Current Sensor Market: Size, Trends, Key Players and Global Industry Analysis and Forecasting (2023-2029)

Current Sensor Market Overview

A current sensor is a device that detects and converts electric current in a wire and generates a signal proportional to that current. The generated signal could be analog voltage or current or digital output. The generated signal can be then used to display the measured current in an ammeter, or can be stored for further analysis in a data acquisition system, or can be used for the purpose of control.

 

EVs and the IoT are driving the current sensor market. Government policies and customer demand are driving EV adoption, increasing sensor demand. These sensors monitor and manage electrical flow to optimize EV performance, fuel efficiency, and safety.

 

IoT also impacts the current sensor market. Low-cost sensors and network connectivity are making IoT devices more common in manufacturing, healthcare, transportation, and energy. Current sensors in IoT devices measure current flow to track performance, identify issues, and prevent device failures. The sensor sector will benefit from reliable and precise current monitoring as the IoT grows.

 

Asia Pacific has the largest sensor market share. The region's automotive, industrial, and consumer electronics industries demand current sensors. Industrial, automotive, and consumer electronics demand dominate North America and Europe.

 

In the current sensor market, temperature, current, and noise matter. Temperature can affect current sensor accuracy, causing measurement inaccuracies. Current sensors often use temperature compensation circuits. Current shunts can reduce current-induced errors, especially in high-current applications. Noise filters reduce current measurement noise.

 

Current sensors, technologies, end-users, industries, applications, sensing methods, and price ranges segment the market. Hall effect, AMR, GMR, and TMR sensors are available. Technology defines isolated and non-isolated current sensors. Motor control and power measurement are popular applications in the automotive, consumer electronics, and industrial sectors..

 

The current sensor market has several competitors. Allegro MicroSystems, TDK Corporation, Infineon Technologies AG, Analogue Devices, Inc., and Ametek, Inc. are leading sensor manufacturers. Smaller and medium-sized firms can compete by focusing on specialised applications, producing innovative goods, and offering competitive prices in the fragmented market.

 

Current Sensor Market Research Methodology

The report on the Current Sensor Market covers an in-depth analysis of the industry. Key insights of the report include the Current Sensor Market size and the growth rate. A thorough regional analysis of the Current Sensor industry is conducted at a global, regional, and country level. Such an analysis provides valuable information on market penetration, regional dominance, and growth strategies adopted by the key players in the current sensor market. The major countries in each region are mapped according to their revenue contribution to the global Current Sensor Market.

 

Key players and new entrants in the current sensor market are listed to understand the current sensor market's competitive landscape. Growth indicators such as company profiles, revenue and share, core competitors, recent developments, new growth strategies, technological advancements, and mergers and acquisitions are covered. The report provides a competitive analysis of the Current Sensor Market drivers, restraints, opportunities, and growth strategies.

 

    

 

PESTLE, SWOT, and Porter’s five forces were used for industry analysis of the Current Sensor Market. Swot analysis is used to identify the strength and weaknesses of the market. The bottom-up approach was used to estimate the Current Sensor Market size. The report includes the Current Sensor Market’s major strategic developments, comprising R&D, new product launches, M&A, partnerships, agreements, collaborations, joint ventures and regional growth of the key competitors. The report includes an analysis of the global, regional and country levels.

 

Current Sensor Market Dynamics

EV adoption drives current sensor market.

Electric vehicles (EVs) are growing worldwide due to government policy and consumer demand. To promote EVs, governments are banning new petrol and diesel cars. Environmental concerns, increased battery technology for longer range and faster charging and lower prices lure consumers to EVs. This trend boosts sensor sales. EV current sensors monitor and manage electricity to the motor to prevent battery overcharging or discharge.

 

EVs benefit from current sensors. Optimising motor function and fuel efficiency improves performance. Current sensors keep the battery within the correct settings, decreasing emissions. Early battery or motor detection prevents accidents and improves vehicle safety.

 

However, market share competition in the sensor business is fierce. To be competitive and comply with changing rules, organisations must lead technology development. EVs present a huge opportunity for the sensor business, notwithstanding these obstacles. Companies that overcome these obstacles and seize this opportunity will succeed in the future.

 

Application of IoT Drives the Current Sensor Market

The Internet of Things (IoT) is a network of physical devices, automobiles, home appliances, and other items with sensors, software, and network connectivity to collect and exchange data. IoT allows objects to be sensed or controlled remotely across existing network infrastructure, enabling more direct integration of the physical world into computer-based systems and improving efficiency, accuracy, economic benefit and reduced human intervention. With sensors and actuators, IoT becomes a cyber-physical system like smart grids, virtual power plants, smart homes, intelligent transportation, and smart cities.

 

The IoT might revolutionize manufacturing, healthcare, transportation, and energy. IoT can follow commodities across a supply chain, evaluate equipment performance and predict maintenance in manufacturing. IoT can remotely monitor patients' health, track medical gadget use and give doctors and nurses real-time data. IoT can track vehicles, monitor traffic and improve public transportation. IoT can monitor energy usage, operate smart metres, and optimize energy consumption.

 

The IoT is rising because of low-cost sensors and network connectivity, data-driven insights, and the need to enhance efficiency and cut costs. Current sensors can measure IoT device current flow. This data can track device performance and identify issues. A device's high current flow may signal overheating or a short circuit. Prevent device failure with this knowledge. IoT devices increasingly use current sensors. Reliable and precise current monitoring will be needed as IoT devices expand. Current sensors can reveal IoT device performance and prevent costly breakdowns.

 

Current Sensor Market Regional Insights:

In 2022, Asia Pacific had approximately 35% of the worldwide current sensor market. Due to rising demand for current sensors in automotive, industrial, and consumer electronics industries, the area is expected to rise significantly. EVs and HVs are driving current sensor demand in the automobile industry. These sensors measure battery and motor current flow for efficient and reliable performance. Automation in manufacturing is driving Asia Pacific's industrial growth. Industrial current sensors monitor and control power flow to optimise production processes. The consumer electronics market is also growing rapidly. Smartphones, tablets and other portable devices have raised demand for current sensors. These sensors correctly measure battery and electronic component current flow to ensure power management and protection.

 

In 2022, North America was the second-largest current sensor market. Industrial, automotive and consumer electronics industries are demanding more current sensors. Industrial applications including power monitoring, motor control and machine vision are driving current sensor demand. Current sensors are needed in electric, hybrid and fuel-efficient cars. Smartphones, tablets and wearables are fuelling demand for current sensors.

 

Europe was the third-largest current sensor market. The automotive, industrial and medical industries are demanding more current sensors. Current sensors are needed in electric, hybrid and fuel-efficient cars. Industrial applications including power monitoring, motor control and machine vision are driving current sensor demand. Heart monitors, pacemakers and insulin pumps drive current sensor demand in the medical business.

 

Inaccuracy in sensing could restrain the current sensor market

Temperature effects are a significant consideration in the current sensor market. The resistance of a current sensor's sensing element typically increases with temperature due to its positive temperature coefficient. Consequently, the output voltage of the sensor may increase with temperature, even when the measured current remains constant. This can introduce errors in current measurements, especially in high-temperature applications. To address this issue, current sensors often incorporate temperature compensation circuits. These circuits monitor the temperature of the sensing element and adjust the output voltage accordingly, ensuring accurate measurements across a wide temperature range.

 

In addition to temperature effects, current effects can also impact the accuracy of current sensors. When current flows through a sensor, it can cause the sensing element to heat up, leading to an increase in its resistance. This can result in errors in current measurements, particularly in high-current applications. To counteract this, current sensors are commonly equipped with current shunts. These low-resistance devices are placed in series with the measured current. The voltage drop across the current shunt is directly proportional to the current flowing through it and is measured by the current sensor, enabling accurate current measurements.

 

Another factor influencing the current sensor industry is noise. Noise can introduce errors in measured current by interfering with the signal being detected by the sensor. Sources of noise include electrical interference and thermal noise. To mitigate the impact of noise, current sensors often incorporate noise filters. These filters are designed to attenuate noise signals, ensuring that the output voltage of the sensor remains accurate even in the presence of noise.

 

Current Sensor Market Segment Analysis

By Type

The current sensor market is segmented based on different types of current sensors. One type is Hall effect sensors, which measure the magnetic field created by the current. Another type is AMR sensors, which detect changes in resistance due to magnetic fields. Additionally, GMR sensors use the GMR effect to measure magnetic fields, while TMR sensors employ the TMR effect. There are also other types of current sensors available in the current sensor market.

 

By Technology

Current sensors can be classified into isolated current sensors and non-isolated current sensors. Isolated current sensors provide electrical isolation between the primary current-carrying conductor and the measurement circuitry. This feature ensures safety and protection against voltage fluctuations. On the other hand, non-isolated current sensors do not provide electrical isolation and are typically used in applications where isolation is not required.

 

By End-user

Current sensors are used in specific businesses or sectors. Electric, hybrid and motor control systems use current sensors in the automotive industry. Current sensors are used in smartphones, computers and power banks to control and preserve electricity. Power measurement, motor control, robotics and automation use current sensors in industrial applications. Current sensors may be used in other domains.

 

By Industry

The current sensor market is divided by industry. Electric and hybrid vehicles use current sensors for power regulation, monitoring and motor control. Consumer electronics uses current sensors for power management and device protection. Current sensors are used in industrial power monitoring, motor control, robotics and automation systems. Current sensors may be used in other sectors.

 

By Application

Current sensors find application in various fields, with motor control and power measurement being prominent areas. In motor control applications, current sensors are crucial for monitoring and controlling the flow of current. Power measurement applications require accurate measurement of electrical current for power analysis and monitoring. Additionally, there may be other applications or use cases for current sensors beyond motor control and power measurement.

 

By Sensing method

DC and AC current sensors are segmented by sensing method. Direct current sensing sensors measure and monitor direct current flow, while alternating current sensing sensors measure and monitor alternating current.

 

By Price

Price segmentation divides current sensors into price ranges. Low-cost sensors are preferred for cost-sensitive applications. Performance and cost are balanced in medium-priced sensors. However, high-cost sensors offer more functionality, accuracy and performance.

 

Current Sensor Market Competitive Landscape:

Numerous firms compete in the fragmented sensor industry. The high cost of entry contributes to this fragmentation. New entrants struggle because current sensor manufacturing techniques and materials are expensive. The lack of a strong company further fragments the current sensor market. No one business dominates the sensor industry, making it hard for any company to gain market share.

 

Application diversity adds to fragmentation. Automotive, industrial and consumer electronics use sensors. This broad application area makes it difficult for one business to build a product for all possible clients.

 

Allegro MicroSystems, LLC, TDK Corporation, Infineon Technologies AG, Analogue Devices, Inc. and Ametek, Inc. dominate the sensor industry. These top firms provide Hall-effect, shunt and Rogowski coil current sensors. They offer great precision, low power consumption and small size.

 

Despite these major firms, the contemporary sensor industry is expected to remain fragmented. This is because many small and medium-sized enterprises can compete with larger companies by delivering reasonable rates and creative products.

 

Small and medium-sized sensor market companies use numerous techniques. Focusing on specialised applications where the big firms are weak is one method. Smaller players can compete with larger ones in certain niches. Innovative items with features and benefits not offered by the leaders are another way to compete. Finally, small and medium-sized firms compete with cheaper prices to gain clients.

 

Current Sensor Market Scope:

Current Sensor Market Scope
Market Size in 2022	USD 2.52 Bn.
Market Size in 2029	USD 4.87 Bn.
CAGR (2023-2029)	9.87 Percent
Historic Data	2017-2021
Base Year	2022
Forecast Period	2023-2029
Segment Scope	By Type Hall effect sensors AMR sensors GMR sensors TMR sensors other sensors
	By Technology Isolated current sensors Non-isolated current sensors
	By End-user Electric Vehicles Hybrid Vehicles Motor control Smartphones Computers Power banks
	By Industry Electric vehicles Hybrid vehicles Consumer electronics
	By Application DC current sensors AC current sensors
	By Sensing method Low-cost Medium-priced High-cost
	By Price Low-cost Medium-priced
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Current Sensor Market Key Players:

The report has in detail information about the Strategies adopted by the following key companies to sustain and grow in the current sensor market. These Current Sensor Manufacturers covered in the report are selected on the basis of certain criteria.

 

• Allegro Microsystems (USA)
• Analog Devices (USA)
• Infineon Technologies (Germany)
• LEM (Italy)
• Melexis (Belgium)
• Phoenix Contact (Germany)
• Rohm Semiconductor (Japan)
• Sensonor (Denmark)
• Siemens (Germany)
• Tektronix (USA)
• Texas Instruments (USA)
• Vishay Intertechnology (USA)
• A.B.S. Sensors (India)
• AutomationDirect (USA)
• Digi-Key (USA)
• Emerson Electric (USA)
• Fuji Electric (Japan)
• Honeywell (USA)
• Infineon Technologies (Germany)
• Littelfuse (USA)
• Murata Manufacturing (Japan)
• Omron Corporation (Japan)
• Schneider Electric (France)
• Siemens (Germany)
• STMicroelectronics (Switzerland)
• Yokogawa Electric (Japan)