Current Sensor Market is Anticipated to Reach USD 3.4 Billion at a CAGR of 8.30% by 2032– Report by Market Research Future (MRFR)

New York, USA, May 22, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), Current Sensor Market Information by Type, Current Type, Technology, and Region – Forecast till 2032”, Market could thrive at a rate of 8.30% between 2022 and 2032. The market size will be reaching around USD 3.4 billion by the end of the year 2032

Current Sensor Market Synopsis

A current sensor is an electronic device used to measure the current flowing through an electrical conductor. The sensor provides a non-intrusive way to measure the current and can be easily integrated into various electrical systems. The current sensor market has seen significant growth in recent years due to the increasing demand for energy-efficient systems and the growing need for accurate power monitoring and control.

Current sensors have a wide range of applications in various industries such as automotive, industrial automation, power generation, and consumer electronics. In the automotive industry, current sensors are used for battery management, motor control, and power distribution. In industrial automation, they are used for machine control and process monitoring. In the power generation industry, current sensors are used for power monitoring and fault detection. In consumer electronics, they are used for power management and protection.

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Current Sensor Market Competitive Landscape:

The affluent companies in the Current Sensor industry include

  • Pulse Electronics Corporation
  • Honeywell International Inc
  • Tamura Corporation
  • Melexis NVV
  • acuumschmelze GmbH & Co. KG
  • Infineon Technologies AG
  • Advantech B+B Smart
  • WorxBroadcom Inc
  • Coto Technology
  • CR Magnetics Inc
  • CUI Inc
  • Diodes Incorporated
  • Harting Technologie
  • Gruppe
  • Lem Holding SA
  • Littelfuse Inc.

Report Scope:

Report Metric Details
Revenue forecast in 2032 USD 3.4 Billion
Growth Rate CAGR of 8.30 % from 2023 to 2032
Base Year 2022
Study Period 2023-2032
Key Market Opportunities The reduction in the consumption of fossil fuels.
Key Market Drivers The rising need for current measurement in industrial applications for motor current sensing and solar inverters.

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Market Update:

June 2021 – Allegro MicroSystems, LLC, a leading player in the current sensor market, launched a new integrated Hall-effect current sensor IC, ACS37800. The sensor provides high-accuracy and low-noise current sensing for various industrial applications such as solar inverters, motor control, and server power supplies.

Market USP Covered:

Market Drivers:

The current sensor market is driven by several factors such as the increasing demand for energy-efficient systems, the growing need for accurate power monitoring and control, and the rising adoption of electric vehicles. With the increasing focus on energy efficiency and sustainability, industries are looking for ways to reduce energy consumption and optimize their systems. Current sensors play a critical role in achieving these goals by providing accurate power monitoring and control. The growing adoption of electric vehicles is also driving the market, as current sensors are essential components for the battery management systems used in these vehicles.

Market Restraints:

One of the main challenges facing the current sensor market is the high cost of these sensors compared to traditional methods of current measurement. In addition, the complexity of the sensor technology and the need for accurate calibration can also be a barrier to adoption. Another challenge is the limited availability of skilled professionals who can design and integrate current sensors into complex systems.

COVID 19 Analysis

The COVID-19 pandemic has had a mixed impact on the current sensor market. On one hand, the pandemic has led to disruptions in supply chains and manufacturing, leading to a shortage of components and delayed product launches. On the other hand, the pandemic has also accelerated the adoption of remote monitoring and control systems, which has increased the demand for current sensors. In the post-COVID scenario, the market is expected to recover and grow due to the increasing demand for energy-efficient systems and the rising adoption of electric vehicles.

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Current Sensor Market Segmentation:

  • By Type – The Types in the market include Digital/Inductive Current Sensors, Closed Loop Current sensors, and Open Loop Current Sensors.
  • By Current Type – By Current Type, the segment includes AC, DC
  • By Technology – By Technology, the segment includes Hall Effect Current Sensing and Giant Magneto-Resistive (GMR) Current Sensing.

Current Sensor Market Regional Insights

North America is the largest market for current sensors, with a strong focus on energy-efficient systems and the presence of several key players such as Honeywell International, Allegro MicroSystems, and Texas Instruments. The region’s strict regulatory standards for energy efficiency also contribute to the demand for current sensors in the region. Additionally, Europe is also a significant market for current sensors, with a strong focus on sustainability and energy efficiency. The region’s commitment to reducing carbon emissions and increasing the use of renewable energy sources is driving demand for current sensors in various applications, including renewable energy systems and electric vehicles. Key players in the European market include Siemens AG, Infineon Technologies AG, and STMicroelectronics.

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Further, the Asia-Pacific region is expected to see the most growth in the current sensor market, driven by the increasing adoption of electric vehicles and the growing need for power monitoring and control in industrial automation. Countries like China, Japan, and India are leading the market growth in the region, with several major players operating in the market. Companies such as TDK Corporation, Infineon Technologies AG, and Allegro MicroSystems are among the key players in the Asia-Pacific market.

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