Current Sensor Market by Sensor Type (AC Current Sensors, DC Current Sensors), Loop Type (Closed Loop, Open Loop), Technology, Output Type, End-Use - Global Forecast 2024-2030
The Current Sensor Market size was estimated at USD 4.34 billion in 2023 and expected to reach USD 4.71 billion in 2024, at a CAGR 9.03% to reach USD 7.95 billion by 2030.
A current sensor measures the electric current flowing through a conductor. Current sensors are essential for monitoring and controlling power systems and are used to measure the current flowing through transmission lines, distribution networks, and electrical equipment. Current sensors 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. Current sensors are useful in power metering, measurement of current supply, diagnosis of the control system, and controlling loads from motors. Current sensors integrated with backup power systems, such as uninterrupted power supply (UPS) systems and inverters, enable battery protection at the charge stage and offer increased electronic system efficiency, increasing demand for current sensors in data centers. Rising demand for Hall effect technology in current sensors and its increased use in manufacturing industries enhance the need for current sensors. However, technical concerns and high costs associated with current sensors significantly impede the adoption of current sensors. In addition, deploying IoT and IIoT with current sensors and utilizing advanced technology in current sensors is anticipated to create massive opportunities for market development.
Regional Insights
In the Americas, the deployment of industrial robots, rapid adoption of 5G technology, and an upsurge in the trend of hybrid automobiles in the automotive industry increase the adoption of current sensors. In countries such as the United States, Canada, and Mexico, the growing adoption of smart home and smart city developments has raised the use of many electronic systems, including lighting control, HVAC control, home healthcare devices, and home appliances, significantly improving the adoption of current sensors. India and China have increased the requirement for current sensors owing to favorable regulatory compliances and the ongoing need for renewable energy infrastructure, power electronics, and automobiles. In Europe, the growing usage of current sensors in industrial automation, technological advancements in current sensors, and the rising expansion of consumer electronic products enhanced the utilization of current sensors in various industries.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Current Sensor Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Adoption of current sensors in smart grid and renewable energy infrastructure
- Government initiatives promoting industry 4.0 and robotic automation
- Market Restraints
- High costs associated with current sensors
- Market Opportunities
- Advancements in the design and models of current sensors
- Rise in the adoption of electric vehicles and hybrid-electric vehicles
- Market Challenges
- Changing standards associated with current sensor technologies
- Market Segmentation Analysis
- Sensor Type: Constant utilization of current sensors to ensure the safe and efficient operation of electrical systems
- Loop Type: Growing deployment of closed-loop current sensor for speedy & reliable parametres in the industry-based application
- Technology: Advancement in isolated current sensor technology for current measurement in various application
- Output Type: Innovations in digital and wireless current sensors are the emerging need of current todays non-wired, automated sensing devices
- End-Use: Emerging deployment of the technologies integrated with the advanced current sensors for building automation and industrial verticals
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Current Sensor Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Current Sensor Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Melexis Boosts Accuracy of Hall-effect DC Current Sensing
Melexis has introduced the MLX91230, the initial offering from their third generation of current sensors. This new sensor boasts an impressive +/-0.5% accuracy while maintaining a compact design, all at an affordable price. With this innovative sensor, OEMs and Tier 1 suppliers are able to reduce production costs while ensuring accurate monitoring solutions that meet the highest safety standards.
TI Simplifies Current Sensing With the Industry's Most Accurate Hall-Effect Sensors and Integrated Shunt Solutions
Texas Instruments (TI) has introduced a new range of current sensors that offer engineers the opportunity to simplify their designs while enhancing accuracy. This portfolio includes the industry's smallest integrated current shunt monitor and the most accurate 75-A integrated shunt solution.
Allegro MicroSystems to Acquire Crocus for USD 420 Million
Allegro MicroSystems has entered into a definitive agreement to acquire Crocus Technology, a France-based company, for USD 420 million. This acquisition is aimed to enable Allegro to expand product offerings and provide customers with a diverse range of options.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Current Sensor Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Current Sensor Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aceinna Inc., Allegro Microsystems, Inc., AMBO Technology, Asahi Kasei Corporation, Broadcom Inc., Cheemi Technology Co., Ltd., Coto Technology, Inc., CR Magnetics, Inc., CTS Corporation, DER EE Electrical Instrument CO., Ltd., Electrohms Private Limited, Emerson Electric Co., Hitachi, Ltd., Honeywell International Inc., ICE Components, Inc., Infineon Technologies AG, Kohshin Electric Corporation, LEM Holding SA, Littelfuse, Inc, Luksens Technologie GmbH, Melexis NV, Mitsubishi Electric Corporation, Monnit Corporation, Murata Manufacturing Co., Ltd., NXP Semiconductors N.V., Olimex Ltd., OMRON Corporation, Panasonic Holdings Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Sensitec GmbH, Siemens AG, Silicon Laboratories Inc., Skyworks Solutions, Inc., STMicroelectronics International N.V., Suncall Corporation, Suzhou Novosense Microelectronics Co., Ltd., Tamura Corporation, TDK Corporation, TE Connectivity Ltd., Texas Instruments Incorporated, Vacuumschmelze GmbH & Co. KG, Yageo Corporation, and Yokogawa Electric Corporation.
Market Segmentation & Coverage
This research report categorizes the Current Sensor Market to forecast the revenues and analyze trends in each of the following sub-markets:- Sensor Type
- AC Current Sensors
- DC Current Sensors
- Loop Type
- Closed Loop
- Open Loop
- Technology
- Isolated Current Sensor
- Magnetic Current Sensor
- AMR
- Fluxgate
- GMR
- Hall-effect
- TMR
- Opto-isolated op amp
- Shunt-isolated op amp
- Non-isolated Current Sensor
- Analog-to-Digital Converter
- Current Sensing Amplifier
- Output Type
- Analog
- Digital
- Wireless
- End-Use
- Aerospace & Defense
- Automotive
- Building Automation
- Consumer Electronics
- Industrial
- Telecommunication
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- Alaska
- California
- Illinois
- Indiana
- Louisiana
- New York
- Ohio
- Pennsylvania
- Texas
- Vermont
- West Virginia
- Wyoming
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Magnetic Current Sensor
- Isolated Current Sensor
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Adoption of current sensors in smart grid and renewable energy infrastructure
- 5.1.1.2. Government initiatives promoting industry 4.0 and robotic automation
- 5.1.2. Restraints
- 5.1.2.1. High costs associated with current sensors
- 5.1.3. Opportunities
- 5.1.3.1. Advancements in the design and models of current sensors
- 5.1.3.2. Rise in the adoption of electric vehicles and hybrid-electric vehicles
- 5.1.4. Challenges
- 5.1.4.1. Changing standards associated with current sensor technologies
- 5.2. Market Segmentation Analysis
- 5.2.1. Sensor Type: Constant utilization of current sensors to ensure the safe and efficient operation of electrical systems
- 5.2.2. Loop Type: Growing deployment of closed-loop current sensor for speedy & reliable parametres in the industry-based application
- 5.2.3. Technology: Advancement in isolated current sensor technology for current measurement in various application
- 5.2.4. Output Type: Innovations in digital and wireless current sensors are the emerging need of current todays non-wired, automated sensing devices
- 5.2.5. End-Use: Emerging deployment of the technologies integrated with the advanced current sensors for building automation and industrial verticals
- 5.3. Market Trend Analysis
- 5.3.1. Development of innovative current sensors by established players in North America with manufacturing expansion across South America to meet end-user demands
- 5.3.2. Government initiatives on the development and advancement of energy-efficient devices in APAC region
- 5.3.3. Strong regulatory framework to meet sustainability goals fuels high demand of current sensing technology from the end-use industries across Europe
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Current Sensor Market, by Sensor Type
- 6.1. Introduction
- 6.2. AC Current Sensors
- 6.3. DC Current Sensors
- 7. Current Sensor Market, by Loop Type
- 7.1. Introduction
- 7.2. Closed Loop
- 7.3. Open Loop
- 8. Current Sensor Market, by Technology
- 8.1. Introduction
- 8.2. Isolated Current Sensor
- 8.3. Non-isolated Current Sensor
- 9. Current Sensor Market, by Output Type
- 9.1. Introduction
- 9.2. Analog
- 9.3. Digital
- 9.4. Wireless
- 10. Current Sensor Market, by End-Use
- 10.1. Introduction
- 10.2. Aerospace & Defense
- 10.3. Automotive
- 10.4. Building Automation
- 10.5. Consumer Electronics
- 10.6. Industrial
- 10.7. Telecommunication
- 11. Americas Current Sensor Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Current Sensor Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Current Sensor Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Melexis Boosts Accuracy of Hall-effect DC Current Sensing
- 14.3.2. TI Simplifies Current Sensing With the Industry's Most Accurate Hall-Effect Sensors and Integrated Shunt Solutions
- 14.3.3. Allegro MicroSystems to Acquire Crocus for USD 420 Million
- 14.3.4. Avnet and ACEINNA Ink Global Distribution Agreement
- 14.3.5. Novosense Launched The Automotive-Qualified Integrated Current Sensor Nsm2019 Featuring Low Impedance And High Isolation
- 14.3.6. TDK Invests in 2X Increased Production Capacity for TMR Magnetic Sensors
- 14.3.7. Asahi Kasei Microdevices Develops Ultra-Fast Current Sensing Technology with a Bandwidth of Several MHz
- 14.3.8. Suncall Corporation Taps Crocus Technologies TMR Sensor Technology to Develop Advanced Sensors for EV Industry
- 14.3.9. Mouser Electronics and Asahi Kasei Microdevices Sign Global Distribution Agreement
- 14.3.10. CTS Acquires Innovator in Electric Vehicle Sensors
- 14.3.11. LEM Launches Open Loop Hall Current Sensor for Automotive EV Traction Inverters
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
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