Global Current Sensor Market – Industry Trends and Forecast to 2029

Global Current Sensor Market Analysis and Size

In industrial, automotive, commercial, and communications systems, the demand for low-cost, accurate, and small-size current sensor solutions has developed dramatically over the last decade. New design principles and the systematic use of advanced BiCMOS technology have resulted in further IC performance enhancements. It has also covered the way for new product ideas by allowing additional functionalities, such as power protection, to be integrated into the current sensor IC. Suppose the manufacturing players continue to focus on improving IC performance when making current sensors. In that case, this could become a trend toward the next generation of fully integrated low-cost current sensor devices. 

• Data Bridge Market Research analyses that the current sensor market was valued at USD 2.3 billion in 2021 and is expected to reach USD 3.85 billion by 2029, registering a CAGR of 6.65% during the forecast period of 2022 to 2029.

Global Current Sensor Market Definition

The electronic gadgets that detect current passage through wires are known as current sensors. As a result, an electric signal proportionate to the current in the wire is generated. An analogue voltage, current, or digital output is generated. In other words, current sensors are used to assess whether an alternative current (AC) or direct current (DC) is present (DC). The current sensor is one of the methods for measuring electric currents ranging from picoamps to tens of thousands of amperes. An ammeter displays the measured current, which can be saved for control and data collecting.

Report Scope and Market Segmentation

Current Sensor Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rising usage of battery-powered systems and surging focus on renewable energy.

Because of the burgeoning portable electronic equipment, automotive, and uninterruptible power supply (UPS) sectors, the market for battery-powered devices is rapidly developing. The market for battery-powered systems is growing due to rising investments in renewable energy and the rapid uptake of electric vehicles. Both solar and wind energy systems can benefit from battery-powered systems. As a result, the rise in the number of renewable energy projects around the world is likely to propel the present sensors market forward during the forecast period.      

Furthermore, rising urbanization and increasing level of disposable income will drive market value growth. Also, increasing adoption of hall-effect current sensors and rising demand in the consumer electronics industry will cushion the growth rate of current sensor market. Another significant factor influencing the ''s growth rate is the rising adoption of a power management system in data centers.

Opportunities

• Increasing manufacturing of hybrid and electric cars

The surging manufacturing of hybrid and electric cars will boost new market opportunities for the 'market's growth rate. Hybrid and electric vehicles are gaining popularity because they are more connected to the internet than traditional vehicles. Additionally, they limit the use of fossil fuels such as gasoline and diesel, global warming and environmental damage, and provide improved fuel economy.  

Moreover, increasing number of technical innovations and emerging new markets will act as market drivers and further boost beneficial opportunities for the 'market's growth rate.

Restraints/ Challenges Global Current Sensor Market

• Intense pricing pressure causes a reduction in average selling prices (ASPs)

Although the rising use of current sensors in automated cars, telecommunications equipment, consumer electronics, and healthcare devices has increased shipments, price erosion has impeded sales growth significantly. This is partly due to the fierce competition between the growing number of sensor manufacturers. Consumers benefit from lower ASPs, but suppliers' profit margins suffer as a result. As a result of the extreme pricing pressure, the average selling price (ASP) falls, limiting revenue growth in the highly competitive contemporary sensor industry. 

On the other hand, technical limitations and high cost of current sensors will hinder the current sensor market growth rate. The negative impact of the COVID-19 outbreak on supply chain of semiconductors and accuracy over different temperature ranges will act as market restraint and further challenge the market growth rate.   

This current sensor market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the current sensor market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Current Sensor Market

Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. Due to the outbreak of COVID-19, the value chain for current sensor has been disrupted in various ways.

The COVID-19 pandemic has slowed research and development in the electronics and semiconductor industries and forced the closure of various industrial facilities around the world. Sensor manufacturers' manufacturing capacity is hampered by a shortage or unavailability of raw materials and components as a result of supply chain disruption. Furthermore, a drop in consumer purchasing power as a result of the uncertain economy, as well as a fall in the adoption of electric vehicles, stymie industry growth. 

Recent Development

• In December 2021, ACEINNA had announced the launch of High Power Current Sensor. The MCx1101 Current Sensor with a high current of 65 amps is the industry's most accurate and wide-band current sensor. This extremely precise, wide bandwidth AMR-based (Anisotropic Magnetoresistive) current sensor, designed for WBG (wideband gap) applications and available in 3.3- and 5-Volt variants, is appropriate for a wide range of next-generation power systems and applications. Units for sample and volume shipping are now available.

Global Current Sensor Market Scope

The current sensor market is segmented on the basis of type and end user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Type 1
• Type 2

On the basis of type, the current sensor market is segmented into type 1 and type 2. Type 1 is further sub-segmented into open loop and closed loop. Type 2 is also segmented into isolated current sensors and non-isolated current sensors. Isolated current sensors are further sub-segmented into magnetic current sensors, opto-isolated op amp and shunt-isolated op amp. Magnetic current sensors are further bifurcated into hall effect current sensors, AMR sensors, GMR sensors, TMR sensors and fluxgate sensors. Non-isolated current sensors are further sub-segmented into current sensing amplifiers and analogue-to-digital converters.

End User Industry

• Consumer Electronics
• Automotive
• Energy
• Healthcare
• Industrial
• Telecom
• Networking
• Others

On the basis of end user industry, the current sensor market is segmented into consumer electronics, automotive, energy, healthcare, industrial, telecom and networking and others.

Current Sensor Market Regional Analysis/Insights

The current sensor market is analysed and market size insights and trends are provided by country, type and end user industry as referenced above.

The countries covered in the current sensor market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the current sensor market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increasing governmental concerns to conserve the environment, which has further resulted in the rising adoption of renewable energy sources for electricity generation and conversion in this region.

Asia-Pacific on the other hand is projected to exhibit the highest growth rate during the forecast period of 2022 to 2029 due to the availability of low cost raw materials and cheap labour for manufacturing purposes in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Current Sensor Market Share Analysis

The current sensor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to current sensor market.

Some of the major players operating in the current sensor market are:

• Infineon Technologies AG (Germany)
• Honeywell International Inc. (US)
• Allegro MicroSystems, LLC (US)
• Texas Instruments Incorporated. (US)
• TAMURA Corporation (Japan)
• TDK Corporation (Japan)
• LEM HOLDING SA (Switzerland)
• Pulse Electronics A Yageo Company (US)
• Eaton (Ireland)
• Sensitec GmbH (Germany)
• ICE Components, Inc. (US)
• Magnesensor Technology (US)
• KOHSHIN ELECTRIC CORPORATION (Japan)
• VACUUMSCHMELZE GmbH & Co. KG (Germany)
• Asahi Kasei Microdevices Corporation (Japan)
• Silicon Laboratories (US)
• Aceinna (US)
• STMicroelectronics (Switzerland)
• ELECTROHMS PRIVATE LIMITED (India)
• OMRON Corporation (Japan)     

Research Methodology : Global Current Sensor Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.

To know more about the research methodology, drop in an inquiry to speak to our industry experts 

https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-current-sensor-market

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