Current Sensors Market worth over $3.5bn by 2026
Published Date: July 10, 2020 Authors: Preeti Wadhwani, Shubhangi Yadav
Current Sensors Market size is set to surpass USD 3.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Current sensors are experiencing a wide demand from the telecom sector owing to rapid proliferation of 5G technology in developing economies. These sensors are heavily adopted in network infrastructures such as telecom power supplies, servers, antennas, HVAC systems, and macro base-stations. Rising data traffic and the demand for uninterrupted internet connectivity due to work-from-home trend are making telecom operators enhance their network infrastructure, further propelling the current sensors market growth.
Several government institutions are focusing on development initiatives related to solar energy generation. This is anticipated to propel the growth of solar energy power devices and increase the market opportunity for current sensors in convertor, inverter, and battery management system applications. Rising focus on the adoption of renewable energy sources and increasing adoption of photovoltaic systems in several sectors are influencing the market size.
Rising adoption of electric vehicles will propel the demand for shunt technology
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The shunt current sensors market held a share of over 20% in 2019 and is predicted to grow at a CAGR of 7% during the forecast period. The growth can be credited to several unique features such as bidirectional current sensing for large currents, high linearity, and low current drift over changing temperature ranges. Shunt resistor technology offers a wide operating temperature range and high precision, which are suitable for green energy applications including electric vehicles’ charging stations, EV battery management systems, photovoltaic systems, and wind turbine invertors. The adoption of shunt technology-based current sensors in green energy applications will fuel the market.
Low power consumption and high precision will significantly increase the adoption of open loop current sensors in industrial automation
The open loop current sensors market is projected to witness growth of 6% through 2026 owing to increasing requirements in the industrial sector for robotics and factory automation applications. The growth is majorly attributed to cost advantages of closed loop sensors, thereby increasing their adoption in current range of over 100 Ampere ratings for industrial applications. The main benefit of open loop sensors is delivering output for complex motor movements with high accuracy, precision, and repeatability. This will drive the demand for open loop sensors in conveyor systems, industrial robots, and material handling robots, accelerating the ongoing trend of industrial automation.
These sensors offer several benefits including low weight, compact packaging size, and lucrative performance/price ratio, thereby increasing their adoption in public infrastructures such as electrical opening door systems, escalators, and lifts. To cater to the high demand in the market, companies are planning to accelerate their product offerings with new technologies.
Browse key industry insights spread across 670 pages with 1346 market data tables and 36 figures & charts from the report, “Current Sensors Market Size By Type (Closed Loop, Open Loop), By Technology (Micro-Electromechanical System (MEMS), Hall Effect, Shunt, Fluxgate, Magneto Resistive), By End Use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication), By Application (Motor Drive, Converter & Inverter, Battery Management, Uninterrupted Power Supply (UPS) & Switched-Mode Power Supply (SMPS)), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising requirement for predictive maintenance of industrial machinery will create growth opportunities for the current sensors market
The industrial sector valued at around USD 600 million in 2019, with unit shipments expected to reach 900 million by 2026. These sensors are experiencing high adoption with trends in automation from various industrial applications such as motor current sensing, moving cranes, industrial rollers, forklift trucks, and smart metering. Companies are investing heavily in innovations of industry-grade current sensors to cater to the high demand in the market.
The proliferation of smart factories with the adoption of industry 4.0 will significantly contribute to the current sensors market expansion. Several types of electrical equipment, such as motors, pumps, gear box, centrifugal machines, mixing tanks, blowers, fans, and generators, find applications in the industrial sector. These equipments are used to facilitate manufacturing and production processes in the market. Failure of any equipment or interruption in manufacturing can result in severe losses in the plant. Current sensors are highly required to monitor current & voltage control and act as a predictive maintenance device in the industrial sector. Increasing demand for industrial automation across several economies will enhance the market revenue.
Modernization of data center infrastructure to propel the adoption of UPS & SMPS
The UPS & SMPS segment in the current sensors market is estimated to expand at more than 4% CAGR from 2020 to 2026 Impelled by rise in demand for cloud-based services and high-speed broadband connections, which led to modernization and construction of data centers. Current sensors increase efficiency in UPS & SMPS by preventing reverse current flow in systems that increase safety. Technological advancements in UPS and SMPS have moved from traditional bulky sizes to compact rack solutions for data centers. The adoption of UPS & SMPS in data centers for 24/7 power supply continuity and smooth flow of current & voltage in data center racks will increase the opportunity for market size expansion.
Favorable government initiatives in India will significantly impact the APAC market growth
Asia Pacific current sensors market accounted for more than 40% revenue share in 2019 and is anticipated to showcase over 8% gains till 2026. Rising government initiatives & policies to support the development of manufacturing sector in Asian countries are driving the market value. For instance, ‘Make in India’ initiative by the Government of India has accelerate the production of several products including automotive electronics in the country, creating growth opportunity for current sensor manufacturers.
After the COVID-19 crisis, several consumer electronics industries are planning to shift their manufacturing bases from China to India. For instance, in May 2020, Apple, Inc. announced to shift its manufacturing facility from China to India to scale up its local manufacturing revenue. These initiatives along with easy & cheap labor availability in India account for the penetration of several manufacturing facilities of foreign companies, propelling the market share.
Major players in the current sensors market include Honeywell International Inc., Infineon Technologies AG, Allegro MicroSystems, Silicon Laboratories, TDK Corporation, and Aceinna. The key players focus on continuous research & development activities to provide technically advanced products than their competitors. In June 2019, NVE Corporation launched a new high-speed Tunneling Magnetoresistance (TMR) smart sensor. This smart sensor is ideal for measuring AC current & proximity and has applications in Industrial Internet of Things (IIoT).