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Current Sensor Market worth $7.95 billion by 2030, growing at a CAGR of 9.03% - Exclusive Report by 360iResearch
Current Sensor Market | 360iResearch
The Global Current Sensor Market to grow from USD 4.34 billion in 2023 to USD 7.95 billion by 2030, at a CAGR of 9.03%.
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A current sensor measures the electric current flowing through a conductor. Current sensors are essential for monitoring and controlling power systems and are used to measure the current flowing through transmission lines, distribution networks, and electrical equipment. Current sensors are used for circuit control and protection while monitoring and enhancing the performances of electronic systems. They are primarily deployed in several electronic devices and components, such as batteries and chargers. Current sensors are useful in power metering, measurement of current supply, diagnosis of the control system, and controlling loads from motors. Current sensors integrated with backup power systems, such as uninterrupted power supply (UPS) systems and inverters, enable battery protection at the charge stage and offer increased electronic system efficiency, increasing demand for current sensors in data centers. Rising demand for Hall effect technology in current sensors and its increased use in manufacturing industries enhance the need for current sensors. However, technical concerns and high costs associated with current sensors significantly impede the adoption of current sensors. In addition, deploying IoT and IIoT with current sensors and utilizing advanced technology in current sensors is anticipated to create massive opportunities for market development.
In the Americas, the deployment of industrial robots, rapid adoption of 5G technology, and an upsurge in the trend of hybrid automobiles in the automotive industry increase the adoption of current sensors. In countries such as the United States, Canada, and Mexico, the growing adoption of smart home and smart city developments has raised the use of many electronic systems, including lighting control, HVAC control, home healthcare devices, and home appliances, significantly improving the adoption of current sensors. India and China have increased the requirement for current sensors owing to favorable regulatory compliances and the ongoing need for renewable energy infrastructure, power electronics, and automobiles. In Europe, the growing usage of current sensors in industrial automation, technological advancements in current sensors, and the rising expansion of consumer electronic products enhanced the utilization of current sensors in various industries.
Market Segmentation & Coverage:
This research report categorizes the Current Sensor Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Sensor Type, market is studied across AC Current Sensors and DC Current Sensors. The AC Current Sensors commanded largest market share of 58.27% in 2023, followed by DC Current Sensors.
Based on Loop Type, market is studied across Closed Loop and Open Loop. The Open Loop commanded largest market share of 65.67% in 2023, followed by Closed Loop.
Based on Technology, market is studied across Isolated Current Sensor and Non-isolated Current Sensor. The Isolated Current Sensor is further studied across Magnetic Current Sensor, Opto-isolated op amp, and Shunt-isolated op amp. The Magnetic Current Sensor is further studied across AMR, Fluxgate, GMR, Hall-effect, and TMR. The Non-isolated Current Sensor is further studied across Analog-to-Digital Converter and Current Sensing Amplifier. The Isolated Current Sensor commanded largest market share of 75.38% in 2023, followed by Non-isolated Current Sensor.
Based on Output Type, market is studied across Analog, Digital, and Wireless. The Analog commanded largest market share of 52.16% in 2023, followed by Digital.
Based on End-Use, market is studied across Aerospace & Defense, Automotive, Building Automation, Consumer Electronics, Industrial, and Telecommunication. The Automotive commanded largest market share of 24.06% in 2023, followed by Industrial.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across Alaska, California, Illinois, Indiana, Louisiana, New York, Ohio, Pennsylvania, Texas, Vermont, West Virginia, and Wyoming. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 39.04% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Current Sensor Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Current Sensor Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Current Sensor Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aceinna Inc., Allegro Microsystems, Inc., AMBO Technology, Asahi Kasei Corporation, Broadcom Inc., Cheemi Technology Co., Ltd., Coto Technology, Inc., CR Magnetics, Inc., CTS Corporation, DER EE Electrical Instrument CO., Ltd., Electrohms Private Limited, Emerson Electric Co., Hitachi, Ltd., Honeywell International Inc., ICE Components, Inc., Infineon Technologies AG, Kohshin Electric Corporation, LEM Holding SA, Littelfuse, Inc, Luksens Technologie GmbH, Melexis NV, Mitsubishi Electric Corporation, Monnit Corporation, Murata Manufacturing Co., Ltd., NXP Semiconductors N.V., Olimex Ltd., OMRON Corporation, Panasonic Holdings Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Sensitec GmbH, Siemens AG, Silicon Laboratories Inc., Skyworks Solutions, Inc., STMicroelectronics International N.V., Suncall Corporation, Suzhou Novosense Microelectronics Co., Ltd., Tamura Corporation, TDK Corporation, TE Connectivity Ltd., Texas Instruments Incorporated, Vacuumschmelze GmbH & Co. KG, Yageo Corporation, and Yokogawa Electric Corporation.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Current Sensor Market, by Sensor Type
7. Current Sensor Market, by Loop Type
8. Current Sensor Market, by Technology
9. Current Sensor Market, by Output Type
10. Current Sensor Market, by End-Use
11. Americas Current Sensor Market
12. Asia-Pacific Current Sensor Market
13. Europe, Middle East & Africa Current Sensor Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Current Sensor Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Current Sensor Market?
3. What is the competitive strategic window for opportunities in the Current Sensor Market?
4. What are the technology trends and regulatory frameworks in the Current Sensor Market?
5. What is the market share of the leading vendors in the Current Sensor Market?
6. What modes and strategic moves are considered suitable for entering the Current Sensor Market?
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