsh environments (-40 to 150 °C), and features fast overcurrent protection with a response time of 1.5 μs. The default overcurrent protection threshold is adjustable from 75% to 175% of full-scale current.

The current sensor market report table of contents includes:

1. Executive Summary

2. Current Sensor Market Characteristics

3. Current Sensor Market Trends And Strategies

4. Current Sensor Market – Macro Economic Scenario

5. Global Current Sensor Market Size and Growth
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31. Global Current Sensor Market Competitive Benchmarking

32. Global Current Sensor Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Current Sensor Market

34. Current Sensor Market Future Outlook and Potential Analysis

35. Appendix

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