Current Sensor Market
Current Sensor Market Study by Hall Effect Sensors and Rogowski Coils for IT & Telecom, Consumer Electronics, Automotive, Industrial Automation, Healthcare, and Energy & Utility from 2024 to 2034
Analysis of Current Sensor Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Current Sensor Market Outlook (2024 to 2034)
The constantly expanding consumer electronics industry across the world has led to the development of novel technologies, and most depend highly on current sensors. As such, the global current sensor market has been valued at US$ 3.1 billion in 2024 and is forecast to advance at 9% CAGR to reach US$ 7.3 billion by the end of 2034.
In recent years, increased use of renewable energy sources and battery-powered solutions has been seen, which is positively impacting demand for current sensors. Growing requirements for current sensors are owing to their ability to offer ultra-low-power and highly precise solutions for predicting battery life along with safeguarding Li+ battery and circuitry from overcurrent situations.
Growth of the consumer electronics sector is stimulating respective manufacturers to develop novel technologies while using current sensors. Efficient power management ICs play a vital role in different types of consumer electronics, including TVs, infotainment equipment, tablets, smartphones, and wearables. They are developing crucial building blocks for electronics to match the increasing demand for autonomy, energy efficiency, and mobility. Current sensors are employed as vital components in these electronics to measure the movement of current through the respective power supply system.
- Demand for current sensor solutions in Japan is anticipated to increase at a CAGR of 9.5% from 2024 to 2034.
- North America is projected to account for 24.3% of the current sensor market share by the end of 2034.
- Worldwide sales of isolated current circuits are calculated to rise at 8.5% CAGR and reach US$ 4.4 billion by the end of 2034.
With constant technological advancements taking place in the communications and semiconductor industries, an increased demand for current sensors is encountered. The development of modern sensors is leading to the manufacturing of sensors with reduced sizes, therefore making them more compatible, efficient, and cost-effective all at once.
| Report Attributes | Details |
|---|---|
| Current Sensor Market Size (2024E) | US$ 3.1 Billion |
| Forecasted Market Value (2034F) | US$ 7.3 Billion |
| Global Market Growth Rate (2024 to 2034) | 9% CAGR |
| South Korea Market Growth Rate (2024 to 2034) | 9.8% CAGR |
| East Asia Market Share (2034F) | 23.1% |
| Direct Current Sensing Segment Market Share (2034F) | 64% |
| Key Companies Profiled |
|
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What is Contributing to Expanding Current Sensor Market Size?
“Versatile Use of Current Sensors in Several Industries”
Adaptability of current sensors for use in different industries, including medical equipment, farm equipment, industry automation, aerospace systems, 3D printing, construction & mining equipment, automotive, and others is estimated to influence the current sensor market trends positively. In addition, minimal dependency on specific industries and improved flexibility of current sensors are projected to minimize the chances of experiencing any fall in their demand. Power-efficient features of current sensors are also driving their demand for the production of numerous appliances.
“Increasing Developments in Automotive Industry”
Hybrid electric vehicles and electric vehicles are gaining more popularity with constant efforts put forward by automobile manufacturers to explore multiple propulsion options. They are focusing more on coming up with improved technology, including enhanced driver comfort through improved battery performance, and many more. Moreover, the growing utilization of small module designs containing high thermal power density is estimated to drive demand for current sensors.
Which Factors are Adversely Impacting Current Sensor Market Growth?
“High Heat Generation and Low Resistance of Current Sensors”
Growing demand for high power is expected to lead to higher heat generation and resistance value. Sometimes, it becomes difficult to quantify strong currents. With the limited sensitivity of the hall element, a reduced frequency band is intended to offer enough resolution. Therefore, the response time is not very quick, and high precision becomes challenging to obtain, which is adversely impacting the current sensor market.
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How are New Companies Establishing a Strong Foothold in This Business?
“Focus on Energy Efficiency Stimulating Startups to Offer Multiple Current Sensor Types”
Several industries, including consumer electronics, industrial automation, and automotive are adopting electrification to minimize environmental footprints. This is creating demand for current sensors with the growing need for accurate current-sensing and reliable solutions. Startups are expected to leverage these trends while offering multiple types of current sensors according to the requirements of end-use industries.
Country-wise Insights
North America is anticipated to account for a 4.3% share of the global market by 2034, as stated in the study published by Fact.MR, a market research and competitive intelligence provider. The growing use of current sensors for monitoring the power consumption of equipment, machines, and motors in industrial settings in North America generates opportunities for players. These sensors identify faults, provide overload protection, and continuously monitor equipment and machinery conditions.
What is the Demand Projection for Current Sensors in the United States?
“Presence of Leading Current Sensors Manufacturers in the Country”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 300 Million |
| Growth Rate (2024 to 2034) | 9.4% CAGR |
| Projected Value (2034F) | US$ 740 Million |
The United States is projected to enjoy 45.6% share of the market in North America by 2034. Some of the prominent manufacturers of current sensors are operating in the United States, which is further contributing to current sensor market growth there. Furthermore, a shift to electric vehicles is estimated to widen the application scope of current sensors in the automotive industry. IoT penetration and industrial automation are contributing to increased demand for current sensors in the country.
Which Country in East Asia is a Key Business Place in This Market?
“Constantly Increasing Demand for Renewable Energy Infrastructure in China”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 300 Million |
| Growth Rate (2024 to 2034) | 9% CAGR |
| Projected Value (2034F) | US$ 715 Million |
China is anticipated to hold 47.5% of the East Asian market share by the end of 2034. Ongoing requirements for renewable energy infrastructure and favorable regulatory compliance are estimated to generate demand for current sensors. In addition, an expansion of the automotive and power electronics sectors is also driving product demand in the country.
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Category-wise Insights
Among various end users, the automotive sector is estimated to contribute more to the rising demand for current sensors with a shift to hybrid and electric vehicles. These sensors are used as pivotal components in electric powertrains to manage and monitor electricity flow. Integration of ADAS (advanced driver-assistance systems) relies on current sensors for accurate and precise monitoring of power distribution, safety mechanisms, and motor control. A commitment of the automotive industry to reducing environmental impacts and improving fuel efficiency is leading to energy-efficient internal combustion engine development.
Which Sensing Method is Widely Preferred?
“Preference for Direct Current Sensing Method with Rising Demand for Energy-efficient Systems”
| Attribute | Direct Current Sensing |
|---|---|
| Segment Value (2024E) | US$ 2.1 Billion |
| Growth Rate (2024 to 2034) | 8.3% CAGR |
| Projected Value (2034F) | US$ 4.7 Billion |
The direct current (DC) sensing method is forecast to account for a 64% share of the global market by 2034. Increased sales of direct current sensors are due to rising requirements for energy-efficiency systems along with the growing need for accurate power control and monitoring in some industries, including electric vehicles, etc. Therefore, an increased demand for DC sensing technology is encountered. Direct current sensors are utilized to monitor the voltage and current of the batteries and ensure optimal performance. These features make them ideal for use in electric vehicles, as accurate current measurement is pivotal for these automobiles.
Why are Isolated Circuits Widely Utilized?
“Rising Use of Isolated Circuits for Optimized Battery Performance”
| Attribute | Isolated Circuits |
|---|---|
| Segment Value (2024E) | US$ 1.9 Billion |
| Growth Rate (2024 to 2034) | 8.5% CAGR |
| Projected Value (2034F) | US$ 4.4 Billion |
Isolated circuits are estimated to contribute 60% of global market revenue share by the end of 2034. Multiple industries, including healthcare, consumer electronics, and automotive are using battery-powered systems, which is generating demand for isolated current sensors. They are utilized for monitoring current flow in different battery-powered systems to help in the optimization of battery life and improve the performance of the overall system.
Competitive Landscape
Prominent companies operating in the global market are focusing on providing quality services to target end-use industries while ensuring effective management of their supply chain systems. They are actively involved in new product development to generate new leads and retain their existing customers.
Key players in the current sensor industry are Honeywell International Inc., Texas Instruments Inc., Aceinna Inc., TDK Corporation, Allegro MicroSystems, LLC, Infineon Technologies AG, Asahi Kasei Microdevices Corporation, Silicon Laboratories Inc., TAMURA Corporation, LEM Holding SA, and Melexis NV.
Segmentation of Current Sensor Market Research
-
By Sensing Method :
- Direct
- Indirect
- Solutions
- Services
-
By Circuit Type :
- Isolated
- Non-isolated
-
By Sensor Type :
- Hall Effect Current Sensors
- Rogowski Coils
-
By End Use :
- IT & Telecom
- Consumer Electronics
- Automotive
- Industrial Automation
- Healthcare
- Energy & Utility
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
How big is the size of the current sensor market in 2024?
The global current sensor market is calculated at US$ 3.1 billion in 2024.
What is the sales projection for current sensors for 2034?
Global demand for current sensors is projected to reach a market value of US$ 7.3 billion by 2034.
What is the forecasted CAGR for the global market?
The global market is projected to advance at 9% CAGR from 2024 to 2034.
How much share of global market revenue will North America hold by 2034?
North America is approximated to account for 24.3% share of the global market by 2034.
What is the anticipated growth rate for the market in South Korea?
Demand for current sensors in South Korea is calculated to increase at a CAGR of 9.8% from 2024 to 2034.
What is the contribution of isolated current sensors to global market revenue?
Isolated current sensors are evaluated to account for 60% share of the global market by 2034.
Current Sensor Market