Current Sensor Market Forecast Analysis

Market Insights

The Current Sensor Market is estimated to grow from USD 2.41 billion in 2021 to USD 5 billion by 2028 at a healthy CAGR of 10.91% during the forecast period of 2022-2028.

What is Current Sensor?

Current sensors, referred to as current transformers or CTs, are devices that measure the current running through a wire by using a magnetic field to detect the current and produce a proportional output. They are widely used with both AC and DC. These sensors find applications in inverter circuits and motor driving circuits and are used in different sectors including consumer electronics, automotive, and telecommunication. The current sensor helps to measure the electric current where the current ranges from Pico amps to tens of thousands of amperes. The measured current is then displayed on an ammeter and can be stored for control and data acquisition.

Market Drivers

The market is mainly driven by the growing adoption of power management systems in data centers for enhanced efficiency & speed with reduced power expenditure. Current sensors integrated with backup power systems such as UPS systems and inverters help in the protection of batteries at the stage of charge and offer efficiency, which further boosts their demand in data centers. Furthermore, stringent government regulations about control of data center power consumption, further foster the market growth in the coming years.

Covid-19 Impact Analysis

The outbreak of COVID-19 has adversely affected the current sensor industry. The manufacturing process has been disturbed mainly due to ongoing restrictions and limited workforce. The shutdown of key consumer electronics & automotive manufacturing facilities in early 2020 affected the product demand. In the first half of 2020, industry participants also experienced a severe supply chain disruption related to raw materials and components, thus affecting the market growth.

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Key Players

Key players operating in the global Market are-

• Allegro MicroSystems, LLC (US)
• TDK Corporation (TDK-Micronas GmbH) (Germany)
• Infineon Technologies AG (Germany)
• Melexis NV (Belgium)
• Honeywell International Inc. (US)
• Asahi Kasei Microdevices Corporation (Japan)
• ABB Group (Switzerland)
• NK Technologies (US)
• Tamura Corporation (Japan)
• Vacuumschmelze GmbH & Co KG (Germany)

Segment Analysis

End Use Trends

The market has been classified into automotive, consumer electronics, telecom and networking, medical, energy and power, industrial, and others. The automotive segment accounted for the largest market share in 2021. This is mainly attributed to the rising adoption of current sensors in EVs and HEVs. Significant developments in EVs/HEVs require progress on the electrification of powertrains, which further boosts the demand for current sensors.

Regional Trends

The North American Current Sensor market accounted for the largest share in 2021 and is expected to grow at a significant CAGR during the review period. The market growth is mainly propelled by growing governmental concerns to conserve the environment towards implementation of renewable sources of energy for electricity generation & conversion, further bolstering the regional market growth.

The Asia-Pacific market is expected to grow at the highest CAGR of more than 8% during the review period. This growth is mainly attributed to expanding establishments of hyper-scale data centers across Japan, China, India, and South Korea. These hyper-scale data centers are highly integrated with current sensors in different power management devices such as SMPS, data-centre UPS, and Power Distribution Units (PDUs), which further proliferate the regional market expansion.

Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories:

By Loop Type

• Closed Loop
• Open Loop

By End Use

• Automotive
• Consumer Electronics
• Telecom and Networking
• Medical
• Energy and Power
• Industrial
• Others

By Region

• North America
• Europe
• Asia-pacific
• Middle East & Africa
• South America

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual details, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way and the structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Target Audience

The target audience of the Market includes-

• Current Sensor Vendors
• Current Sensor Manufacturers
• Current Sensor Distributors
• Organizations
• Government Bodies.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

Recent Developments

Nov 2022: Compact 300-mA LDOs Target High-Performance ADAS Sensors

ROHM’s new linear regulators, designed for low current consumption in automotive power supplies, offer up to 6.5 V maximum and operate to 300-mA output current with current consumption of 37 µA.

Oct 2022: UniWest Introduces the EddyView® II Portable Eddy Current Flaw Detector

The innovative EddyView II features a large 8-inch touch screen display with gesture adjustments for key parameters such as gain and rotation, ability to drive conventional probes or array probes, an independent channel that monitors probe to part coupling (liftoff), and UniWest’s industry-leading signal performance with extremely low signal-to-noise.