Current Sensor Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[214+ Pages Report] According to Facts & Factors, the global current sensor market size in terms of market volume was valued at USD 3,045.71 million in 2023 and is predicted to surpass USD 7,480.82 million by the end of 2032. The current sensor industry is expected to grow by a CAGR of 10.50% between 2024 and 2032.

Market Overview

Current sensors are the devices used to measure the electric current flowing through the conductor. These sensors play an important role in different applications like motor control, power management, renewal & energy systems, and electrical safety. Current sensors offer precise measurements that are important for the accurate monitoring and control of electrical systems.

Also, these offer isolation between the high-voltage system and measuring circuits to enhance the safety of electrical systems. Additionally, the current sensors are easy to integrate, thereby, facilitating their widespread use.

Key Insights

• As per the analysis shared by our research analyst, the global current sensor market size is estimated to grow annually at a CAGR of around 10.50% over the forecast period (2024-2032).
• In terms of revenue, the global current sensor market size was valued at around USD 3,045.71 million in 2023 and is projected to reach USD 7,480.82 million by 2032.
• Increasing electrification of vehicles is driving the growth of the global current sensor market.
• Based on the end-users, the automotive segment is growing at a high rate and is projected to dominate the global market.
• Based on the technologies, the isolated current sensors segment is projected to swipe the largest market share.
• Based on loop types, the open-loop segment is expected to dominate the global market.
• Based on current sensing methods, the direct current sensing segment is anticipated to witness significant developments in the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Increasing electrification of vehicles is driving the growth of the global market.

The automotive sector is a major factor propelling the growth of the global current sensor market. The fast-growing trend of electric and hybrid vehicles is further increasing the demand for current sensors. These help in battery management systems, charging infrastructure, and motor control. The shift towards renewable energy sources like wind and solar power further accentuates the adoption rate of current sensors. Current sensors help optimize and monitor power generation and distribution capabilities. The government is also investing heavily in renewable energy projects, which is further likely to widen the scope of the industry.

For instance, TDK Corporation unveiled its plan to boost the production of TDK Asama Techno Factory in 2023. The major aim is to strengthen the TMR magnetic sensor production system to align with the growing demand in the market.

Restraints

• Market fragmentation and standardization issues are likely to hamper the growth of the global market.

The current sensor industry is highly fragmented because of the rising market players and startups. Complicated selection processes and inconsistencies in performance standards are other major reasons for the fragmentation in the industry. Moreover, the absence of a standardized protocol is also likely to negatively impact the growth trajectory of the industry.

Opportunities

• Rise of Industry 4.0 and industrial automation are expected to foster growth opportunities in the global market.

The rise of smart manufacturing and industrial automation is one of the major factors expected to foster growth opportunities in the global current sensor market. Current sensors in Industry 4.0 help in monitoring industrial equipment and ensuring efficient operations. The fast proliferation of the Internet of Things is further boosting the demand for current sensors in the market. Moreover, continuous innovation in sensor technology is further expanding their application range.

Moreover, the rising demand for accuracy in diverse applications like renewable energy systems, industrial automation, and electric vehicles is also boosting the adoption of advanced current sensing technologies in the market. Therefore, such a landscape is expected to foster growth opportunities in the industry. For instance, Infineon Technologies successfully acquired Imagimob in 2023. Later in the Swedish startup, this initiative is expected to enhance the A.L. capabilities of TinyMLon, its sensors and microcontrollers.

Challenges

• Technical complexity is a big challenge in the global market.

High demand for accuracy and precision sensors for advanced calibration techniques and signal processing creates complexity in the process, which is likely to hinder the growth of the market. Moreover, as consumer electronic devices are becoming smaller, industries are facing more difficulties because of design. Therefore, such a landscape is likely to be a big challenge in the current sensor industry.

Segmentation Analysis

The global current sensor market can be segmented into end-users, technologies, loop types, current sensing methods, and regions.

On the basis of end-users, the market can be segmented into energy & power, industrial, healthcare, telecom & networking, consumer electronics, automotive, and others. The automotive segment accounts for the largest share of the current sensor industry during the forecast period. The significant shift towards electric and hybrid vehicles is a primary reason for the high growth rate of the segment. The current sensors are used in diverse functions, particularly in electric vehicles, such as monitoring charging systems, motor control, and battery management.

Governments all across the globe are encouraging the adoption of electric vehicles with strict regulatory frameworks, incentives, and subsidies. Also, the government is investing heavily in the market with a focus on electrification. Continuous advancements in current sensor technology are another major factor propelling the growth of the segment.

On the basis of technologies, the current sensor market can be segmented into non-isolated and isolated current sensors. Isolated current sensors segment is projected to witness significant growth in the coming years. An increase in demand for electric vehicles is also accelerating the growth of the segment. There is a huge requirement for accurate and safe current measurements because of their ability to offer the right measurements. Growth in industrial automation is another major factor boosting the demand in the segment. These sensors help in controlling and monitoring different functions to achieve high efficiency and operational safety in the automated system.

However, the growing trend of renewable energy systems is further boosting demand for isolated current sensors in the market for the safe integration of renewable sources into the grid. Isolated current sensors offer superior quality and are quite versatile in high-power systems where safety and performance are of high importance.

On the basis of loop types, the current sensor industry can be segmented into closed loop and open loop. The open-loop segment is expected to hold the majority of shares in the coming years. Open loop current sensors are quite cost-effective than the other available options in the market.

However, it’s simpler and more reliable in design. It offers precise functions for applications under different operating conditions. It is used in renewable energy systems, power supplies, water control, and battery management systems. Its versatility further widens the scope of the segment. The rise of Industry 4.0, along with growing industrial process automation, is further fostering growth opportunities in the market. The growing miniaturization in consumer electronics is also likely to contribute to the growth of the segment.

On the basis of current sensing methods, the current sensor industry can be segmented into indirect and direct current sensing. Direct current sensing is the fastest-growing segment in the global current sensor market. Direct current sensing is important in managing power flows, monitoring battery health, and ensuring the safety and efficiency of E.V. systems.

Therefore, the growing rate of adoption of electric vehicles is propelling the growth of the segment. Moreover, direct current sensing is very important in renewable energy applications as it manages and monitors the flow of electricity generated by photovoltaic cells. The fast expansion of industrial automation and the Internet of Things is also likely to positively impact the growth trajectory of the segment.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global current sensor market during the forecast period. The United States is the largest market because of the fast-growing automotive sector in the region. Moreover, the growing investment in renewable energy in the country is further likely to increase the adoption of current sensors in the market.

Also, regional regulatory policies encourage the adoption of electric vehicles and clean energy resources, which, in turn, is likely to boost the growth of the regional market. Canada is also contributing significantly towards the growth of the regional market. A strong focus of people in Canada on renewable energy projects and industrial automation is fostering growth opportunities in the market. Moreover, the Canadian government has implemented several regulations to curb carbon emissions and encourage the adoption of sustainable energy solutions.

Asia Pacific is another major region likely to witness significant growth in the global current sensor industry in the coming years. China is a leading market because of the growing adoption of renewable energy projects and electric vehicles in the country.

Moreover, the Chinese government is shifting its attention to lowering carbon emissions to protect the environment. India is also among the front runners in the current sensor industry. India is witnessing significant development in the industrial sector and renewable energy projects, which is likely to drive the growth of the regional market. Growing investments from the government and big companies are further expected to foster developments in the market.

Also, the government is encouraging the manufacture of electric vehicles, which is likely to positively impact the growth trajectory of the regional market further. Moreover, Japan and South Korea are also leading the regional market because of the growing technological innovations in the country. The automotive and consumer electronic sectors in the country are boosting the demand for current sensors in the region.

The market in APAC is witnessing strong competition because of the active participation of strong leaders in the region. Innovation and product development are driving the growth of the region's market. For instance, Texas Instrument Incorporated came up with a 300mm water fabrication plant in 2022. It will be connected with FAB1 to boost the growth of semiconductors in electronics in the future.

Competitive Analysis

The key players in the global current sensor market include:

• TAMURA Corporation
• Infineon Technologies AG
• Asahi Kasei Microdevices Corporation
• Texas Instruments Inc.
• TDK Corporation
• Honeywell International Inc.
• LEM International S.A.
• Allegro Microsystems Inc.
• Melexis N.V.
• ABB

For instance, Crocus Technology came up with contactless current sensors in 2022 to enable manufacturers to limit costly shields, cores, and concentrators. It will provide six configurable field ranges and a quick response time.

The global current sensor market is segmented as follows:

By End-Users

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

By Technologies

• Non-Isolated Current Sensors
• Isolated Current Sensors

By Loop Types

• Closed Loop
• Open Loop

By Current Sensing Methods

• Indirect Current Sensing
• Direct Current Sensing

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America