Current Sensor Market - By Type (Closed Loop, Open Loop), By Technology (Hall Effect, Shunt, Fluxgate, Magneto Resistive), By Application (Motor Drive, Converter & Inverter, Battery Management, UPS & SMPS), By End-use, & Forecast, 2023-2032

Current Sensor Market Size

Current Sensor Market size exceeded USD 2 billion in 2022 and will observe more than 10% CAGR from 2023-2032. The rising adoption of hybrid and electric vehicles worldwide will favor the industry growth.
 

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As per data from analytics firm, Wards Intelligence, the hybrid vehicle sales increased 76% to 801,550 vehicles in 2021, recording 5% of the light vehicle sales in the U.S. Current sensors are widely deployed across numerous safety applications, such as proximity indicators and anti-blocking system/vehicle stability control in automobiles to offer high temperature range, accuracy, scalability, and robustness. The surging focus on road safety for helping automotive enterprises to integrate advanced electronic systems has made way for higher technological developments.
 

The rising costs as well as technical issues may limit the adoption of current sensors to a considerable extent. Though these sensors are increasingly employed for detecting undercurrent and overcurrent conditions in electrical devices, they incur several problems while measuring the high voltage current. The tendency of current sensors for not resisting the sudden high voltage current surges will also restrict their preference.
 

Current Sensor Market Analysis

With respect to type, the closed-loop current sensor market size reached over USD 1.5 billion in 2022 due to their increasing adoption for measuring AC & DC currents as well as providing high linearity, fast response and low temperature drift. The growing penetration of automation, robotics, and power supplies in industrial applications is contributing to the higher preference for closed-loop current sensors. Rising usage in noisy environments as well as for industrial & commercial purposes for easily converting the output to voltage will enhance the industry expansion.
 

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Current sensor market share from motor drive applications will witness over 8% CAGR from 2023-2032. Motor drives are extensively deployed across the manufacturing industries as they help in controlling and regulating several rotating equipment, including machine spindles, pumps, fans, compressors, and conveyors. Apart from helping in lowering the maintenance and energy cost as well as carbon footprint, they enhance the process control, reduce energy usage, generate energy efficiently while optimizing the operations of several applications. The increasing usage of autonomous mobile robots, production logistics, automated guided vehicles and tugger trains, and warehouses in the automotive and industrial sectors.
 

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On the basis of technology, the hall-effect current sensor market size may cross USD 3 billion by 2032. The growth can be attributed to the rising adoption of hall effect technology for delivering current monitoring, user safety and security, system diagnosis & fault detection, current imbalance, and test & measurement. This technology also offers high working voltage levels for operating with different levels of isolation along with optimum accuracy combined with low drift for enabling the accurate current measurements over temperature & time. Therefore, increasing deployment in renewable energy, hybrid vehicles, and energy-efficient appliances will foster the industry dynamics.
 

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Asia Pacific current sensor market size will record over 10% CAGR from 2023-2032 on account of the rising customer inclination for electronic devices across the emerging markets of India, China, and Japan. The rapidly growing consumer electronics sector in the region has further boosted the demand for current sensors. According to Invest India, the appliances & consumer electronic industry in the country is set to double to over $18 billion (INR 1.48 lakh Cr) by 2025. The rapid population growth will also accelerate the adoption of current sensors in the region.
 

Current Sensor Market Share

Some prominent current sensor sensors include:

• Allegro MicroSystems Inc
• Infineon Technologies AG
• Honeywell International Inc
• Omron Corporation
• TDK Corporation
• Melexis
• STMicroelectronics N.V
•  TAMURA Corporation
•  Texas Instruments Incorporated, and LEM International SA.
   

Current Sensor Industry News

• Honeywell International, in July 2022, partnered with TT Electronics, a leading engineered technology provider, for working on innovative solutions, such as electrical components deployed in inertial systems units for aerospace solutions.
   
• In May 2022, Crocus Technology introduced a new range of contactless current sensors for allowing manufacturers to limit concentrators, costly shields, and cores and offer six configurable field range, uniform magnetic field sensing, and quick response time.
   

The Current Sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipment in million units from 2018 to 2032 for the following segments:

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By Type

• Closed loop
• Open loop

By Technology

• Hall effect
• Shunt
• Flux gate
• Magneto-resistive

By Application

• Motor drive
• Converter & inverter
• Battery management
• UPS & SMPS
• Starter & generators
• Grid infrastructure
• Others

By End-Use

• Automotive
• Consumer electronics
• Industrial
• Healthcare
• Telecom
• Renewable energy
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • GCC