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Industry Overview
Current Sensor Market size exceeded USD 2.5 billion in 2021 and is expected to witness 9% CAGR from 2022 to 2030. With the advent of industrial digitalization and increasing need for high-speed networks will drive the industry growth.
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Large-scale adoption of 5G network in countries like India, China, and South Korea will accelerate the current sensor market demand. Considerable rise in the acceptance of high-bandwidth networks and the increasing popularity of 5G will support the application of these sensors across several industry verticals. The telecom sector will fuel the integration of closed loop current sensors owing to high accuracy capabilities and faster response time. Closed loop sensors can ensure stable current measurement in the 5G base station antennas, equipment, switch-mode power supplies, and other networking applications.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | USD 2.5 billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 9% |
| 2030 Value Projection: | USD 5 billion |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 265 |
| Tables, Charts & Figures: | 1,290 |
| Segments covered: | Type, Technology, Application, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Restraints for the current sensor industry include technical limitations and high costs associated with product development & integration. These components are unable to withstand high voltage spikes and prone to failure in high temperature and high current conditions. Nonetheless, ongoing technological advancements such as coreless technology, chopper stabilization, and Circular Vertical Hall (CVH), will help overcome these roadblocks by 2030.
Automation trends to boost demand for closed-loop current sensors
The closed-loop current sensor market revenue share was more than USD 1.5 billion during 2021. These sensors are suitable for automation, robotics, and power supplies across industrial applications. They provide an output which is proportional to the measured current by using feedback control. Accurate measurement of AC & DC currents along with the quick response, high linearity, and low-temperature drifts, are some of the advantages of these components, which will augment the product use during the forecast period.
Hall effect technology gains traction due to high energy-efficiency needs
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The current sensor market share from hall effect technology segment crossed USD 1 billion in 2021. There is a shifting preference for renewable energy systems, energy-efficient appliances, hybrid vehicles, and sustainable technologies. Hall effect technology-based sensors will showcase a continuous rise in demand to cater to these applications. The technology offers a range of benefits, including current monitoring, user safety & security, detection of over-current, test & measurement, and system diagnosis & fault detection.
Motor drive applications to spur current sensor development
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The motor drive applications in current sensor market to generate USD 2 billion revenue by 2030, with surging demand from the industrial sector to control rotary motors. Motor drives are prominently used across manufacturing industries. They help to regulate rotating machinery such as pumps, machine spindles, fans, conveyors, and compressors. Increasing focus on lowering energy and maintenance costs coupled with reduction of carbon footprint will pave the way for usage of current sensor in motor drive implementation.
Growing demand for consumer electronics in APAC region
The Asia Pacific current sensor market is projected to attain more than 10% gains through 2030. The growth can be credited to a rise in population and shifting customer preferences for consumer electronic devices in the countries such as India, Japan, and China. The presence of fast-developing economies together with robust end-user industries such as telecom & automotive will propel the utilization for current sensors. Widespread use of the components in a range of home appliances such as washing machines, induction cookers, ACs, TVs, gaming consoles, wearables, and refrigerators will garner the regional forecast.
Continuous innovations to strengthen industry outlook
Allegro MicroSystems, Inc., Honeywell International Inc., Infineon Technologies AG, Omron Corporation, TDK Corporation, Melexis, TAMURA Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., and LEM International SA. Companies are some of the key manufacturers. The current sensor market players are working toward the development of application-specific sensor components to meet the growing demand for advanced product offerings.
For instance, in March 2022, TDK Corporation announced plans to start construction of a new manufacturing facility in Nikaho City, Akita Prefecture, Japan. The new factory will enable the manufacturing of different electronic components, including resistors, sensors, capacitors, and switches, among others.
Impact of COVID-19 on the current sensor industry
The coronavirus pandemic led to a spur in customer and industrial inclination toward IoT-based technologies. Strict lockdowns by governments worldwide and social distancing led to the espousal of IoT and sensors for remote diagnosis & different online experiences. In a way, the COVID-19 outbreak unlocked a broad range of IoT applications, offering lucrative scope for the integration of the sensors. The pandemic also propelled the demand for advanced wearable electronics, which may favor current sensor market growth by end of 2030.
This market research report on current sensor includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in million units from 2018 to 2030 for the following segments:
Market, By Type
- Closed loop
- Open loop
Market, By Technology
- Hall effect
- Shunt
- Fluxgate
- Magneto-resistive
Market, By Application
- Motor drive
- Converter & inverter
- Battery management
- UPS & SMPS
- Starter & generators
- Grid infrastructure
- Others
Market, 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
- MEA
- GCC
- GCC
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