Current Sensor Market size to cross $5 Bn by 2030

Current Sensor Market size is poised to surpass USD 5 billion by 2030, as per a new research report announced by Global Market Insights Inc.
 

The rising demand for electric and hybrid vehicles as a key driver fueling the use of current sensors. These components are widely integrated into automobiles for a variety of safety applications, such as Electronic Stability Control (ESC), proximity indicators, anti-blocking system/vehicle stability control, and more. The distinct advantages offered by current sensors include scalability, high accuracy, robustness, AC & DC current sensing, and a wide temperature range.
 

A large number of organizations are deploying innovative automation & IoT technologies to enhance operational capacity and efficiencies. The need for strong connectivity networks to manage and control industrial automation components will augment the current sensor market demand.
 

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Use of open-loop current sensors in battery-powered circuits

With respect to the product type, the current sensor market into open-loop and closed-loop. Open loop current sensors captured more than 35% share in 2021. These components are used in the measurement of AC and DC currents without a feedback control loop. The wide-range of applications for these products include UPS, and battery-powered circuits.
 

Rising sales of hybrid cars to expand shunt resistor technology adoption

The prominent technologies integrated into current sensor components include shunt, hall-effect, magneto-resistive, and fluxgate technology. In 2021, the shunt resistor technology segment accounted for approximately 25% of the current sensor market share. The technology is a key component within EV & hybrid car powertrain sub-systems such as traction inverters, battery management systems, or onboard chargers.
 

Growing need for current sensors in battery management applications

As per the report, the current sensors application for battery management is estimated to exceed 12% CAGR through 2030, due to the rising demand for electric vehicles. Battery management helps monitor the battery State Of Health (SOH), and battery State Of Charge (SOC).  Sensor-equipped battery management regulates the current supply to avoid overcharging by setting the maximum charge or discharge current limit in accordance with temperature.
 

Browse key industry insights spread across 265 pages with 1244 market data tables and 46 figures & charts from the report “Current Sensor 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), Starter & Generators, Grid Infrastructure), By End-use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecom, Renewable Energy), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents
https://www.gminsights.com/industry-analysis/current-sensor-market
 

Industrial sector to drive North America current sensor industry

The North America current sensor market revenue was more than USD 750 million in 2021. The expanding industrial and automotive sectors in the region will influence the deployment of sensor products. There is an increased acceptance of state-of-the-art automated solutions such as IoT-based manufacturing processes, driverless cars, and electric & hybrid vehicles. Companies in the U.S. are accelerating the integration of AI and IoT in the industrial sector, to support process automation, digital twin technology, use of AGVs, industrial robots, among other applications.
 

Strategic collaborations to reinforce the supply of current sensors

The competitive landscape of the current sensor industry exhibits the espousal of effective strategies, such as partnerships, advanced product offerings, and long-term contracts between product manufacturers and consumer electronics & automotive OEMs. In July 2022, TT Electronics and Honeywell International Inc., announced a collaboration to boost the production of current sensors for the aerospace industry. The partnership will allow Honeywell to provide electrical components for inertial systems to TT Electronics.
 

Some of the prominent current sensor market players discussed in the report include 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.