For those planning market entry or expansion, this report lays out critical data and expert analysis on the current sensor industry landscape.
How Much Is The Current Sensor Market Worth?
The current sensor market size has grown strongly in recent years. It will grow from $2.63 billion in 2024 to $2.82 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to automotive electrification, consumer electronics evolution, medical device innovation, regulatory standards influence, industrial automation growth.
The current sensor market size is expected to see strong growth in the next few years. It will grow to $3.93 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to supply chain and manufacturing capabilities, global economic factors, emerging applications, market competition and innovation, industry adoption trends. Major trends in the forecast period include energy efficiency regulations, renewable energy growth, electrification in automotive, industrial automation, IoT and smart devices.
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What Are The Current Leading Growth Drivers For Current Sensor Market?
The increase in demand for electric vehicles is expected to boost the growth of the current sensor market going forward. An electric vehicle (EV) refers to a car that can run on energy from a battery and can be charged from an outside source. Current sensors are used in automobiles to control the motor drive, the direct current conversion control of the motor's regeneration current, and the detection of the charged and discharged currents of the batteries in electric and hybrid vehicles, all of which are crucial components of control. Hence, the increase in demand for electric vehicles is expected to boost the current sensor market. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the increase in demand for electric vehicles is driving the growth of the current sensor market.
Which Segment Accounted For The Largest Current Sensor Market Share?
The current sensor market covered in this report is segmented –
1) By Type: Closed Loop, Open Loop
2) By Technology: Hall Effect, Shunt, Fluxgate, Magneto-Resistive
3) By Application: Motor Drive, Converter And Inverter, Battery Management, UPS And SMPS, Starter And Generators, Grid Infrastructure, Other Applications
4) By End-Use: Automotive, Consumer Electronics, Industrial, Telecommunication, Other End-Uses
Subsegments:
1) By Closed Loop: Hall Effect Current Sensors, Fluxgate Current Sensors, Rogowski Coil Sensors
2) By Open Loop: Hall Effect Sensors, Shunt Resistors, Current Transformers (CTs)
Current Sensor Market Emerging Trends And Opportunities
Major companies operating in the current sensor market are innovating advanced technologies, such as coreless high-current sensors, to enhance accuracy, reduce size, and improve efficiency in power monitoring and control applications. Coreless high-current sensors are advanced current sensing devices that measure high electrical currents without the use of a magnetic core, which is typically found in traditional current sensors. For instance, in May 2024, LEM, a France-based design and manufacturer of measurement and control instruments, particularly for the aeronautics and space sectors, launched The LEM HTFS 600-S and HASS 1000. The LEM HTFS 600-S and HASS 1000-S are two prominent coreless high-current sensors designed for accurate measurement in industrial applications. The HTFS 600-S can measure currents up to 600 A, offering high linearity and fast response times, making it suitable for monitoring transient currents. Meanwhile, the HASS 1000-S supports measurements up to 1000 A, featuring a compact design that enhances its integration into systems like electric vehicles and renewable energy setups.
Which Are The Top Companies To Hold The Market Share In Current Sensor Market?
Major companies operating in the current sensor market include Allegro MicroSystems LLC, Honeywell International Inc., Infineon Technologies AG, TDK Corporation, TAMURA Corporation, Texas Instruments Incorporated, Melexis N.V., LEM International SA, ACEINNA Inc., Omron Corporation, Asahi Kasei Microdevices Corporation, STMicroelectronics N.V., Pulse Electronics Corporation, Vishay Intertechnology Inc., Microchip Technology Incorporated, ROHM CO. LTD., ON Semiconductor Corporation, Triad Magnetics Inc., Current Sensors Inc., SCT Sensing Technologies Inc., Analog Devices Inc., VACUUMSCHMELZE GmbH & Co. KG, Grace Technologies Inc, Eaton Corporation Plc, NK Technologies Inc., Crocus Technology Inc.
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Which Region Is Projected To Account For The Largest Share Of The Current Sensor Market?
North America was the largest region in the current sensor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the current sensor market report during the forecast period. The regions covered in the current sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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