Current and Voltage Sensor Market - Forecasts from 2024 to 2029

The current and voltage sensor market is expected to grow at a CAGR of 10.83% from US$2.212 billion in 2022 to US$5.191 billion in 2029.

Current and voltage sensors are used for current and voltage monitoring. While current sensors are used to pick up the amount of current running through a wire, voltage sensors are used for determining and monitoring the voltage supply and then converting it into a signal. Current and voltage sensors are highly used in the automotive, manufacturing, electronics, telecommunication, and power sectors.

MARKET TRENDS:

Rapid Industrialization powered by a large scale of investment in manufacturing, automotive, and other sectors is the major driving factor behind the voltage and current sensor market growth. Also, the growth of the economies, which is positively related to the disposable income of people, is expected to boost the demand for electronic gadgets during the forecast period. This is expected to directly affect the current and voltage sensor market positively. North America and Europe hold a major market share of this industry, while Asia-Pacific is expected to witness substantial growth due to favorable market conditions.

Although the current market trends hold a great perspective for the current and voltage market restraints, like the need for timely maintenance, have developed a need to introduce variations and product differentiation. The lack of this factor can hamper the market growth to some extent.

MARKET DRIVERS:

Increased automation and industrial investment.

The rising industrial investment in economies around the globe powered by the high-scale adoption of IoT, automation, technical advancement, Artificial Intelligence, Cloud-based Software, etc., is expected to contribute significantly to the current and voltage sensor market growth.  

One of the prime examples of that is the increasing robot density around the globe. Robot density is measured as the proportion of the total number of operational robots in industries relative to the number of industrial workers and is used to track automation adoption in a region. According to the International Federation of Robotics, average robot density in the manufacturing industry hit a new global record of 126 units per 10,000 employees. With the rising technological advancement, these statistics hold a positive future for the voltage and current sensor market due to its wide-scale adoption in robot manufacturing and handling.

Another significant contributor to this is the rising adoption of renewable technology and its growing application. Power-generating machines like solar panels use current sensors throughout grid-tied systems to optimize power extraction and check for any faults for safety purposes. The surging environmental concerns are expected to boost the demand for renewable energy, which can provide market growth to the current and voltage sensor market.  

Increasing adoption of electronic gadgets.

The economic development around the nations has positively impacted the disposable income of the people. This has significantly contributed to the change in living standards and increased consumption spending by the people, which has contributed to a rise in the adoption of electronic gadgets.

The prime example of this is the increasing purchase of life necessities like laptops, smartphones, etc. Infrastructural development and high internet penetration are considered to be the major contributors to this. Besides that, the increasing adoption of hybrid and electric vehicles is also a significant factor for the market growth. Current and voltage sensors integrated with the advanced automotive system are highly used in hybrid and electric vehicle battery management and control systems to optimize vehicle performance. With the spreading environmental concerns and increasing regulations on low-fuel emission vehicles, the demand for EVs is expected to rise significantly in the coming years, which is expected to boost the current and voltage sensor market.

MARKET RESTRAINTS:

The need for maintenance is anticipated to hamper the market growth.

Although the current and voltage sensor market does not carry any notable restraints, the timely need for maintenance and keeping a regular check is expected to create obstacles that usually give rise to problems related to accuracy and safety. Addressing this problem requires the introduction of some innovation and development in the market, which can also help the companies to capture the customized needs of the customers.

Key Developments:

• In September 2023, Melexis launched the MLX91230 which is the first model of Melexis's current third generation of sensors. This digital system offers +/-0.5% accuracy in a small package at a reasonable cost. It has pre-installed safety measures, includes IVT measuring capability, and embeds a microcontroller (MCU) to offload processing from the ECU.
• In July 2023, the new Current Sensing Resistor (CSR) series from Littelfuse, Inc., a manufacturer of industrial technology enabling a sustainable, connected, and safer society, was introduced.

Segmentation:

By Current Type

• Alternating Current (AC)
• Direct Current (DC)

By Industry Vertical

• Consumer Electronics
• Energy and Power
• Automotive
• Telecommunication
• Manufacturing
• Others

By Current Sensing Technology

• Shunts
• PCB Track Resistance
• FET on-resistance
• Current transformer
• Rogowski coil
• Open/Closed-loop Hall effect sensors
• Others

By Geography

• North America
• USA
• Canada
• México
• South America
• Brazil
• Argentina
• Others
• Europe
• U.K.
• Germany
• France
• Others
• Middle East and Africa
• UAE
• South Africa
• Israel
• Saudi Arabia
• Others
• Asia-Pacific
• China
• Japan
• India
• Australia
• Taiwan
• South Korea
• Others