Global Current Sensor Market Report and Forecast 2024-2032

Global Current Sensor Market Outlook

The global current sensor market attained a value of about USD 2.04 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.5% to reach nearly USD 3.60 billion by 2032.

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Growing Use of Current Sensor in the Automotive Industry to Augment the Current Sensor Industry

The extensive use of current sensors in the automotive industry is augmenting the market growth. As various components of vehicles are increasingly becoming automated, using assistance systems to support drivers while assuring safety, the use of electric currents is increasing significantly. Moreover, electric motors are widely used for the electrification of vehicles such as cars to enhance safety and convenience. This is increasing the use of a current sensor to measure for optimisation of consumption and emission reduction to prevent the damage of electric components in a vehicle, consequently propelling the growth of the current sensor industry. The surging demand for current sensors, which can provide reliability and durability, is providing further impetus to the market growth of current sensor.

The rising demand for electric vehicles (EV) and hybrid electric vehicles (HEV) is contributing significantly to the market growth of current sensor. The growing demand for an excellent current measuring tool is surging the use of reliable, high speed, and cost-efficient current sensors. In addition, the use of high-performance current sensors, which are durable, resistant to magnetic fields and can be shaped to fit compact spaces to enable customisation of designs in hybrid electric vehicles, is expected to invigorate the market growth. Current sensors are extensively used in high voltage Battery Management System (BMS) to determine their state of charge (SOC) and state of health (SOH) to improve the longevity of batteries and extend the life of electric vehicles.

Current Sensor: Market Segmentation

Current sensors refer to those devices that are used to measure the flow of electric currents, which is vital in various electronic and instrumentation systems. They are used for circuit control and protection while monitoring and enhancing the performances of electronic systems. They are primarily deployed in several electronic devices and components, such as batteries and chargers and are widely used in numerous applications.

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The major types of current sensor are:

• Open Loop
• Closed Loop

The market can be broadly categorised on the basis of its current sensing technologies into:

• Hall Effect
• Current Transformer
• Flux Gate
• Rogowski Coil

Based on end uses, the market is divided in

• Automotive
• Consumer
• Industrial
• Telecommunication
• Others

The EMR report looks into the regional markets of current sensor like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Clean Energy Aiding the Market Growth of Current Sensor

The rising demand for clean energy owing to increasing environmental- consciousness is propelling the market growth. The production of cost-efficient power from solar and photovoltaic cells requires precise monitorisation of the current and voltage of every panel. This is increasing the use of current sensors, which are deployed to ensure the efficiency of solar and photovoltaic panels. Moreover, the rising use of smart grids to prevent power outages and failures is increasing the demand for current sensors to calibrate high and medium voltage transformers, hence boosting the market growth. The growing demand for high-efficiency power inverters to meet the surging energy demand is providing further impetus to the market growth.

The development of an open looped current sensor to meet the demands for its extensive use in various industries is aiding the market growth. Current sensors that can provide a rapid response time of fewer than ten seconds while offering thermal isolation and machine mountable standard packaging are increasingly preferred. The use of current sensors in motor control systems to control the torque and increase the reliability of motors by detecting fault conditions is also augmenting the growth of the current sensor industry. The development of current sensors that can be used as a substitute for high-frequency current transformers to reduce the size and improve the overall quality of electric components is projected to augment the industry growth.

Key Industry Players in the Global Current Sensor Market

The report presents a detailed analysis of the following key players in the global current sensor market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Allegro MicroSystems, Inc.
• Eaton
• Honeywell International Inc.
• Infineon Technologies AG
• TAMURA Corporation
• TDK Corporation
• Sensitec GmbH
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report