current sensor market is anticipated to achieve a healthy CAGR of 8.3% during the forecast period (2019-2024).
The global current sensor market value in 2017 was USD 2.12 billion, and it is expected to touch a valuation of USD 3.71 billion by 2024, suggests Market Research Future (MRFR).
Top Drivers and Key Barriers
Current sensor market size is expected to mushroom exponentially in the coming years, on account of strong demand for these sensors in multiple application areas like energy, battery-operated devices, consumer electronics, telecommunication, renewable energy, and industrial applications. The current sensors have gained traction in instrumentation and power systems since these are used for improving and monitoring the performance of the system.
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The current that is delivered to the load needs to be measured, which is an important aspect of power applications as this helps increase the overall efficiency. Current sensors are also used for avoiding risks like overcurrent in devices. Some additional factors favoring the market include rapidly expanding the internet of things (IoT) sector, rising industrialization in developing countries like India, and advancements in automotive electronics. Also, the current sensor market is observing advancements in products including hall effect sensors.
The hall effect sensor is increasingly being used in various applications, given their advantages like very low power consumption that helps bring down the current consumption. Besides, hall effect sensors are extremely ideal to be used in harsh environments and are also highly reliable. Moreover, their capabilities, including pre-programmable electric angles and outputs are accelerating their adoption, mostly in applications that require fully integrated and programmable sensors.
Key companies in the worldwide current sensor market are Allegro MicroSystems, LLC (UK), Texas Instruments, Inc. (US), Melexis NV (Belgium), Vacuumschmelze GmbH & Co. KG (Germany), Phoenix Contact (Germany), Pulse Electronics Corporation (US), AKM Semiconductor Inc (US), Honeywell International Inc (US), Tamura Corporation (Japan), Infineon Technologies AG (Germany), and others.
Other than these prominent players, other companies contribute close to 40–45% in the current sensor market. These include Weidmüller Interface GmbH & Co. KG (Germany), CUI, Inc (US), Diodes Incorporated (US), Harting Technologiegruppe (Germany), Monnit Corporation (US), Littelfuse, Inc. (US), Advantech B+B SmartWorx (US), Silicon Laboratories, Inc. (US), CR Magnetics Inc (US), TDK-Micronas (Switzerland), Broadcom Inc (US), Red Lion Controls, Inc. (US), Coto Technology (US), Lem Holding SA (Switzerland), to name a few.
October 2019 Given the worldwide need to monitor water consumption in agriculture, a team of researchers from the University of Connecticut has developed a soil moisture sensor. This sensor is more affordable than the existing ones, in addition to being compact enough to insert into the soil easily.
The worldwide current sensor market has been extensively analyzed by MRFR with respect to segments like type, current type, technology, and application.
Type-based segments in the current sensor market are digital/inductive current sensor, closed-loop current sensor, and open-loop current sensor.
Depending on the current type, the current sensor market covers alternating current (AC), and direct current (DC).
Technology-wise, the current sensor market has been considered for hall-effect current sensing, and giant magnetoresistive (GMR) current sensing.
In context of the application, the current sensor market caters to industrial inverters, automotive, motor control, consumer electronics, and power monitoring. The automotive segment can be split into hybrid electric vehicle (HEV) inverters and electronic power steering (EPS) systems. The power monitoring segment includes computer blade servers and server power supplies.
The geographic study of the global current sensor market has been conducted for North America, Asia Pacific (APAC), Europe and also the rest of the world (RoW), which includes the Middle East & Africa along with South America.
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North America is estimated to garner the biggest portion of the global current sensor market in the coming years. The region’s leading position in the worldwide market is the result of the rising use of battery-powered applications as well as renewable energy forms. The steadily expanding market for hall effect current sensors in the region also gives a significant boost to the market. On top of that, surge in automotive electronic control systems along with latest vehicle technologies, and increased commercialization of IoT and IIoT can elevate the current sensor market to greater heights.
The current sensor market in APAC is expected to advance at the fastest rate, thanks to the massive demand for current measurement devices due to industrial developments coupled with the booming automotive sector. For instance, China boasts of a vast industrial sector with numerous manufacturers forming industries like automotive, electronics, among others. Easy availability of resources including skilled labor force and cheap raw materials also makes China an attractive manufacturing space for international companies. Further, China has emerged as one of the prominent markets for electric vehicles, which easily makes the country a lucrative market for current sensor in the region. India is deemed to be another important market for current sensor in the region, on account of the surging manufacturing sector combined with robust demand for consumer electronics devices like tablets, laptops, and smartphones.
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