Current Sensor Market Outlook (2022-2032)
Current sensor market analysis shows that global demand reached total valuation of around US$ 2,569.7 million, and is forecast to reach US$ 6,404.2 million with CAGR of 9.6% between 2022-2032.
Sales of current sensor accounted for nearly 1% share of the global sensors market at the end of 2021.
Report Attributes | Details |
|---|---|
Current Sensor Market Size (2021A) | US$ 2,459.5 Million |
Estimated Market Value (2022E) | US$ 2,569.7 Million |
Forecasted Market Value (2032F) | US$ 6,404.2 Million |
Global Market Growth Rate (2022-2032) | 9.6% CAGR |
North America Market Value (2022) | US$ 576.5 Million |
North America Market Share (2022) | 22.4% |
Europe Market Value (2022) | US$ 529.9 Million |
Europe Market Share (2022) | 20.6% |
China Market Value (2022) | US$ 450.3 Million |
China Market Growth Rate (2022) | 17.5% |
Market Share of Top 3 Countries | 39.8% |
Key Companies Profiled |
|
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Sales Analysis of Current Sensor (2017-2021) Vs. Market Outlook (2022-2032)
Due to significant technical advancements in the semiconductor and communications industries, the global market for current sensors is anticipated to experience substantial growth. Electric current in a wire can be detected using current sensors, which produce a signal proportional to the amount of current flowing through the wire. The development of modern sensors has resulted in a reduction in sensor size, making it more cost-effective, efficient, and compatible all at once.
Over the course of the projected period, rising consumer electronics product demand is anticipated to fuel present sensor market expansion. The usage of current sensors in the automotive industry is anticipated to rise as a result of rising safety concerns and favorable regulatory policies. Over the next decade, the market for current sensor is expected to grow at a CAGR of nearly 9.6% due to end user concerns. However, with the increasing cost reduction of electronic equipment, the demand for current sensor will increase significantly.
- Short Term (2022 to 2025): Increase in demand of electric vehicle after brushless DC motor have been introduced in the market.
- Medium Term (2025-2028): United States and China projected to witness comparatively high demand due to increased penetration of electronic goods.
- Long Term (2028-2032): Computational programming language can be used in current sensor to make more efficient.
From 2017 to 2021, the global market for current sensor registered a CAGR of 2.5% Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 9.6% CAGR between 2022 and 2032.
Market share analysis of current sensor based on sensing method and region is provided in the above image. Under the sensing segment, direct current sensing sub-segment dominates with 74.9% market share in 2022.
What’s Driving High Demand for Current Sensor across Regions?
“Versatile usage of Current Sensors across different avenue can increase the demand”
The adaptability of usage in a variety of industries, such as automotive, medical equipment, industry automation, farm equipment, aerospace systems, construction & mining equipment, 3D printing, and others, is predicted to fuel market growth. Additionally, flexibility and minimal dependence on particular industry lowers the chance of a sector or business experiencing a recession during the assessment period.
Since the electronic industry has experienced exponential expansion over the previous 20 years and is likely to continue doing so over the next 10 years, it is clear that this sector will have a positive impact on the global market. The need is projected to increase during the coming ten years as more electrical appliances being manufactured. Additionally, this technology is favored in electronic devices since it tends to be more power-efficient. Thus, increase manufacture of different appliance could increase the demand for current sensor.
“Increased Development in Automotive Industry”
Captive isolated IC is getting more attention as the demand for current sensor rises. Electric vehicles (EVs) and hybrid electric vehicles (HEVs) are more popular than ever as the automobile industry explores a number of propulsion options. improved technology, such as enhanced driver comfort through rapid cabin heating, improved battery performance for electric vehicles and hybrid vehicles, and use of a small modular design with a high thermal power density.
As a result, sales of EVs increased by 8.6% in 2021. By 2032, while the new business model in the automobile sector is anticipated to generate revenue of $1.5 trillion. Therefore, higher the technological advancement in the automotive industry higher will be the demand for current sensor.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
What Do Current Sensor Manufacturers Need to Watch Out for?
“Low resistance and high heat generation could affect the market demand”
Due to high power demand, it is likely that the resistance value and heat generation will be higher. It's challenging to quantify strong current. Because the hall element's sensitivity is limited, it is intended to reduce the frequency band in order to provide enough resolution. As a result, the response time is not very quick. High precision is challenging to obtain since raising the correction IC's gain also magnifies the offset of the hall element.
Country-wise Insights
Why China is a Pivot Point for Current Sensor Supplier?
During the projection period, East Asia is anticipated to be the most lucrative market for current sensor, supported by strong expansion in the consumer electronics sector as well as rising demand for automotive and healthcare products. The current sensor and semiconductor market's development is significantly influenced by regional trends and governmental regulations.
Developing nations like India and China have the fastest-growing markets for current sensor owing to favorable regulatory compliances and ongoing need for renewable energy infrastructure, power electronics, and automobiles. In addition, East Asia is anticipated to increase at an 9.7% annual growth rate between 2022 and 2032. Thus, China current sensor market is expected to reach US$ 1,228.2 million by 2032.
Why is the Germany Current Sensor Market Expected to Be Highly Lucrative?
As some of the leading manufacturers are prevailing in Europe region for instance Infineon Technologies owing to which sale are likely to increase positively. The local distribution channel and readily available product is leading to cater the dynamic demand of the product.
A market potential will be added by increasing government programs and supporting operations to encourage the adoption of electric vehicles and preserve a clean environment. The German government stated in March 2021 that it would invest US$ 6.5 billion to fasten the development of the nation's infrastructure for electric vehicle charging.
By 2024, the financing will be available, which will help the area produce more electric vehicles. To improve motor performance, bandwidth, and low noise and reaction time, these electric vehicles need a variety of powertrain subsystems, including inverters, battery management systems, and onboard chargers. These subsystems also require current sensors.
All in all, there will be positive growth of current sensor in Europe market in the long run owing to product maturity and established base of manufacturers.
Category-wise Insights
Why Hall Effect Current Sensor Segment to Account for Dominating Share Globally?
Hall effect current sensor are the best option for many applications due to their high dependability, pre-programmable electrical angles, fast speed of operation, and ability to operate in a wide temperature range. Automotive, maritime, handling, agriculture, process & packing, seating & rewinding equipment are just a few industries that use hall effect current sensor.
The market for hall effect current sensor is anticipated to reach US$ 3,844.2 million by the end of 2032 due to the rapidly growing demand for a variety of applications, including semiconductor chips and flexible devices. However, it is anticipated that the market for rogowski coils current sensor will expand faster than the overall market for current sensor.
Which Application of Current Sensor is Expected to Holds the Most Revenue Potential?
Over the projected period, improvements in the fields of medicine, communication, transportation, IT, and biotechnology will fuel demand for current sensor. The direct sensing technology-based sensors market is anticipated to expand significantly over the coming years, supported by automation in the automobile industry and other application fields. With a 7.8% growth rate during the forecast period and will grow at a value of US$ 1,923.5 million by the end of 2022.
Don't Need a Global Report?
save 40%! on Country & Region specific reports
Competitive Landscape
According to the market research analysis, Texas Instruments Inc., TDK Corporation, Infineon Technologies AG, Silicon Laboratories Inc., LEM Holding SA, Melexis NV, Honeywell International Inc, TAMURA Corporation, Asahi Kasei Microdevices Corporation, Allegro MicroSystems, LLC, Aceinna Inc. are recognized as the key players of current sensor market.
The major players in the current sensors market are expanding their production capabilities to keep up with the escalating demand from OEMs and business clients. Companies wanting to expand their capacity anticipate working with worldwide suppliers to ensure their global presence. Key players have been able to reach their targeted client group and enhance product flow in the market thanks to the adoption of push approach.
For instance, LEM Holding SA stated in 2020 that it would build a new manufacturing facility in Malaysia. The company hopes to diversify its footprint, de-risk its supply chain, and increase its skills with this new unit. Additionally, industry-specific orders and applications for bespoke products have aided major players in the development and commercialization of items that meet customer needs.
Fact.MR has provided detailed information about the price points of key manufacturers of Current Sensor positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Current Sensor Industry Research
By Sensing Method:
- Direct current sensing
- Indirect current sensing
By Circuit Type:
- Isolated
- Non-Isolated
By Sensor Type:
- Hall Effect Current Sensors
- Open Loop
- Split
- Solid
- Coreless
- Closed Loop
- Split
- Solid
- Coreless
- Open Loop
- Rogowski Coils
- Hall Effect Current Sensors
By End Use:
- IT & Telecom
- Consumer Electronics
- Automotive
- Industrial Automation
- Healthcare
- Energy & Utility
- Other
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
