Global Current Sensor Market Size by 2030 (2024)

Global Current Sensor Market Insights Forecast to 2030

• The Global Current Sensor Market Size was valued at USD 2.43 billion in 2021.
• The Market Share is growing at a CAGR of 11.80% from 2022 to 2030
• The Global Current Sensor Market Size is expected to reach USD 6.00 billion by 2030
• North America is expected to grow the fastest during the forecast period

The current sensor market is expanding rapidly due to innovation. It has been crucial for industrial operations to stay productive and competitive. The desire for operational effectiveness combined with reduced cost and improved security, both for assets and persons, has grown in importance and is driving expansion in the market. Additionally, the contemporary modern environment exhibits an unusual level of instability, fragility, complexity, and unpredictability, which increases demand for the market's available sensors.

Market Overview

Sensors come in a wide variety of forms and have a wide range. However, sensing technology is simply a technology that uses sensors to acquire information by using them to detect physical, chemical, or biological property quantities and convert them into readable signals. Sensors are simply devices that detect a measurement object's feature quantity and convert it into a readable signal displayed on an instrument. Current sensors, which are also sometimes referred to as current transformers, measure the current flowing through a wire by utilizing a magnetic field to identify the present and provide an appropriate output. They can sense physical input like light, heat, motion, wetness, pressure, or any other thing and are used with both AC and DC.

Electronic information is available for additional processing, display, or transmission. Everywhere there are sensors that can detect a wide range of real-world qualities. New technology allows for very accurate and power-efficient products that can perceive everything around them utilizing sensors. Sensors play a key role in generating new value for processes and individual organizations. The global current sensor market is anticipated to have significant growth during the predicted time frame. The current sensor market is being driven by factors like the rising adoption of temperature and proximity sensors in flexible and cutting-edge medical equipment as well as consumer preference for movement and position sensors.

The global current Sensor Market has been driven by rising consumer electronics product development, technological breakthroughs, and expanding use of current sensors in industrial automation. A lot of different industries use sensors. However, consumer electronics, followed by the automotive, IT, and telecom industries, use it the most. Smartphones include sensors to monitor parameters and offer a centralized system for automatic control, including accelerometers, gyroscopes, ambient light sensors, proximity sensors, and temperature detectors.

Report Coverage

This research report categorizes the market for the Current Sensors Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Current Sensors market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Current Sensors market.

Segmentation Analysis

• In the Current Sensor Market, the Open-loop current sensor is expected to grow at the highest CAGR of 9.9%.

On the basis of type, the current sensor market is segmented into an open-loop current sensor and a closed-loop current sensor. Among these, the open-loop current sensor is dominating the market and is expected to grow at the highest CAGR of 9.9%. With galvanic isolation, this kind of current sensor can measure DC, AC, and complicated current waveforms. Similar to current sensors, open-loop sensors are being used more and more in a variety of applications, such as industrial automation, broadcast equipment, power monitoring, robotics, and battery systems. Additionally, the demand for open-loop current sensors has grown as a result of their attributes, which include their small size, ability to measure both AC/DC and impulse current, low power consumption, large primary aperture, and high level of electrical isolation between primary and secondary circuits. In order to drive the Current Sensor industry outlook in the projected term, various kinds of benefits are analyzed.

• In 2021, the Hall Effect segment is dominating the market with the largest market share.

Based on technology, the current sensor market is segmented into Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil. As it enables contactless detection of DC and AC currents utilizing a magnet-electric converting hall element, the Hall Effect current sensing market category has a significant market share. These sensors feature a straightforward design with great durability, which lowers the power loss of the current target circuit. The widespread use of Hall Effect sensors in automotive and industrial equipment is promoting market expansion.

• In 2021, the Consumer Electronics sector in the Current Sensors market is growing at the highest CAGR of 10.2%

On the basis of end users, the global current sensor market is segmented into Industrial automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, and Others. Among these, the consumer electronics segment is dominating the market at the highest CAGR of 10.2%. Consumer electronics with current sensors are becoming more and more popular, including smartphones, smart TVs, home theatre systems, digital cameras, washing machines, and wearable tech. Consumption of hall sensors in the consumer electronics market will rise as a result of the rising popularity of electronic compasses and navigational tools in consumer electronics devices. The use of sophisticated and intelligent electronic devices like smartphones is growing, and the level of living throughout the world is rising, which contributes to the continued growth of the global consumer electronics industry. Additionally, businesses are making large investments in R&D for consumer electronics gadgets as more consumers use electronic devices with extremely sophisticated functions.

Regional Segment Analysis of the Current Sensor Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific emerged as the largest market for the global Current Sensor market.

• Due to the rising demand for power management, government backing for industrial automation, and expansion of the industrial sector in nations like China, India, South Korea, and Japan, APAC dominated the Current Sensor market size in 2021 with a share of 33.3%. Due to the huge prospects for job development and revenue production in the current sensors industry, governments of several APAC nations are making efforts to advance the sector.

• The adoption of smart home and smart city developments, which has enhanced the proliferation of various electronic systems, including lighting control, HVAC management, home healthcare devices, home appliances, and others, is causing the North American area to see the fastest market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global Current Sensor market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players:

• Infineon Technologies
• Honeywell International Inc.
• Texas Instruments
• Allegro Microsystems, LLC
• Tamura Corp.
• TDK Corporation
• LEM International SA
• Pulse Electronics
• Eaton Corporation PLC
• Sensitec GmbH

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Recent Developments

• June 2022: For industrial systems, Murata introduced the MRD line of open-loop current sensors. Each sensor in the MRD series has high-performance tunnel magneto-resistive (TMR) components, allowing precise measurement of both DC and AC currents up to 40A and preserving stable properties across a wide temperature range.

• January 2022: A half-bridge module with an integrated shunt MOS current sensor was created by Toshiba Electronic Devices & Storage Corporation. When employed on devices like gallium nitride (GaN) power devices, the sensor enables power electronics systems to monitor current with great accuracy and without seeing any increase in power loss. A low-voltage MOSFET (metal oxide semiconductor field effect transistor) is coupled to a GaN field effect transistor for current sensing in the novel sensor technology.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Current Sensors market based on the below-mentioned segments:

Current Sensors Market, by Type

• Open-loop current sensor
• Closed-loop current sensor

Current Sensors Market, by Technology

• Hall Effect
• Current Transformer
• Flux Gate
• Rogowski Coil

Current Sensors Market, by End Users

• Industrial automation
• Automotive
• Consumer Electronics
• Telecommunication
• Utilities
• Medical, Railways
• Aerospace & Defense
• Others

Current Sensors Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa