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Current Sensor Market Report
Current Sensor Market Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026
Current Sensor Market, By Loop Type (Closed Loop, Open Loop), By End Use (Automotive, Consumer Electronics, Telecom and Networking, Medical, Energy and Power, Industrial, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026.
The Current Sensor Market is estimated to grow from USD 2.2 billion in 2020 to USD 4.1 billion by 2026 at a healthy CAGR of 11.1% during the forecast period.
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Current Sensor Market- Research Scope |
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Base Year of Study |
2020 |
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Trend Period |
2015-2019 |
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Forecast Period |
2021-2026 |
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Market Size in 2020 |
US$ 2.2 billion |
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Market Size in 2026 |
US$ 4.1 billion |
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Market Growth (2021-2026) |
11.1% CAGR |
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.
The current sensor 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.
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.
Based on end-use, the Current Sensor 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 2020. 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.
By region, the North American Current Sensor market accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The current sensor 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.
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The Asia-Pacific Current Sensor 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, datacenter UPS, and Power Distribution Units (PDUs), which further proliferate the regional market expansion.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global current sensor market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026. Following are the critical questions answered in the report.
Key players operating in the global Current Sensor Market are-
The target audience of Current Sensor Market includes-
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The current sensor market is expected to witness an impressive growth of 11.1% CAGR in the coming years.
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) are among the key players in the current sensor market.
The current sensor market size is expected to reach USD 4.1 billion in the foreseeable future.
The automotive segment accounted for the largest share in the current sensor market in 2020.
Asia-pacific is expected to grow at the highest CAGR in the current sensor market in the next five years.
Current Sensor Vendors, Current Sensor Manufacturers, Current Sensor Distributors, Organizations, Government Bodies are the target audience in the current sensor market.
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