Current Sensor Market
Current Sensor Market By Sensor Type (Hall Effect, Open Loop, Split, Solid, Coreless, Closed Loop), By Sensing Method (Direct & Indirect Current Sensing), By Circuit Type, By End-use Vertical, By Region - Global Market Forecast 2020-2030
Current Sensor Market Insights
The global current sensor market is expected to witness tremendous growth, owing to rapid technological advancements in the semiconductor and telecommunications industry. Current sensors are installed for the detection of electric current in wires, and accordingly generate signals proportional to the current flowing through the wire.
With time, sensors have become compact, efficient, cost-effective, and compatible at the same time. Increasing demand for consumer electronics is expected to drive the growth of the current sensor market over the forecast period.
Increasing safety concerns and favorable regulatory policies are expected to increase the adoption of current sensors in the automotive sector. However, changing regulatory policies with respect to environmental compliances and emission of gases can adversely affect the operations of semiconductor manufacturing companies.
The applicability of many Federal regulations is determined in part by the chemical being used at the facility. The advancing semiconductor industry and increasing number of applications of current sensors are facilitating numerous growth opportunities for the current sensor market for the forecast period (2020-2030).
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Current Sensor Market Analysis by Sensor Type
High reliability, pre-programmable electrical angles, high-speed of operation, and ability to work in a wide temperature range have made hall effect current sensors the best choice for numerous applications. Hall effect current sensors find application in automotive equipment, marine, handling equipment, agricultural machinery, process & packing machines, and sitting & rewinding machines.
With fast-expanding demand for a range of applications, from semiconductor chips to flexible devices, the market for hall effect current sensors is expected to be valued at US$ 5 Bn by 2030 end. However, the market for rogowski coil current sensors is expected to grow at a higher-than-average growth rate over the coming years.
Current Sensor Market Analysis by Sensing Method
Advancements in fields of medical, communications, automotive, IT, and biotechnology are expected to drive the demand for current sensors over the forecast period. The current sensor market, based on direct sensing technology, is expected to witness significant growth, backed by automation in automotive manufacturing and other application areas. Indirect current sensing-based sensors are expected to create an absolute $ opportunity of US$ 580 Mn by 2030, with a growth rate of 7% during the forecast period.
Current Sensor Market Analysis by End-use Vertical
Shift towards industrial automation has created numerous growth opportunities current sensor modules, as industrial automation requires a wide range of IC solutions. These include motor drivers, display drivers, voltage regulators, and torque and current sensors. Industrial automation, as an end-use vertical, is expected to remain as the most lucrative segment, with increasing adoption of FTTH services and fiberization of telecommunication BTS.
Furthermore, advancements in the healthcare industry with respect to electronic devices such as ventilators, sphygmomanometers, and MRIs are anticipated to create significant growth opportunities for the current sensor market in the healthcare domain. Healthcare, as an end-use vertical in the current sensor market, is expected to experience a growth rate of 7% during the forecast period.
Regional Outlook of Current Sensor Market
East Asia is seen as most lucrative region for current sensors, backed by high growth in the consumer electronics industry as well as increasing demand for automotive and healthcare devices. Regional trends and regulatory policies play an important role in the development of current sensors and semiconductors in this region.
With favorable regulatory compliances and sustained demand for renewable energy infrastructure, power electronics, and automotive, developing economies such as India and China are the fastest-growing markets with respect to current sensors. Furthermore, the current sensor market size in South Asia is expected to grow at an impressive rate of nearly 11% during 2020-2030.
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Current Sensor Manufacturers: Key Players Focusing on Capacity Expansion
Key players in the current sensor market are increasing their production capacities in order to meet mounting demand from OEMs and commercial customers. With capacity expansion, companies are looking forward for collaborations with global suppliers to ensure their global presence and increase their current sensor market share.
Adoption of the push strategy has helped key players increase product flow and reach targeted customer segments. For instance, in 2020, LEM Holding SA announced the setting up of a new production plant in Malaysia. With this new plant, the company aims to de-risk its supply chain, diversify its footprint, and focus on enhancing its competencies.
Furthermore, customized products that are industry order-specific and application-specific have also helped key players develop products according to client requirements and commercialize them in the market.
COVID-19 Impact on Current Sensor Market
The current COVID 19 pandemic has impacted the global economy with losses of billions of dollars in just the last few months. More than 100 countries are either under lockdowns, partially or completely, and nearly 200 countries have been effected with the coronavirus outbreak. This has resulted in global disruption of any kind of imports and exports across borders.
The pandemic has shut down production plants in all the affected regions, which has impacted the supply and demand for current sensors in the first and second quarters of 2020. China and the U.S. are major consumers of current sensors, backed by the booming automotive industry and increasing demand for IoT applications. Imposition of lockdowns and travel and trade restrictions in these regions and other developing countries such as India has hampered the growth of the current sensor market.
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The Analyst’s Viewpoint
The direct current sensors segment is projected to gain market traction, with rising demand expected from the automotive, healthcare, and consumer electronics sectors.
Current Sensor Market: Scope of the Report
Fact.MR has published an exclusive forecast report in the current sensor market for 2020 and 2030. The foremost objective of this report on the current sensor market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements. Also, the study on the current sensor market addresses key dynamics that are expected to diversify the sales and future prominence of current sensors.
The report on the current sensor market begins with an executive overview, in which product definition has been provided. The report further proceeds with the taxonomy of the current sensor market, elaborating on key segments. The report also outlines visionary insights on the dynamics of the current sensor market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for current sensors.
Supply chain analysis and pricing analysis of the current sensor market along with the difference between current sensors used as per application has also been included in the report to help readers clearly understand the product framework map in the current sensor market.
Current Sensor Market: Segmentation
Fact.MR has studied the current sensor market with detailed segmentation on the basis of sensor type, sensing method, circuit type, end-use vertical, and key regions.
- Hall Effect
- Open Loop
- Closed Loop
- Rogowski Coils
- Direct Current Sensing
- Indirect Current Sensing
- IT & Telecom
- Consumer Electronics
- Industrial Automation
- Energy & Utilities
- North America
- Latin America
- East Asia
- South Asia
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