Current Sensor Market to Expand 2.5X by 2030; Near-term Growth Affected Due to COVID-19 Pandemic-related Demand and Consumption Decline
Furthermore, advancements in manufacturing and production processes are anticipated to drive the demand for current sensors over the forecast period. Direct sensing-based current sensors are expected to be most attractive due to their high functional properties; they find usage in automotive, medical, and consumer electronics industries.
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According to a new Fact.MR study, the current sensor market is poised to progress at a value CAGR of 8%, creating an absolute $ opportunity of US$ 2.7 Bn by 2030-end.
Key Takeaways from Current Sensor Market Study
The global current sensor market is expected to create a value opportunity of around US$ 2.7 Bn during the forecast period, adding 2.5X more value in 2030 as compared to 2020.
The direct sensing-based current sensors segment will continue to dominate demand, accounting for more than three-fourth of the global share.
The isolated circuit-based current sensors segment is set to grow at a higher rate, facilitated by mounting demand for IoT applications and advancements in the automotive industry, over the forecast period.
The global current sensor market is expected to witness a rise in emerging countries such as India, China, and Brazil, owing to increasing focus towards digitalization and industrial automation.
East Asia is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 510 Mn, and is expected to experience prolific expansion over the forecast period.
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Current sensors used in industrial automation and consumer electronics will continue their dominance, accounting for more than half of the market share in North America by 2030, at a growth rate of 7% over the forecast period.
The COVID-19 pandemic has resulted in lockdowns and trade restrictions across the world, which has affected both, the demand and supply of current sensors. This will adversely affect market growth in the near term.
“Advancements in manufacturing and automotive industries are set to boost the demand for current sensors with direct current sensing technology,” says a Fact.MR analyst.
Key Players to Focus on Product Innovation and Regional Expansion
Prominent players in the current sensor market are focusing on innovation of products through increased R&D expenditure. Numerous companies in the semiconductor industry file for patents, and many have been granted associated patents. These patents with respect to innovation help companies protect their intellectual rights and create a USP in this highly competitive market.
Furthermore, companies are doing vertical integration to enjoy full profit of the value chain and increase their product portfolio. For instance, in 2019, Texas Instruments introduced the industry’s smallest current-sense amplifier in a leaded package, and the smallest, most accurate comparators.
The INA185 current sense amplifier achieves high precision in less space and maintains high performance. Other prominent players in the current sensor market include Infineon Technologies AG, Honeywell International Inc., Texas Instruments Inc., TDK Corporation, Silicon Laboratories Inc., Tamura Corporation, Melexis NV, Asahi Kasei Microdevices Corporation, and Allegro MicroSystems LLC.
More Valuable Insights on Current Sensor Market
Fact.MR, in its new offering, presents an unbiased analysis of the global current sensor market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030.
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The study delivers essential insights on the current sensor market on the basis of sensor type (hall effect sensors and rogowski coils current sensors), sensing method (direct current sensing method and indirect current sensing method), circuit type (isolated and non-isolated circuit) and end-use vertical (IT & telecom, consumer electronics, automotive, industrial automation, healthcare, energy & utility, and others), across seven major regions.
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