Press release
Current Sensor Market Projected to Reach USD 6.35 Billion by 2034, Growing at a CAGR of 10.2%
Current Sensor Market
Market Introduction:
A current sensor is equipment that can estimate current and then alter the measured current into a voltage that can be effortlessly measured. The amount of voltage that is being output is precisely corresponding to the quantity of current that is traversing the channel that is being observed. his voltage signal is then used for control purposes, further analysis in a data-gathering system, or displayed on an ammeter to provide real-time feedback to users. Current sensors are essential in a broad gamut of contexts involving power metering, the calculation of current supplies, the detection of control systems, load regulators in motors, charge integration, battery situation observation, facility handling, sub-metering, fault identification in machinery, and commercial instrument safeguarding against surges.
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Key Growth Factors:
Surge in Adoption of Electric Vehicles: The rise in electric vehicle adoption notably pushes the market. In China, EVs comprised over 35% of aggregate domestic car sales in 2023, achieving the nation's 2025 objective for modern energy vehicles. Likewise, the US observed a 40% escalation in EV sales in 2023, seizing about 10% of the car market. This rapid transition to electrified transportation necessitates advanced current sensors, propelling the current sensor market forward.
Advancements in Industrial Automation: The evolution of industrial automation raises the demand for accurate current sensing solutions. As industries combine advanced automation technologies, precise current observation becomes supreme to ensure functional productivity and instrument safety. Government enterprises encouraging smart manufacturing and industry 4.0 have additionally pushed this shift, causing escalated adoption of current sensors in several industrial applications.
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Competitive Landscape:
Several leading contenders are instigating contemporary product portfolios to improve their market positioning by capitalizing on technological progressions and catering to varied consumer requirements. Some of the key market players are:
• Analog Devices, Inc.
• Asahi Kasei Microdevices Corporation
• CTS Corporation
• Honeywell International Inc.
• Infineon Technologies AG
• KOHSHIN ELECTRIC CORPORATION
• LEM International SA
• Melexis
• Microchip Technology Inc.
• Omron Corporation
• Schneider Electric
• Sensitec GmbH
• TDK Corporation
• Texas Instruments Incorporated
• Vishay Intertechnology Inc.
Recent Developments in the Current Sensor Market
March 2025 - Honeywell International Inc. announced the acquisition of Sundyne LLC for USD 2.2 billion. Sundyne, headquartered in Arvada, Colorado, is a leading manufacturer of precision-engineered pumps and compressors serving the petrochemical, liquefied natural gas (LNG), and renewable fuel sectors. This acquisition is a strategic step in enhancing Honeywell's Energy and Sustainability business by expanding its portfolio of energy security solutions. It reflects Honeywell's ongoing efforts to transform its business and strengthen its position in the evolving energy landscape.
January 2025 - Honeywell and NXP Semiconductors revealed an expanded partnership to advance next-generation aviation technologies. The collaboration centers on integrating NXP's high-performance computing platforms into Honeywell's Anthem avionics system. This integration will support the development of AI-driven aerospace solutions, aimed at improving safety, efficiency, and operational performance in the aviation sector.
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Geographical Analysis:
This section primarily focuses on several developments occurring in the region, including significant advancements, and how these developments are impacting the current sensor market.
Asia Pacific holds the largest market share due to rapid industrialization, urbanization, and growing acquisition of electric vehicles, especially in nations such as China and India.
Europe is expected to witness significant growth due to the region's robust concentration on industrial automation, renewable energy systems, and the growing presence of electric vehicles.
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Segmental Overview:
By Current Sensing Method Outlook (Revenue-USD Million, 2020-2034)
• Direct Current Sensing
• In-Direct Current Sensing
By Loop Outlook (Revenue-USD Million, 2020-2034)
• Open Loop
• Closed Loop
By Technology Outlook (Revenue-USD Million, 2020-2034)
• Hall Effect
• Shunt
• Flux Gate
• Magneto-Resistive
By Output Outlook (Revenue-USD Million, 2020-2034)
• Analog
• Digital
By Application Outlook (Revenue-USD Million, 2020-2034)
• Motor Drive
• Converter Inverter
• Battery Management
• UPS & SMPS
• Starter & Generators
• Grid Infrastructure
• Others
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