What is the global market size of Current Sensor Market?

Global Current Sensor Market size was valued at USD 2.3 billion in 2021 and is poised to grow from USD 2.55 billion in 2022 to USD 5.79 billion by 2030, growing at a CAGR of 10.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Current Sensor Market?

The competitive landscape for the contemporary sensor market breaks down information by competitor. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. Only the companies' focus on the current sensor market is mentioned in the data points above. 'Allegro MicroSystems, LLC', 'Honeywell International Inc.', 'TDK Corporation', 'Infineon Technologies AG', 'LEM Holding SA', 'ACEINNA Inc.', 'Melexis NV', 'Silicon Laboratories Inc.', 'Asahi Kasei Microdevices Corporation', 'STMicroelectronics NV', 'Tamura Corporation', 'Kohshin Electric Corporation', 'Magnesensor Technology', 'Sensitec GmbH', 'Pulse Electronics Corporation', 'Coto Technology', 'NK Technologies', 'CR Magnetics, Inc.', 'Veris Industries, LLC', 'ATC Semitec Ltd.'

What is the key driver of Global Current Sensor Market?

The market for battery-powered devices is expanding quickly as a result of the expanding portable electronic equipment, automotive, and uninterruptible power supply (UPS) industries. Because of the rapid adoption of electric vehicles and increased investments in renewable energy, the market for battery-powered systems is expanding. Battery-powered systems are advantageous for both solar and wind energy systems. Therefore, the current sensors market is projected to advance during the forecast period as a result of the development in renewable energy projects global market.

What is the key market trend for Global Current Sensor Market?

The production of electric vehicles is on the rise globally as a result of increased advancements in automotive technology. Typically, a detailed architectural schematic of an electric automobile includes several current sensors. In addition, these are required for the control of brushless (BLDC) electric motors. This motor-control-current gadget is used in the EVs made by firms like BMW, Volkswagen, etc. These sensors are typically used in solar power inverters, power inverters that drive traction motors in mid- and full-hybrid electric vehicles, and battery current monitoring

Which region accounted for the largest share in Global Current Sensor Market?

In terms of market share and revenue, North America currently dominates the global market. This is because governments' environmental concerns are growing, which has contributed to a growth in the utilization of renewable energy sources in this region for electricity generation and conversion.

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.

Current Sensor Market Report Snapshots

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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. '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)'

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.

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.

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.

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Current Sensor Market Insights

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What is the global market size of Current Sensor Market?

Who are the key vendors in the Current Sensor Market?

What is the key driver of Current Sensor Market?

What is the key market trend for Current Sensor Market?

Which region accounted for the largest share in Current Sensor Market?

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