Current Sensor Market Size to Reach $2.61 Billion by 2027 | Business Developing Strategies by Infineon Technologies, Texas Instruments, Honeywell Inc., Tamura Corp., Allegro MicroSystems, LEM Int, TDK Corp

Current sensors, also commonly referred to as current transformers or CTs, are devices that measure current running through a wire by using magnetic field to detect the current and generate a proportional output. They are used with both AC and DC current. They are used in various applications such as motor driving circuits and inverter circuits. The current sensors are used in various industries such as automotive, consumer electronics, and telecommunication.

According to the report published by Allied Market Research, the global current sensor market garnered $1.65 billion in 2019, and is estimated to garner $2.61 billion by 2027, manifesting a CAGR of 6.3% from 2020 to 2027. The report provides detailed analysis of drivers & opportunities, key investment pockets major segments, Porter’s Five Forces, value chain, and competitive scenario.

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The global current sensor market is expected to register a significant growth during the forecast period, owing to development of Hall Effect sensor technology. Furthermore, numerous advantages of current sensors such as linearity, high accuracy, low power consumption, and wide frequency bandwidth, which fuel growth of the current sensor market. However, technical issues and high costs associated with current sensors across the globe hamper the current sensor market growth.

The key players that have major global current sensor market share include Infineon Technologies, Honeywell International Inc., Texas Instruments, Allegro MicroSystems, LLC, Tamura Corp., TDK Corporation, LEM International SA, Pulse Electronics, Eaton Corporation PLC, Sensitec GmbH, which are profiled in this report. The global current sensor industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market growth.

Key Benefits For Stakeholders

• This study comprises analytical depiction of the global current sensor market size along with the current trends and future estimations to depict imminent investment pockets.
• The overall current sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current sensor market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.

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The report offers detailed segmentation of the global current sensor market based on type, current sensing technology, end use, and geography.

By type, the open loop segment contributed to the largest market share, holding nearly three-fourths of the total market share in 2019, and will maintain its dominance during the forecast period. However, the closed loop segment is projected to portray the fastest CAGR of 7.2% from 2020 to 2027.

By end use, the industrial segment held the largest market share in 2019, contributing to nearly two-fifths of the global current sensor market, and is expected to maintain its leadership status during the forecast period. However, the automotive segment is estimated to witness the highest CAGR of 7.5% from 2020 to 2027.

Based on region, Asia-Pacific is estimated to witness the highest CAGR of 7.2% during the forecast period. Moreover, this region accounted for the largest market share in 2019, accounting for more than one-third of total share of the global market, and will maintain its dominant share by 2027. The report also discusses regions including North America, Europe, and LAMEA.

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Covid-19 Scenario:

• The R&D activities in the semiconductor and electronics industry have been paused due to closedown of production facilities. In addition, there has been shortage of raw materials as the supply chain has been disrupted.

• Day-to-day operations in the end-use industries including automotive and industrial have been halted due to lockdown. This resulted in decrease in current sensors demand.

• The demand is expected to rise steadily as daily operations in end-use industries resume during the post-lockdown period. By the end of 2020, the demand is estimated to grow for development of autonomous technologies including autonomous electric cars and industrial robots.

Current Sensor Market Segmentation

By Type

• Open loop
• Closed loop

By Current Sensing Technology

• Hall Effect
• Current Transformer
• Flux Gate
• Rogowski Coil

By End User

• Automotive
• Consumer Electronics
• Industrial
• Telecommunication
• Others

By Region

• North America

o U.S.
o Canada
o Mexico

• Europe

o Germany
o UK
o France
o Italy
o Rest of Europe

• Asia-Pacific

o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific

• LAMEA

o Latin America
o Middle East
o Africa

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