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Current Sensor Market Size

  • Report ID: GMI4120
  • Published Date: Apr 2023
  • Report Format: PDF

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.

 

Current Sensor Market

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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.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Market size for current sensor exceeded USD 2 billion in 2022 and will observe more than 10% CAGR from 2023-2032 due to the rising adoption of hybrid and electric vehicles worldwide.

Motor drive applications will witness over 8% CAGR from 2023-2032 owing to increasing deployment across the manufacturing industries to help in controlling and regulating several rotating equipment.

Asia Pacific market size for current sensor will record over 10% CAGR from 2023-2032 on account of the rising customer inclination for electronic devices.

Allegro MicroSystems, Inc., Honeywell International Inc., Infineon Technologies AG, Omron Corporation, and TDK Corporation. The ecosystem also involves various innovative players, such as Melexis, and TAMURA Corporation are some well-known current sensor industry players.

Current Sensor Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 21
  • Tables & Figures: 1281
  • Countries covered: 16
  • Pages: 265
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