Current Sensor Global Market Report 2024

The current sensor market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historical period can be attributed to factors such as automotive electrification, the evolution of consumer electronics, innovation in medical devices, the influence of regulatory standards, and the expansion of industrial automation.

The current sensor market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to factors such as supply chain and manufacturing capabilities, global economic considerations, the emergence of new applications, market competition, and innovation, along with prevailing industry adoption trends. Key trends expected in the forecast period include the implementation of energy efficiency regulations, the growth of renewable energy, the continued electrification in the automotive sector, advancements in industrial automation, and the proliferation of the Internet of Things (IoT) and smart devices.

The anticipated surge in the demand for electric vehicles (EVs) is poised to be a catalyst for the growth of the current sensor market. Current sensors play a pivotal role in the automotive sector, particularly in EVs, by controlling motor drives, managing direct current conversion for motor regeneration, and monitoring battery charging and discharging currents. As the demand for EVs escalates, current sensors become increasingly integral. For instance, data from the International Energy Agency (IEA) in 2022 revealed a doubling of EV sales, reaching a record high of 6.6 million in 2021, with an impressive 75% increase in sales during the first quarter of 2022 compared to the same period in 2021. This global uptrend in electric car sales is a significant driver propelling the current sensor market growth.

The proliferation of electronic devices, notably smartphones, is poised to fuel the expansion of the current sensor market. Current sensors serve a crucial role in electronic devices such as smartphones, overseeing tasks such as monitoring and regulating charging, battery management, power consumption, and component operations to optimize performance and ensure safety. For instance, statistics from February 2023 indicated a rise to 71.8 million mobile connections in the UK, marking a 3.8% increase from 2021. Moreover, a projected 95% of the 68.3 million UK population - equivalent to 65 million individuals - are expected to own smartphones by 2025. This surge in electronic device usage, particularly smartphones, is set to significantly contribute to the growth of the current sensor market.

Technological advancements represent a prominent trend driving the evolution of the current sensor market. Key industry players are channeling their efforts into developing innovative technological solutions to maintain their competitive edge. For example, TDK Corporation introduced the CUR 4000 Hall-effect sensor in April 2021. The CUR 4000 stands out for its non-intrusive, galvanic-isolated contactless current sensing capabilities, specifically tailored for precise current measurements in automotive and industrial applications. Its unique features cater to future high-voltage systems for hybrid and electric vehicles (xEV), facilitating dynamic current range measurements of up to 2000 A for both DC and AC applications, and overcurrent detection in high-power battery monitoring applications. This technological innovation underscores the forefront of advancements within the current sensor market.

Prominent entities within the current sensor market are directing their efforts toward the development of advanced products, notably focusing on automotive-qualified integrated current sensors, in a bid to gain a competitive edge. These specialized sensors, designed and certified to adhere to rigorous reliability and performance standards tailored for automotive applications, offer precise electrical current measurement within vehicles without necessitating external isolation components. A case in point is Novosense AB's launch of the NSM2019 in June 2023 - a high-performance automotive-qualified integrated current sensor featuring low impedance and high isolation. This chip, renowned for its fully integrated solution, eliminates the requirement for external isolation components, catering to precise current measurement needs in automotive and industrial systems. Boasting a distinctive package design, the NSM2019 achieves an industry-leading primary conductor resistance of merely 0.27 mΩ and supports continuous currents up to 100 A. This innovation addresses heat dissipation challenges within compact systems. Offered in both automotive-qualified and industry-qualified variants, the automotive-qualified version adheres to stringent AEC-Q100 Grade 0 reliability standards, operating flawlessly in harsh environments spanning from -40 to 150 °C. It further provides rapid overcurrent protection with an impressive response time of 1.5 μs, with an adjustable default overcurrent protection threshold ranging from 75% to 175% of full-scale current.

In October 2023, Allegro MicroSystems, Inc., a prominent US-based powerhouse specializing in power and sensing semiconductor technology, executed a strategic move by successfully acquiring Crocus Technology for a substantial $420 million. This acquisition represents a strategic acceleration for Allegro in its TMR (tunneling magnetoresistance) roadmap, strengthening its preeminent position in the magnetic sensing and sensor solution sectors. Crocus Technology, a distinguished US-based semiconductor company renowned for its expertise in current sensor manufacturing, seamlessly integrated into Allegro's portfolio through this strategic acquisition. The move serves to further solidify Allegro's market presence and enhance its innovation capabilities within the realm of magnetic sensing technology.

Major companies operating in the current sensor market report are 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., Silicon Laboratories Inc., Pulse Electronics Corporation, Vishay Intertechnology Inc., Microchip Technology Incorporated, ROHM CO. LTD., ON Semiconductor Corporation, Elan Microelectronics Corporation, Triad Magnetics Inc., Current Sensors Inc., SCT Sensing Technologies Inc., Semtech Corporation, Analog Devices Inc., VACUUMSCHMELZE GmbH & Co. KG, Grace Technologies Inc, Eaton Corporation Plc, NK Technologies Inc., Crocus Technology Inc., SoftEnergy Controls Inc.

North America was the largest region in the current sensor market in 2023. 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. The countries covered in the current sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major types of current sensors include closed-loop and open-loop. Closed-loop current sensors feature a ferroelectric core with a sensing element (or field probe) placed in a gap in the core. Technologies employed in current sensors include hall effect, shunt, fluxgate, and magneto-resistive. These sensors find applications in diverse fields, such as motor drives, converters and inverters, battery management, UPS and SMPS, starters and generators, grid infrastructure, and more. They are utilized by various end-users, including automotive, consumer electronics, industrial, telecommunication, and others.

The current sensor market research report is one of a series of new reports that provides current sensor market statistics, including current sensor industry global market size, regional shares, competitors with a current sensor market share, detailed current sensor market segments, market trends and opportunities, and any further data you may need to thrive in the current sensor industry. This current sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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