Current Sensors Market size is set to surpass USD 3 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing adoption of artificial intelligence and Internet of Things in healthcare and medical devices will add growth opportunities to the market during the forecast period. The current sensor is integrated into various medical devices, such as MRI, CT-scan, mobile cardiac telemetry devices, and other imaging equipment, to efficiently monitor and diagnose the patient’s vitals.
Furthermore, the manufacturers are engaged in developing AI-enabled medical devices with wireless technology, driving the market potential in the healthcare sector, thereby positively influencing the market players to accelerate their sensor offerings for new industry verticals.
Technical issues associated with current sensor, such as the inability to detect current leakages, zero & span adjustments of current output, and the inability to monitor current ratings in the circuit at certain temperature & humidity levels, are limiting the overall market growth. The current sensor used in industrial applications are highly expensive due to their relatively complex design. Moreover, these sensor require high precision for sensing at varying current ratings ranging from a few milli-amperes (mA) to thousands of Amperes (A), increasing the overall cost. The market is impeded owing to the need for less expensive and smaller current sensing devices.
Rising demand for low-power open loop sensors in industrial automation will fuel the market expansion
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The open loop sensor segment held 30% of the market share in 2020 and is projected to witness 6% growth rate through 2027 led by the growing demand for robotics and factory automation applications in the industrial sector. It is lightweight and offers several other benefits such as miniaturized design, low power consumption, and high current measurement range over 100A at low cost. The major advantage of open loop sensor is that it can provide accurate, precise, and repeatable output for complex motor movements. Several regional governments are taking initiatives to promote the usage of robotic and automation devices in industrial verticals.
Growing demand for low-cost current sensing technology in welding equipment to add opportunities for shunt-based current sensor
The shunt technology segment in the current sensors market captured 20% of revenue share in 2020 and is estimated to attain a CAGR of 8% till 2027. The growth is impelled by several distinguishing characteristics such as high linearity, bidirectional current sensing, and offer low current drift in variable temperature ranges. The shunt technology finds applications in traction inverters, DC/DC converters, and motor control systems.
Additionally, companies are continuously engaged in the development of low-cost shunt-based sensors to cater to the high demand in welding and industrial manufacturing sectors. Several companies, such as Texas Instruments and TE Connectivity, are engaged in developing and innovating new shunt technology-based sensor to cater to the growing requirements from the OEMs.
Browse key industry insights spread across 830 pages with 1236 market data tables and 44 figures & charts from the report, “Current Sensors Market Size, By Type (Closed Loop, Open Loop), By Technology (Hall Effect, Shunt, Fluxgate, Magneto Resistive), By Application (Motor Drive, Converter & Inverter, Battery Management, Uninterrupted Power Supply (UPS) & Switched-Mode Power Supply (SMPS)), By End-use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increased requirement for battery management in renewable energy systems will spur the market revenue
The battery management applications accounted for 10% of the market share in 2020 and is poised to expand at more than 8.5% CAGR by 2027. The industry expansion is attributed to the increased requirement for battery monitoring in renewable energy systems such as wind and solar energy power devices. These sensors offers several high-end features such as cell voltage protection, smart battery power balancing, temperature monitoring, and charging control. The growing emphasis on the acceptance of renewable energy sources as well as the increasing adoption of photovoltaic systems will stimulate the industry growth. Moreover, several government entities are concentrating on solar energy generation development initiatives to promote the usage of renewable energy systems.
Rising demand for eco-friendly hybrid vehicles in the automotive sector will contribute to the market demand
The automotive segment held 40% of the market share in 2020 and is slated to showcase 7.5% gains from 2021 to 2027. The industry progression is credited to the rising integration of electrical and electronic control systems into vehicles such as ABS, ADAS, and autonomous driving control systems. Current sensing devices effectively monitor the battery's current consumption and provide real-time data on charging status and power management.
The incorporation of advanced automotive systems for overcurrent protection, motor drive control, and converter control will further propel the industry revenue. Rising government initiatives to accelerate the adoption of electric vehicles to achieve low fuel emissions and promote green energy will foster the market opportunities for current sensor in automotive applications.
Growing demand for power solution systems in data centers will create growth opportunities for North America region
North America current sensors market is expected to grow at a CAGR of over 6.5% during 2021 to 2027 on account of the increasing demand for data center power solutions in the region. The data center service providers are focusing on expansion activities through mergers and collaborations.
The key players operating in the market include Infineon Technologies AG, Allegro MicroSystems, Honeywell International Inc., Silicon Laboratories, Aceinna, and TDK Corporation. These companies are engaged in developing new products through strategic alliances and collaborations to stay competitive among other leaders.