Current Sensor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Current Sensor Market Analysis
The current sensor market size is estimated at USD 3,247.50 million in 2023 and is expected to reach USD 5,019.65 million by 2028, registering a CAGR of 9.1 percent during the forecast period (2023-2028). The rapidly increasing use of battery-powered and renewable energy applications drives the market. Smartphones, tablets, and other portable devices need smaller form factors and lower power consumption rates. A highly accurate, ultra-low-power solution for predicting remaining battery life and protecting the circuitry and Li+ battery from overcurrent conditions, the requirement of current sensors is high. Open-loop sensors are typically used in battery-powered applications. They require less power than closed-loop sensors and can better withstand overloads.
- In recent years, the demand for low-cost, accurate, and small-size current sensor solutions has increased across the industrial, automotive, commercial, and communications systems. New design concepts and the systematic utilization of advanced technology have entitled further improvements in IC performance. It has also opened the path to new product approaches by supporting integrating additional functions, such as power protection, in the same current sensor IC.
- For instance, in May 2022, Continental AG launched its high-voltage Current Sensor Module (CSM) and the Battery Impact Detection (BID) system to make EV batteries safe. To support strict functional safety requirements, the CSM is available as a two-channel sensor, measuring current independently by integrating shunt technology and hall technology in a compact, single unit.
- The increasing smartphone penetration is expected to drive the demand for current sensors over the forecast period. For instance, according to Ericsson, smartphone subscriptions are expected to surpass 1.2 billion by 2026. 5G is expected to become a key driving factor, with 26 percent of mobile subscriptions by 2026.
- Further, the Industry 4.0 revolution, in which machines are becoming more intelligent and intuitive, is increasing the need for the industrial applications of sensors. The new devices are designed to be more efficient, safe, and flexible, with the ability to monitor their performance, usage, and failure autonomously. Therefore, these applications spur the demand for current sensors. According to the IFR forecasts, international adoption is anticipated to increase significantly to 518,000 industrial robots operating across plants all around the globe by 2024. The favorable growth trajectory of the industrial robots demand is expected to drive the market for sensors during the same period.
- Furthermore, with the growing concerns about the global demand for energy and the overall augmentation of environmental awareness, designers for power electronics applications are under constant pressure to improve efficiency. The advent of the smart grid, grid-tied photovoltaic (PV), and some other grid-tied renewable energy systems require the growth of high-efficiency power inverters. According to the International Energy Agency's Net Zero Emissions by 2050 Scenario, 300 million electric automobiles will be on the road by 2030, accounting for more than 60 percent of new automobile sales. Because of the widespread usage of current sensors in EVs and HEVs, the automotive end-user is projected to continue to be one of the significator factors for the growth of the current sensor market.
- Large-scale commercialization of IoT and IIoT is bolstering the market. According to Ericsson, the number of cellular IoT links is predicted to reach 3.5 billion in 2023. With the traditional manufacturing sector witnessing a digital transformation, IoT is fueling intelligent connectivity's next industrial revolution. This is transforming the way enterprises approach increasingly complicated systems and machines to enhance efficiency and reduce downtime, creating a good scenario for the growth of the current sensor market.
- However, high cost and technical limitations associated with product development and integration of current sensors integration, along with the rules of current sensors in case of high voltage spikes, high temperature, and current conditions, are some of the major factors challenging the growth of the studied market.
- However, the Russia-Ukraine war is impacting the supply chain of semiconductors, being a major supplier of natural gas and raw materials in producing semiconductors. Additionally, the semiconductor shortage had several impacts on the current sensors market. The shortage of semiconductors could result in delayed production of sensor components, leading to increased costs for current sensor manufacturers, as they may need to pay more increased prices for the limited supply of semiconductors available.
- Moreover, in April 2023, Maruti Suzuki India said that the uncertainties in the electronic component supplies might affect production in FY 24. The shortage of electronic components had some impact on the company's production in FY 2023. Such instances will continue to hamper the growth of the market.
Current Sensor Market Trends
Automotive Industry to Hold Considerable Market Share
- With increased automotive technology advancements, the trends toward electric vehicle production are highly recommended in various countries. A complex architectural diagram of an electric car generally incorporates multiple current sensors. Besides this, current sensors are also needed for brushless (BLDC) electric motor control. The EVs (electronic vehicles) of companies like BMW, Volkswagen, etc. use this motor-control-current device.
- Typically, current sensors are found in battery current monitoring, solar power inverters, and power inverters that drive traction motors in mid and full hybrid electric vehicles. CMOS Hall-effect-based magnetic sensors integrate advanced features and provide high-level output signal functionality. Sophisticated magnetic sensors hold programmable memory, and even microcontroller logic allows for a fully custom-calibrated output. Additionally, it is possible to implement standard interfaces that simplify communication with other circuits in EVs.
- Furthermore, the hybrid electric vehicle (HEV) is quickly becoming the most popular green car and employs complex electronic circuitry to control the flow of electric energy through the vehicle. In a single-motor HEV, the motor acts as a drive motor in parallel with the internal combustion engine or as a generator to charge the battery during regenerative braking. A typical HEV includes multiple systems that require electrical current detectors for maximally efficient operation, including AC motor and DC-DC converter applications. According to the European Alternative Fuels Observatory (EAFO), Germany recorded 823,900 new registrations of plug-in electric cars in the passenger car segment in 2022, with battery electric vehicle (BEV) sales accounting for about 56.36 percent.
- Players like Allegro MicroSystems have developed a broad family of current sensor integrated circuits (ICs) that are ideally suited for hybrid electric vehicles (HEV) applications. The features include signal processing and package design innovations enabling 120 kHz output bandwidth, high current resolution, low noise spectral density, reduced power loss through-hole compliance, and low-resistance integrated conductor packages. Further, in November 2022, Infineon launched an automotive current sensor IC (TLE4971), available in four pre-programmed current ranges: 25, 50, 75, or 120 A. The TLE4971 is intended for onboard chargers, high-voltage auxiliary drives, and charging applications. Moreover, the sensor is also suitable for industrial applications like DC chargers for electric vehicles, industrial drives, servo drives, and photovoltaic inverters.
- Favorable government regulations are also playing an integral role in the growth of the EV industry, which has emerged as a leading consumer of current sensors. For instance, in early 2022, the European Union announced a unique EUR 750 billion (USD 770.5 billion) stimulus package, which includes EUR 20 billion (USD 20.5 billion) to boost the sales of clean vehicles and to install about 1 million electric and hydrogen cars charging stations by 2025.
- To stimulate the growth of the Chinese automotive industry, several initiatives are also being taken by the government. For instance, in September 2022, the State Taxation Administration (STA), the Ministry of Finance (MOF), and the Ministry of Industry and Information Technology (MIIT) jointly announced the continuation of tax exemptions on purchases of new energy vehicles. Hence, with the sales of EVs expected to sustain a similar growth pattern, the demand for current sensors across the country's automotive industry is also expected to grow further during the forecast period.
- Additionally, in October 2022, The BMW Group confirmed the investment of USD 1.7 billion in its American facilities to produce electric automobiles and batteries. The project will consist of USD 700 million for a planned high-voltage battery-assembly plant in the neighboring Woodruff and USD 1 billion to equip the automaker's current Spartanburg manufacturing in South Carolina for the manufacturing of EVs. By 2030, the German manufacturer plans to manufacture at least six all-electric vehicles in the United States.
Asia-Pacific is Expected to Register Significant Growth
- Asia-Pacific is anticipated to account for significant growth. The population growth and rapid urbanization in developing economies, such as India, China, and Japan, have initiated the speedy expansion in the region, which will increase the need for the current sensor from end-users such as energy, automotive, telecom and networking, industrial, and healthcare. According to IEA, an estimated 270 million people will likely be added to India's urban population by 2040. As urbanization leads to a rise in the ownership of consumer appliances, the share of energy demand taken by electricity is expected to grow further.
- According to the Consumer Electronics and Appliances Manufacturers Association, India's appliances and consumer electronics industry is projected to double by INR 1.48 lakh crore (USD 17.9 Billion) by 2024 - 25. As players are manufacturing fully integrated and programmable current sensors based on BiCMOS or CMOS technology, the demand for these current sensors will increase effectively with the increasing production of consumer electronics.
- The Japanese government is also investing significantly in developing renewable industry infrastructure. To achieve its net zero by 2050 plans, the government has launched several initiatives worth multiple billions. Hence, the growing investment in renewable energy infrastructure will drive the demand for current sensors in the country during the forecast period.
- Furthermore, China, responsible for a large portion of global car consumption, pledged to control its carbon emissions by 2030. It has been streamlining the production cuts and sale of cars that run on fossil fuels to meet the emission goals. This is anticipated to increase the demand for electric vehicles, thereby driving market growth. According to the International Council on Clean Transportation (ICCT), throughout the first six months of 2022, electric vehicles in China constituted almost one-fourth of all unique passenger car registrations, with BEVs accounting for 19 percent and PHEVs an additional 5 percent.
- The Australian government has started taking several initiatives to expand the production of renewable power in the country. The government seeks to achieve net zero carbon emissions by 2050, which is expected to create significant opportunities for the studied market vendors. For instance, in October 2022, the Australian government allocated a budget of AUD 25 billion (USD 16.7 billion) for cleaning energy spending and renewable energy projects. Furthermore, the government also launched an AUD 20 billion (USD 13.4 billion), rewiring the Nation's plan to modernize the country's electricity grids.
- Furthermore, in recent years, Taiwan has emerged as the leading semiconductor chip manufacturer and has even outpaced China in some categories. Driven by the semiconductor industry's growth, the consumer electronics industry of the country has also started to gain traction, with companies like Asus and HTC making their place in the global consumer electronics industry.
Current Sensor Industry Overview
The current sensor market is fragmented, with several companies operating in the segment. Significant players are currently focusing on providing customers with cost-competitive products, catering to an intense rivalry in the Market. Key players are Allegro MicroSystems, LLC, TDK Corporation, Infineon Technologies AG, etc.
In August 2023, Texas Instruments introduced new current sensing solutions designed to offer more accuracy and higher integration while simplifying designs, which includes a Hall-effect current sensor that offers the lowest drift in TI's portfolio and new current shunt monitors with a built-in shunt resistor.
In July 2023, Littelfuse Inc. announced the launch of its new Current Sensing Resistor (CSR) family that offers a more cost-effective solution for measuring current within circuits, enabling voltage monitoring, control, and power management of functions such as battery charging and motor speed, while also providing overcurrent protection.
Current Sensor Market Leaders
Allegro MicroSystems, LLC
TDK Corporation (TDK-Micronas GmbH)
Infineon Technologies AG
Melexis NV
Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Current Sensor Market News
- September 2023 - Melexis announced the launch of MLX91230, which is the first product of its third generation of current sensors that brings 0.5 percent accuracy at an affordable price in a compact design. It integrates IVT measurement capability, embeds a microcontroller (MCU) to offload processing from the ECU, benefits from pre-installed safety features, and is considered perfect for EV battery management and power distribution systems.
- March 2023 - ROHM introduced the space-saving, high-accuracy current sense amplifier ICs (BD1421x-LA series) for industrial applications - including wireless base stations, PLCs, and inverters - as well as consumer applications such as home appliances. The BD14210G-LA incorporates all required peripheral components. That simplifies current sensing by connecting a shunt resistor and a bypass capacitor. This reduces the number of components from eleven to just three compared to conventional configurations (operational amplifier + discrete components).
Current Sensor Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of the Impact of Macroeconomic Trends on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Use of Battery-Powered and Renewable Energy Applications
5.1.2 Large Scale Commercialization of IoT and IIoT
5.2 Market Restraints
5.2.1 Falling Average Selling Prices of Sensor Components Affecting New Market Entrants
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Hall Effect Sensors
6.1.1.1 Open Loop
6.1.1.2 Closed Loop
6.1.1.3 Other Types(Split Core Hall Effect Current Sensor)
6.1.2 Fiber Optic Current Sensors
6.1.3 Inductive Current Sensors
6.2 By End User
6.2.1 Automotive
6.2.2 Consumer Electronics
6.2.3 Telecom and Networking,
6.2.4 Medical
6.2.5 Energy and Power
6.2.6 Industrial
6.2.7 Other End Users
6.3 By Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.2.4 Rest of Europe
6.3.3 Asia Pacific
6.3.3.1 India
6.3.3.2 China
6.3.3.3 Japan
6.3.3.4 Rest of the Asia Pacific
6.3.4 Rest of the World
6.3.4.1 Latin America
6.3.4.2 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Allegro MicroSystems LLC
7.1.2 TDK Corporation (TDK-Micronas GmbH)
7.1.3 Infineon Technologies AG
7.1.4 Melexis NV
7.1.5 Honeywell International Inc.
7.1.6 Asahi Kasei Microdevices Corporation
7.1.7 ABB Group
7.1.8 NK Technologies
7.1.9 Tamura Corporation
7.1.10 Vacuumschmelze GmbH & Co KG
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Current Sensor Industry Segmentation
A current sensor is a machine that detects and converts current to an easily measurable output voltage, which is proportionate to the current through the measured path. It accomplishes this by precisely measuring the drop in voltage at a resistor placed in the path of the current. This allows the current sensor to generate an estimate of the level of current flowing through the line.
The current sensor market is segmented by type (hall effect sensors (open loop, closed loop, and other hall effect sensors), fiber optic current sensors, inductive current sensors), end-user (automotive, consumer electronics, telecom, and networking, medical, energy and power, industrial, and other end users), and geography (North America (United States and Canada), Europe (Germany, United Kingdom, France and Rest of Europe), Asia Pacific (India, China, Japan and rest of the Asia Pacific), and other countries ( Latin America and Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
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| Fiber Optic Current Sensors | |||||
| Inductive Current Sensors |
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| Automotive | |
| Consumer Electronics | |
| Telecom and Networking, | |
| Medical | |
| Energy and Power | |
| Industrial | |
| Other End Users |
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Current Sensor Market Research FAQs
What is the current Current Sensor Market size?
The Current Sensor Market is projected to register a CAGR of 9.10% during the forecast period (2024-2029)
Who are the key players in Current Sensor Market?
Allegro MicroSystems, LLC, TDK Corporation (TDK-Micronas GmbH), Infineon Technologies AG, Melexis NV and Honeywell International Inc. are the major companies operating in the Current Sensor Market.
Which is the fastest growing region in Current Sensor Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Current Sensor Market?
In 2024, the North America accounts for the largest market share in Current Sensor Market.
What years does this Current Sensor Market cover?
The report covers the Current Sensor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Current Sensor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Current Sensors Industry Report
Statistics for the 2024 Current Sensors market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Current Sensors analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
