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Current Sensors Market By Type (Open loop, Closed loop) By Current Sensing Technology (Hall Effect, Current Transformer, Flux Gate, Rogowski Coil) By End Use (Automotive, Consumer Electronics, Industrial, Telecommunication, Others) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

About this report

The global Current Sensors Market report explores the critical analysis of the Current Sensors industry using key parameters. The report consists of investment strategies, the need for investments in the Current Sensors industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Current Sensors industry, as well as how economic and non-economic barriers are helping the Current Sensors Market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, Tornado analysis. key technological developments, and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

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Key Highlights of the report

How are the major segments performing in the Current Sensors Market?

In 2021, the open loop was the leading segment in the Type of the current sensors. The category of open-loop current sensors, which formerly dominated the market, is anticipated to expand steadily over the coming years. Open-loop current sensors provide electrical isolation between their output and the tested circuit while measuring AC and DC currents. The market is expanding since they are less costly than other modern sensors.

In 2021, the Hall Effect current sensing market is anticipated to expand quickly throughout the forecast period. Using a magnet-electric converting hall element, a Hall Effect current sensor enables contactless DC and AC detection. These sensors have a straightforward design and good durability and are used to lower the target current circuit's power loss. The market is expanding due to the widespread use of Hall Effect sensors in industrial and automotive equipment.

Due to technical advancements in-vehicle systems like the ABS, self-driving technologies, and ADAS, the automotive sector accounted for a significant portion of current sensor market shipments globally in 2021. Advanced automotive uses for current sensors include battery management, overcurrent safety, converter control, and motor drive control. The market for these sensors is also seeing significant growth in electric and hybrid vehicles.

Which region dominated the Current Sensors Market?

The Global Current Sensor Market is divided into four geographic regions: North America, Europe, Asia Pacific, and the Rest of the World. Due to the growing need for power management, government support for industrial automation, and expansion of the industrial sector in nations like China, India, South Korea, and Japan, APAC held the highest share of the global market for current sensors in 2021. Due to the huge prospects for job development and income production in the current sensors industry, governments of several APAC nations are making efforts to advance the sector. For instance, the Indian government put up a plan in February 2020 to increase the manufacturing of mobile phones, electronic gadgets, semiconductor modules, and electronic components throughout the nation. The Indian government's initiative to support the nation's electronics manufacturing sector is anticipated to increase sensor demand. This, together with an increase in technical improvements, is anticipated to drive market expansion for current sensors worldwide.

What is the competitive environment of the Current Sensors Market?

Major players in the modern sensor business are increasing their manufacturing capacity to meet the growing demand from OEMs and commercial clients. Businesses anticipate working with foreign suppliers as they increase capacity to ensure their global presence and increase their current market share for sensors. Key players have improved product flow and reached certain clientele through the push strategy. Key players have also benefited from bespoke industry order- and application-specific items to create and market goods that meet customer needs. The present sensor market participants are attempting to create application-specific sensor components to satisfy the increased need for cutting-edge product offerings. For instance, TDK Corporation declared intentions to begin building a new manufacturing plant in Nikaho City, Akita Prefecture, Japan, in March 2022. The new facility will make it possible to produce various electronic parts, including switches, resistors, sensors, and capacitors, among others.

Executive Summary

What are all Technical developments being developed in the Current Sensors Industry Market?

Technical development for the current sensors is Emerging 5G technology developments will lead to infrastructure deployments that include the installation of distributed antenna, systems, servers, UPS, base stations, SMPS, and telecommunication power supply units in several developed countries, including the United States, Germany, Canada, the United Kingdom, France, and China, among others. Additionally, the telecom sector is increasingly interested in closed-loop sensors detecting linear current flow in servers and circuits. These sensors are extensively utilized in base stations for Switch-Mode Power Supplies (SMPS) and Uninterruptible Power Supplies (UPS) to detect direct (DC), alternating (AC), and impulsive currents. The contemporary sensors industry has a profitable possibility because of this.

Which are the key investments by the players in the Current Sensors Industry Market?

Players in the current sensor market use major tactics, including product launches, acquisitions, partnerships, and R&D initiatives. The market for current sensors is expected to be split by multiple players in 2021. For instance, in July 2021, A free online simulation tool for magnetic sensor assessment and module design was released by Melexis in July 2021. With Melexis' Triaxis 2D/3D sensors, this tool gives users' engineering teams the capacity to create and stimulate their magnets. Using the simulation program, engineers might quickly create a unique magnetic sensor module to their requirements. Moreover, on 1st December 2021, The high current 165 Amp MCx1101 Current Sensor, which is regarded as the industry's most precise and highest bandwidth current sensor, was unveiled by Aceinna Inc. The MCx1101 current sensors from Aceinna are completely integrated, bi-directional, and offer much-improved accuracy for both DC and AC and various dynamic and alternative options.

Some of the major players in the market are Allegro Microsystems, Inc., Eaton, Honeywell International Inc., Infineon Technologies AG, LEM Group, TAMURA CORPORATION, TDK Corporation, Texas Instruments, Pulse Electronics, Sensitec GmbH.

What are the Major Driving Factors for the Current Sensors Market?

Growing environmental consciousness is fueling a need for clean energy driving the market's expansion. The exact monitoring of each panel's current and voltage is necessary to produce power from solar and photovoltaic cells at a low cost. Due to this, current sensors—used to ensure the effectiveness of solar and photovoltaic panels—are being used more frequently. The need for current sensors to calibrate high and medium voltage transformers is rising due to the expanding usage of smart grids to prevent power outages and failures, fueling market expansion. The market expansion is further fueled by the rising need for high-efficiency power inverters to fulfill the soaring energy consumption. The market is expanding due to the development of an open-looped current sensor to suit the need for its widespread application in several sectors. More and more people are choosing modern sensors with a quick reaction time of under thermal isolation, ten seconds, and machine mountable standard packaging. The current sensor business is expanding due to using current sensors in motor control systems to manage the torque and improve motor dependability by identifying fault conditions. It is anticipated that the creation of current sensors, which may be used in place of high-frequency current transformers to lower the size and enhance the general quality of electrical components, would accelerate industrial growth.

What are the Major Risks for the Current Sensors Market?

The fact that various sensors utilized throughout a system frequently produce outputs that are very distinct from one another makes using current sensors one of the trickiest tasks. As a result, if a defective sensor is attached or linked incorrectly, it might harm the machinery and endanger the safety of the employees. Because a sensor might not be able to withstand bigger current surges, failure rates are more likely to occur in situations with high currents and temperatures. The need for qualified professionals to execute the installation, maintenance, calibration, and software synchronization tasks related to these sensors also raises the overall cost of operation.

Which is the attributed Type in the Current Sensors Market

The segments come in Open Loop and Closed Loop types. The open loop segment is anticipated to grow at the highest CAGR and control the biggest portion of the market. With no feedback control, open-loop current sensors produce a voltage proportional to the measured current. They are typically chosen in battery-powered circuits due to their tiny size and low power consumption. Examples of potential uses include variable speed drives, uninterruptible power sources, welding apparatus, and overcurrent protection. Robots, industrial process control, variable speed drives, appliance motor control, overcurrent protection, heating, ventilation, and air conditioning (HVAC), and current monitoring in electronic circuits all use open-loop current sensors. The key force behind market development is demand for these applications among various end-users, including industrial, automotive, and healthcare. Additionally, modern sensors that use cutting-edge technology, like the MS Series Open Loop Hall-Effect Transducer, provide greater precision and encourage market expansion. The fact that various sensors utilized throughout a system frequently produce outputs that are very distinct from one another makes using current sensors one of the trickiest tasks. As a result, if a defective sensor is attached or linked incorrectly, it might harm the machinery and endanger the safety of the employees. Because a sensor might not be able to withstand bigger current surges, failure rates are more likely to occur in situations with high currents and temperatures. The need for qualified professionals to execute the installation, maintenance, calibration, and software synchronization tasks related to these sensors also raises the overall cost of operation.

The second-largest market share will go to the closed-loop segment. Closed-loop current sensors monitor both AC and DC currents and offer electrical isolation. It has excellent linearity, quick reaction times, and little temperature drift. The output current of a closed-loop sensor is mostly immune to electrical noise. Due to its quick output and accuracy, it has a profitable prospect on the market. These are mostly used in industrial robots, hybrid automobiles, the automotive sector, and related applications. Additionally, closed-loop current sensors may easily convert their output to voltage, making it easier for the telecom sector to integrate them for high bandwidth and develop network infrastructure.

How is the Current Sensors Market performing in regions?

The Asia Pacific will dominate the market with the highest share. The automotive, electronics, textile, information, and communication industries, among others, provide the majority of the region's income. Current sensors must be installed in industries for manufacturing to be effective. Industrial automation dominates most of the global sensor market, especially in Asia-Pacific. Additionally, a rise in demand for current sensors in the automotive sector in developing nations like India, Brazil, and China is fueling the growth of this market. Additionally, the growing need for intelligent and customized automotive products has opened up several opportunities for the Asia-Pacific sensor market. Throughout the projected period, it is also anticipated that improvements in manufacturing and production techniques would support demand for current sensors.

Europe will expand at the highest CAGR. The main industries that support the area are the automotive, information & communication, and industrial sectors, among others. These industries are where contemporary sensors find their most important applications. As a result, the need for sensors has increased throughout the area. The automobile industry is one of the key sectors driving market progress. Modern vehicles utilize current sensors for several purposes, including motor drive control, converter control, overcurrent protection, and battery management. It is projected that integrating cutting-edge automotive technology will hasten market expansion. Additionally, it is projected that introducing 5G technology would boost market demand in this area. Infrastructure must be built to implement 5G technology, including servers, distributed antenna systems, base stations, SMPS, UPS, and telecom power supplies, all of which need the installation of current sensors. Additionally, the market's rise is fueled by a rising focus on creating cutting-edge current sensor products by the top European competitors.

What is the regulatory landscape for the Current Sensors Market?

The regulatory landscape for this market is that current sensors are incredibly precise at low variance temperatures. The biggest problem the manufacturers confront is keeping this precision throughout the typical temperature ranges in automotive applications. Open-loop and closed-loop current sensors are the two major current measuring methods available to end users. End users may have issues with the open-loop sensors during temperature fluctuations or periods of high temperature. On the other hand, closed-loop sensors offer gain stability and effectively manage brief, high-current transients. However, open-loop current sensors are preferred because of the destructive overload potential. Additionally, when the primary current is high, the closed-loop sensors absorb a substantial amount of quiescent current, which results in self-heating.

What is the Market Size of the Current Sensors regarding value?

The global Current Sensors Market is anticipated to grow at a substantial CAGR of 10.30% in the upcoming years. The global Current Sensors industry was estimated to be worth USD 2194.2 million in 2021 and was expected to be worth USD 3951.20 million by 2028.

What major players are planning for the future of the Current Sensors Market?

The key players in the current sensors market are investing heavily in the Internet of Things (IoT). IoT is significant to the information technology industry. When various information-sensing devices are integrated with the internet, a network of sensors is created. Additionally, the IoT generates a significant need for sophisticated connected devices that support M2M and device interoperability following linked environment requirements. The adoption of the internet- and cloud-based content delivery, smart grid applications, healthcare and safety monitoring, resource and inventory management, home entertainment, connected transportation, and other M2M data applications is expected to significantly increase network traffic due to device interconnection. In addition, IoT technology has recently seen considerable government support and technological advancement in several countries.

Segmentation of Global Current Sensors Market-

Global Current Sensors Market – By Type

  • Open loop
  • Closed loop

Global Current Sensors Market – By Current Sensing Technology      

  • Hall Effect
  • Current Transformer
  • Flux Gate
  • Rogowski Coil

Global Current Sensors Market – By End Use     

  • Automotive
  • Consumer Electronics
  • Industrial
  • Telecommunication
  • Others

Global Current Sensors Market – By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global current sensors market 

The Covid-19 outbreak has had a significant impact on research and development in the semiconductor and electronics industries, which has resulted in the closure of several industrial sites globally. The lack of raw materials and components is impeding sensor manufacturers' ability to produce goods and has disrupted the supply chain. Due to growing production of hybrid and electric cars, the rise of the building automation industry, and rising consumer electronics expenditures over the past ten

During the projected period, Asia-Pacific is anticipated to have a promising revenue share of the present sensor market. The expanding usage of these sensors in the building automation, industrial, energy, and automotive industries is what's causing the present sensor industry to flourish. A number of Asia-Pacific nations, including South Korea, China, and Japan, have increased their production and sales of passenger automobiles. The expansion of the regional current sensor market is being accel

The current sensor industry is expanding as a result of data centers increasingly implementing power management systems, which improve speed and efficiency while using less power. The need for current sensors in data centers is rising since they are being integrated with backup power systems like UPS and inverters, which will safeguard the battery as it charges and improve efficiency. One of the major factors driving the expansion of the present sensor industry is the government's tight implemen

In 2020, the automotive sector accounted for the largest revenue share of the global sensor market, and it is anticipated to expand significantly over the coming years. The widespread use of current sensors in electric and hybrid cars is credited with this rise. Electric and hybrid electric cars will get better as a result of advancements in electrification of powertrains, which will increase demand for current sensors.

Due to its low price, compact size, light weight, and low power consumption, the Open-loop current sensor is predicted to expand at the highest CAGR of 9.9% throughout the course of the projected year. Furthermore, this kind of current sensor measures complex current waveforms, DC, AC, and galvanic isolation. Similar to current sensors, open-loop sensors are being utilized more and more in a variety of applications, such as industrial automation, broadcast equipment, power monitoring, robotics,

Current Sensors Market Scope

Report Attribute Details
Market Value in 2021 USD 3951.20 million
Market Value in 2028 USD 2194.2 million
CAGR 10.30%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Godaddy
Published Date:  Oct 2022
Category:  Semiconductor & Electronics
Report ID:   60685
Report Format:   PDF
Pages:   120
Rating:    4.6 (50)
Delivery Time: 24 Hours to 48 Hours   
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