USD 2.3 billion
Current Sensor Market Size, Share, Growth Analysis, By Current Sensing Method(Direct Current Sensing, Indirect Current Sensing), By Loop Type(Open Loop, Closed Loop), By Technology(Isolated [Magnetic Current Sensors (Hall-effect current sensors, Anisotropic magnetoresistive (AMR) current sensors, Giant magnetoresistive (GMR) current sensors, Tunneling magnetoresistive (TMR) current sensors), By Output Type(Analog, Digital), By End User(Automotive, Consumer Electronics, Telecom & Networking, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45N2020 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
95
|Figures:
76
Current Sensor Market Insights
Global Current Sensor Market size was valued at USD 2.40 billion in 2022 and is poised to grow from USD 2.65 billion in 2023 to USD 5.80 billion by 2031, growing at a CAGR of 10.30% during the forecast period (2024-2031).
Growing demand for electric and hybrid vehicles is the main driver of this market. These sensors are essential in electric vehicle (EV) systems, monitoring the flow of electricity to batteries, motors and charging systems. They help to ensure proper power supply, manage batteries, improve energy efficiency by detecting abnormalities early and enhance safety. Governments around the world impose strict emission standards towards environmentally friendly options.
For example, in July 2024, Infineon Technologies AG and Svoboda announced a partnership specifically aimed at developing advanced current sensor modules for electric and hybrid vehicles. This collaborative sensor provides Infineon's high-performance current sensor integrated circuits (ICs).
Combining module development and technology with Svoboda’s expertise, targeting the rapidly expanding market for automotive sensing solutions.
In recent years, the demand for low-cost, accurate, and compact sensor solutions in industrial, automotive, and commercial communications systems has now increased. Innovative design concepts and advanced technologies systematic applications have been the subject of new developments in the IC industry. It has also paved the way for new manufacturing processes that help add new functionalities such as lightning protection to the current sensor IC.
US Current Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hall Effect
Fastest Growth
Hall Effect
Growth Rate
10.8% CAGR
Global Current Sensor Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Current Sensor Market Segmental Analysis
Global Current Sensor Market is segmented by Current Sensing Method, Loop Type, Technology, end user and region. Based on Current Sensing Method, the market is segmented into Direct Current Sensing, and Indirect Current Sensing. Based on Loop Type, the market is segmented into Open Loop, and Closed Loop. Based on Technology, the market is segmented into Isolated, and Non-isolated. Based on Output Type, the market is segmented into Analog, and Digital. Based on End User, the market is segmented into Automotive, Consumer Electronics, Telecom & Networking, Healthcare, Industrial, Energy & Power, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Current Sensor Market Analysis by Output Type
Analog is the dominating segment in the market. The analog segment accounted for the largest market share in 2023. These sensors provide real-time feedback, relying on existing analog infrastructures. Analog sensors provide continuous, proportional signals essential for current measurement accuracy in applications where immediate data feedback is required. In addition, analog sensors are evolving with improved accuracy, reduced power consumption, and greater compatibility with advanced control systems, to maintain relevance in critical a used and thus contributed to the growth of the market.
Digital is the fastest growing segment in the market. The growth of the digital segment can be attributed to technological advancements and increasing demand for IoT-enabled devices. Digital output sensors offer unique advantages such as noise immunity, digital signal processing capabilities, and the ability to transmit data over long distances without signal degradation. These sensors are widely used in IoT applications, smart networks and battery management systems with data acquisition fast, accurate and connectivity is essential for offering robust solutions with advanced data analytics, remote monitoring, and supporting seamless integration with digital control systems.
Current Sensor Market Analysis by Application
The motor drive segment accounted for the largest market revenue share in 2023. The growth of this segment is driven by rapid adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). While automakers offer efficiency and productivity well first, this demand shifts towards industrial automation Lika more is being amplified, with sensors now playing a key role in variable-frequency drives (VFDs) and servomotors to support the progress towards smart factories and IoT-integrated devices.
The starter & generator segment is expected to grow significantly from 2024 to 2031 because of the focus on improving energy efficiency and reducing carbon emissions in automotive and aerospace applications. Current sensors play a key role in ensuring proper and safe operation of starter motors and generators. This trend is in line with global development policies and regulatory requirements, leading to the development and adoption of current advanced sensing technologies that can meet demanding performance standards contributing to cleaner power systems.
Global Current Sensor Market By Output Type (%)
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Current Sensor Market Regional Insights
The current sensor market in Asia-Pacific dominated the global market and accounted for 32.30% in 2023. Increasing demand for smartphones, tablets, PCs and smartwatches fuelled urbanization and increasing digitization efforts in the economy such as China, Japan and South Korea. This sector recognizes that as countries in the region accelerate their digital transformation initiatives, there is a growing need to automate planning, a mistake improved detection and prediction repair capabilities, leading to the use of current advanced sensor technologies.
The North America region in the current sensor market is expected to grow significantly from 2024 to 2031. There is an increasing demand for current sensors in various industries such as renewable energy, automotive, and consumer electronics. The industry’s focus on improving electric vehicle design and increasing energy efficiency is driving the adoption of current sensing technologies. Combined with investments in sustainable energy solutions and stricter regulatory standards, sensors now play a key role in optimizing power management and supporting the transition to cleaner energy systems. The current sensor market in the US. is expected to record significant growth from 2024 to 2031. Establishment of an industrial automation system that requires efficient current sensors and continued focus on technological advancement is a major contributing factor for now current sensor market.
Global Current Sensor Market By Geography
- Largest
- Fastest
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Current Sensor Market Dynamics
Current Sensor Market Drivers
Increasing Adoption of Electric Vehicles (EVs)
- One of the major drivers of the current sensor market is the increasing adoption of electric vehicles (EVs) worldwide. While the global push for sustainability and reduction carbon emissions is severe, EVs are gaining momentum. Sensors now play a key role in monitoring and monitoring the flow of power in EV battery management systems and electric powertrains, ensuring efficient and safe operation. Increasing demand for EVs is now driving the consumption of sensors role in automotive manufacturing and charging stations has increased.
Expanding Renewable Energy
- The transition to renewable energy including solar and wind is further driving the demand for these current sensors. These sensors are important in monitoring energy generation systems and monitoring, ensuring the efficiency and safety of renewable energy as governments and organizations invest more in renewable energy projects. And now the demand for more accurate measurement is gaining increase, contributing to the expansion of the current sensor market.
Restraints
High Initial Cost
- One of the major limitations facing the current sensor market is the high initial cost associated with current advanced sensor technology. Currently accurate sensors, especially used in industrial and automotive applications may be expensive to design, manufacture and deploy in systems can prevent and thus limit market growth.
Technical Challenges in Design and Integration
- Another key limitation is the technical difficulties in developing and integrating current sensors into systems. Current sensors operate uniformly in a wide range of environments, which can make the design and operating system tough. The complexity of sensor calibration and integration in the aerospace, automotive, and construction industries often results in delays and additional costs, hindering widespread adoption.
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Current Sensor Market Competitive Landscape
The competitive scenario in the current sensor market is characterized by the presence of major players such as Honeywell, Texas Instruments etc. These companies are focused on innovation, with higher accuracy, reduced size and improved current sensors to meet the demand automotive, renewable energy and industrial automation industries. For strategic partnerships, mergers, acquisitions and it happens more often, with companies seeking to expand their technological capabilities and market position. Moreover, start-ups and local players contribute to market growth by introducing cost-effective solutions tailored to specific applications.
Current Sensor Market Top Player’s Company Profiles
- Asahi Kasei Corporation (Japan)
- Infineon Technologies AG (Germany)
- Allegro Microsystems, Inc. (US)
- LEM International SA (Switzerland)
- Melexis (Belgium)
- TDK Corporation (Japan)
- ACEINNA (US)
- Honeywell International Inc. (US)
- Tamura Corporation (Japan)
- Texas Instruments Incorporated (US)
- Silicon Laboratories (US)
- Ningbo Xici Electronic Technology Co., Ltd. (China)
- Kohshin Electric Corporation (Japan)
- Yageo Group (Taiwan)
- Vacuumschmelze GmbH & Co. KG (Germany)
- STMicroelectronics (Switzerland)
- Omron Corporation (Japan)
- ICE Components, Inc. (US)
- Magnesensor Technology (US)
- American Aerospace Controls (US)
- Electrohms Private Limited (India)
- DARE Electronics, Inc. (US)
- Yuanxing Electronics Co., Ltd. (China)
- Sensor Electronic Technology (SET) (US)
- Tell-I Technologies, Inc. (US)
Current Sensor Market Recent Developments
- September 2023 - Melexis announced the launch of the MLX91230, the first product from the third generation of current sensors to deliver 0.5 percent accuracy at an affordable price in a compact design. Includes IVT measuring power together, incorporates a microcontroller (MCU) to offload functions from the internal ECU, uses pre-installed safety features, and EV is considered perfect for battery systems and power distribution systems.
- March 2023 - ROHM deliverd space-saving, highly accurate current sensor amplifiers for industrial applications including wireless base stations, PLCs and inverters and consumer applications such as home appliances. This reduces the number of components from eleven to only three compared to traditional systems (operational amplifier + discrete components).
- In July 2023, Littelfuse Inc. becomes the majority shareholder of the company announced the launch of its new current sensing resistor (CSR) family offering a more cost-effective solution for measuring current in circuits, enabling voltage monitoring, control and power management including battery charging and other functions.
Current Sensor Key Market Trends
- Advances in Hall-Effect Sensors: Hall-effect sensors, which detect magnetic fields to measure current, are becoming increasingly popular in the market due to their accuracy and reliability. These sensors are improved by digital interfaces and self-calibration features a Hall effect sensors' ability to operate in harsh environments and are well suited to modern technologies such as industrial automation and renewable energy systems further strengthens their position as a growing feature of current sensing technologies.
- Integration of IoT with Smart Grid: The rise of Internet of Things (IoT) and smart grid technologies is another major factor shaping the current sensor market. Now sensors are integrated into IoT based systems for real-time power monitoring and control, especially in smart homes, industrial automation, energy distribution networks making them essential in modern energy systems.
Current Sensor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the current sensor market is experiencing strong growth, mainly driven by increasing demand for electric vehicles (EVs) and the expansion of renewable energy sources. But also, by challenges such as high initial costs and technological difficulties in terms of planning and integration hinder the growth of the market. Key trends shaping the market include advances in Hall-effect sensor technology and hybridization of IoT and smart grid systems, which make current sensors more deployable and deployable in industry types. As the market evolves, sensors now play an increasingly important role in the transition towards more a sustainable and connected future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.40 billion |
| Market size value in 2031 | USD 5.80 billion |
| Growth Rate | 10.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Current Sensor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Current Sensor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Current Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Current Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Current Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Current Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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