Current Sensor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4120
Current Sensor Market size is expected to have modest growth over the forecast period owing to demand for these sensors in several application areas including battery-operated devices, energy, telecommunication, consumer electronics, industrial, and renewable energy applications. The current sensing has gained vital importance in instrumentation and power systems as it can be used to enhance & monitor the performance of the system. The measurement of current being delivered to the load is useful in power applications to increase the overall efficiency. These sensors are also important to avoid risks, such as overcurrent, in devices. Other factors, such as the rapidly growing IoT sector, growth in industrialization in the developing economies including India, and developments in automotive electronics, will propel the growth of the current sensor market.
The current sensor market is witnessing developments in products such as hall effect sensors. The hall effect sensor has gained wide adoption in multiple applications owing to its advantages, such as very low power consumption, which reduces current consumption as low as microamps. These sensors are non-contacting, keeping them wear-free and giving them a long life. Additionally, hall effect sensors can be used in harsh environments and are highly reliable. Their capabilities, such as pre-programmable electric angles and outputs, are increasing their adoption particularly in applications requiring fully integrated and programmable sensors.
The automotive sector is expected to be one of the major application areas in the current sensor market. Automotive electronics are being highly developed owing to the growing demand for comfort & safety features in automotive such as electric steering systems, Advanced Driver Assistance Systems (ADAS), and others. Automotive manufacturers are adopting these components owing to the need for overcurrent protection, power management systems, and current control. The emergence of hybrid and electric vehicles in the automotive industry will highly influence the market. The increasing awareness for environmental conservation and zero emissions is bringing in a greater number of electric vehicles particularly in countries including China, Norway, and the U.S., propelling the growth of the market. These sensors provide an effective way to improve battery management systems in electric vehicles with current control and management.
The closed-loop sensors are expected to witness growth in their adoption in the current sensor market owing to their advantages offered by them such as higher accuracy and faster response times. The faster response time of these components is useful in protecting semiconductor switches such as IGBTs and MOSFETs. These benefits make them an ideal choice in industries, such as aerospace, defense, and automotive, where accuracy is of vital importance. Additionally, the closed loop sensors eliminate the errors due to nonlinearity and sensitivity in the system. The open loop systems are prone to saturation and temperatures drift; however, are cheaper than the closed loop, which will increase their adoption in the market in applications where high accuracy is not required.
Asia Pacific is expected to be the key region for the current sensor market due to large requirements of current measurement devices owing to industrial developments and growth of the automotive sector. China, for instance, has very a large industrial sector where several manufacturers form industries such as electronics, automotive, and others. The availability of resources, such as cheap raw materials and skilled labor force, has made China a preferable manufacturing region for global companies. Additionally, China has become one of the major markets for electric vehicles, making China a key contributor to the growth of the market in the Asia Pacific region. India will be another key region for the current sensor market in Asia Pacific due to the growing manufacturing sector and the high demand for consumer electronics devices such as smartphones, tablets, and laptops. The allocation of 100% Foreign Direct Investment (FDI) by the government for the automotive sector has attracted global automakers, such as Fiat, Toyota, and others, to invest in the country, adding to the industrialization and need for current sensing devices.
Allegro Microsystems, Koshin Electrin, ACEINNA, Asahi Kasei Microdevices, LEM International, Silicon Labs, and Melexis are some of the major players in the current sensor market. Companies are focusing on new product developments to increase market share in the market. For instance, in June 2019, ACEINNA expanded its range of products and the newly added products are capable of supporting 3.3 volts application, offering higher accuracy and wide bandwidth. The companies are focusing on smaller components, enabling power system designers to design compact systems and reduce complexity.
The current sensor market can be hampered by some factors such as manufacturing costs. New technologies, such as hall effect sensors, are comparatively expensive, limiting their adoption and affecting the market growth to some extent. The overall sensors market is highly fragmented and companies are focusing on competitive pricing strategies to gain a higher market share. This has a considerable impact on the profitability in the market, which is another factor hindering the growth of the market.
Current sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2025 for the following segments:
- Closed Loop
- Open Loop
- Consumer Electronics
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
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