Current Sensor Market Analysis 2024 – Estimated Market Size And Key Drivers

The Current Sensor by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Current Sensor, 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.

The increase in demand for electric vehicles is expected to boost the growth of the current sensor market going forward. An electric vehicle (EV) refers to a car that can run on energy from a battery and can be charged from an outside source. Current sensors are used in automobiles to control the motor drive, the direct current conversion control of the motor’s regeneration current, and the detection of the charged and discharged currents of the batteries in electric and hybrid vehicles, all of which are crucial components of control. Hence, the increase in demand for electric vehicles is expected to boost the current sensor market. For instance, according to a report published by the International Energy Agency (IEA), a France-based international forum for energy cooperation, in 2022, the number of electric vehicle (EV) sales doubled from the previous year to reach 6.6 million, a new high for 2021. With 2 million sold in the first quarter, up 75% from the same period in 2021, electric car sales have continued to grow rapidly globally in 2022. Therefore, the increase in demand for electric vehicles is driving the growth of the current sensor market.

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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

Top Major Players:

• Allegro MicroSystems LLC
• Honeywell International Inc.
• Infineon Technologies AG
• TDK Corporation, TAMURA Corporation
• Texas Instruments Incorporated

North America was the largest region in the current sensor market in 2023.

Technological advancement is the key trend gaining popularity in the current sensor market. Major companies operating in the current sensor market are focusing on developing new technological solutions to sustain their position in the market. For instance, in April 2021, TDK Corporation, a Japan-based electronic components and devices company, launched the CUR 4000 Hall-effect sensor. The unique feature of the CUR 4000 is that it provides non-intrusive, galvanic-isolated contactless current sensing and is designed for highly precise current measurements in automotive and industrial applications. These characteristics will benefit future high-voltage systems for hybrid and electric vehicles (xEV). The product can measure dynamic current ranges up to =2000 A and is suitable for DC and AC measurements as well as overcurrent detection in high-power battery monitoring applications.

The current sensor market report table of contents includes:
1. Executive Summary
2. Current Sensor Market Characteristics
3. Global Current Sensor Market Trends And Strategies
4. Current Sensor Market – Macro Economic Scenario
5. Global Current Sensor Market Size and Growth
…….
26. Global Current Sensor Market Competitive Benchmarking
27. Global Current Sensor Market Competitive Dashboard
28. Key Mergers and Acquisitions In Current Sensor Market
29. Current Sensor Market Future Outlook and Potential Analysis
30. Appendix

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