The Global Current Sensor Market size is expected to reach $2 billion by 2027, rising at a market growth of 8.1% CAGR during the forecast period. The current sensor refers to a device that is capable of detecting the flow of electric current in a wire or conductor, and creates a signal proportional to that current. This created signal can be in the form of current or digital output or analog voltage. The current sensors can be classified into two types of loops viz. closed-loop, and open-loop and use technologies like Fluxgate, Hall-effect, and Rogowski effect. The application of current sensors is found in different types of industries like automotive and consumer electronics.
They can also monitor the current flow by employing the resistor in the direct path of the current, which will help to measure the fall in the voltage. The current sensing circuit generates a voltage output or proportional current in the path of the flowing current being measured.
The growth for the current sensor market is fueling, owing to the increase in the adoption of power management systems in data centers, which is enhancing the speed and efficiency with the reduction in power expenditure. Current sensors are being integrated with backup power systems like UPS systems and inverters that will protect the battery while getting charged and provide efficiency, thus, leading to increased demand in data centers. In addition, the government has strictly implemented rules to control the power consumption of data centers, which is one of the key factors boosting the growth of the current sensor market.
Impact The outbreak of the Covid-19 has severely affected the research & development activities in the semiconductor and electronics industry which led to the closure of various manufacturing facilities around the world. The scarcity of raw components and materials is hindering the production capacity of sensor manufacturers and created disruption in the supply chain. The current sensor industry has acquired excessive growth, owing to increased manufacturing of hybrid & electric vehicles, the rising building automation sector, and increasing investments in consumer electronics in the past decade.
The outbreak of the global COVID-19 pandemic restricted both the demand and supply of this market. However, it is anticipated that the market would witness new growth momentum as industries overcome the effects of the COVID-19 pandemic. In contrast, an undetermined economy and a decline in the adoption of electric vehicles are leading to the drop in purchasing capability of the consumers, which is hampering the growth of the current sensor market.
Based on Type, the market is segmented into Open Loop and Close Loop. In several industries such as telecom, the closed-loop sensor is used for the linear flow of current in servers and circuits, due to which this sector has become popular in the telecom industry. Base stations are highly adopting these sensors to get Switch-Mode Power Supplies (SMPS) and Uninterrupted Power Supplies (UPS) to calculate impulse current, direct current (DC), and alternating current (AC). In addition, these sensors are resistant to electrical noise, offering constant current flow in the electrical systems like computer room air conditioning (CRAC) units, power supplies, and power distribution units (PDU) due to which the growth of the market is augmenting.
Based on Technology, the market is segmented into Hall Effect, Current Transformer, Flux Gate and Others. There are some more advantages offered by hall-effect technology like wide frequency bandwidth, low power consumption, linearity, and high accuracy. For more advancements in Hall-effect technology, industry leaders are inclining towards galvanic isolation-based technology and BiCMOS architecture. The applications of programmable & intelligent Hall-effect sensors are found in smart batteries, smart fuse devices, traction motor invertors, and industrial robots.
Based on Output Type, the market is segmented into Analog and Digital. The Analog market dominated the Global Current Sensor Market by Output Type 2020, growing at a CAGR of 7.2 % during the forecast period. The Digital market is expected to witness highest CAGR of 9.4% during (2021 - 2027).
Based on End User, the market is segmented into Industrial, Automotive, Consumer Electronics, Telecommunication and Others. Automotive user acquired the highest revenue share of current sensor market in 2020 and is estimated to witness considerable growth over the forecast period. This growth is attributed to the high adoption of current sensors in hybrid electric vehicles and electric vehicles. Evolution in the electrification of powertrains will lead to improvements in electric and hybrid electric vehicles, due to which there will be a surge in the demand for current sensors.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 1.1 Billion |
| Market size forecast in 2027 | USD 2 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 8.1% from 2021 to 2027 |
| Number of Pages | 264 |
| Number of Tables | 453 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Technology, Output Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific is estimated to witness a promising revenue share of the current sensor market during the forecast period. This rise in the current sensor market is due to the growing use of these sensors in the building automation, manufacturing, energy, and automotive industries. There is an increase in the manufacturing and sales of passenger cars in several countries of the Asia-Pacific region like South Korea, China, and Japan. The increment in the implementation of isolated current sensors for hybrid and electric vehicles in the automotive industry is accelerating the regional current sensor market growth.
Free Valuable Insights: Global Current Sensor Market size to reach USD 2 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Honeywell International, Inc. and Texas Instruments, Inc. are the forerunners in the Current Sensor Market. Companies such as TDK Corporation, Infineon Technologies AG, and Asahi Kasei Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Melexis N.V. (Xtrion N.V.), Allegro Microsystems, Inc. (Sanken Electric Co., Ltd.), LEM International S.A., Honeywell International, Inc., TDK Corporation, Texas Instruments, Inc., Infineon Technologies AG, Asahi Kasei Corporation, Tamura Corporation, and Aceinna, Inc.
By Type
By Technology
By Output Type
By End User
By Geography
The current sensor market size is projected to reach USD 2 billion by 2027.
Deployment of industrial robots are driving the market in coming years, however, Fall in average selling price (ASP) due to intense pricing pressure have limited the growth of the market.
Melexis N.V. (Xtrion N.V.), Allegro Microsystems, Inc. (Sanken Electric Co., Ltd.), LEM International S.A., Honeywell International, Inc., TDK Corporation, Texas Instruments, Inc., Infineon Technologies AG, Asahi Kasei Corporation, Tamura Corporation, and Aceinna, Inc.
The expected CAGR of the current sensor market is 8.1% from 2021 to 2027.
The outbreak of the global COVID-19 pandemic restricted both the demand and supply of this market. However, it is anticipated that the market would witness new growth momentum as industries overcome the effects of the COVID-19 pandemic.
The closed-loop current sensor market acquired a significant revenue share in 2020 and would exhibit a promising growth rate during the forecast period.
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