Press release
Current Sensor Market Size, Share, Industry Trends And Forecast 2033
Current Sensor Market Size
According to The Business Research Company's, The current sensor market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to automotive electrification, consumer electronics evolution, medical device innovation, regulatory standards influence, industrial automation growth.
The current sensor market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to supply chain and manufacturing capabilities, global economic factors, emerging applications, market competition and innovation, industry adoption trends. Major trends in the forecast period include energy efficiency regulations, renewable energy growth, electrification in automotive, industrial automation, iot and smart devices.
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Market Drivers and Trends:
The increase in demand for electric vehicles is expected to boost the growth of the current sensor market going forward. An electric vehicle (EV) refers to a car that can run on energy from a battery and can be charged from an outside source. Current sensors are used in automobiles to control the motor drive, the direct current conversion control of the motor's regeneration current, and the detection of the charged and discharged currents of the batteries in electric and hybrid vehicles, all of which are crucial components of control. Hence, the increase in demand for electric vehicles is expected to boost the current sensor market. For instance, according to a report published by the International Energy Agency (IEA), a France-based international forum for energy cooperation, in 2022, the number of electric vehicle (EV) sales doubled from the previous year to reach 6.6 million, a new high for 2021. With 2 million sold in the first quarter, up 75% from the same period in 2021, electric car sales have continued to grow rapidly globally in 2022. Therefore, the increase in demand for electric vehicles is driving the growth of the current sensor market.
Technological advancement is the key trend gaining popularity in the current sensor market. Major companies operating in the current sensor market are focusing on developing new technological solutions to sustain their position in the market. For instance, in April 2021, TDK Corporation, a Japan-based electronic components and devices company, launched the CUR 4000 Hall-effect sensor. The unique feature of the CUR 4000 is that it provides non-intrusive, galvanic-isolated contactless current sensing and is designed for highly precise current measurements in automotive and industrial applications. These characteristics will benefit future high-voltage systems for hybrid and electric vehicles (xEV). The product can measure dynamic current ranges up to =2000 A and is suitable for DC and AC measurements as well as overcurrent detection in high-power battery monitoring applications.
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Major Key Players of the Market:
Allegro MicroSystems LLC; Honeywell International Inc.; Infineon Technologies AG; TDK Corporation; TAMURA Corporation; Texas Instruments Incorporated; Melexis N.V.; LEM International SA; ACEINNA Inc.; Omron Corporation; Asahi Kasei Microdevices Corporation; STMicroelectronics N.V.; Silicon Laboratories Inc.; Pulse Electronics Corporation; Vishay Intertechnology Inc.; Microchip Technology Incorporated; ROHM CO. LTD.; ON Semiconductor Corporation; Elan Microelectronics Corporation; Triad Magnetics Inc.; Current Sensors Inc.; SCT Sensing Technologies Inc.; Semtech Corporation; Analog Devices Inc.; VACUUMSCHMELZE GmbH & Co. KG; Grace Technologies Inc; Eaton Corporation Plc; NK Technologies Inc.; Crocus Technology Inc.; SoftEnergy Controls Inc.
Current Sensor Market 2024 Key Insights:
• The current sensor market will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Surge In Electric Vehicle Demand Propels The Current Sensor Market
• Technological Advancements Propel Innovation In The Current Sensor Market
• North America was the largest region in the current sensor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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