Current Sensor Market Research Report - Forecast till 2027

Current Sensor Market Research Report by Type (Digital/Inductive Current Sensor, Closed Loop Current Sensor, Open Loop Current Sensor), Current Type (AC, DC), Technology (Hall Effect Current Sensing, Giant Magneto-Resistive (GMR) Current Sensing), Application, Region—Forecast till 2027

ID: MRFR/SEM/6189-HCR | February 2021 | Region: Global | 100 pages

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Market Overview


The current sensor is a device that detects the electric current within a wire and attempts to generate the signal proportion. The generated electric signal has been used to display the measured current in an ammeter. According to the current sensor market, the value at USD considers to be 2.12 billion in 2017. Further, it has been expected that the reach will be USD 3.71 billion by the forecast period, 2024. Apart from that, the CAGR happens to be 8.3% and the utilization of the current sensor has been to sense the alternate current and the direct current in a circuit.


The major factors that are contributing to the growth of the global Current Sensor Market have been considered to be rising the need for current measurement within the industrial application. Further, in addition, increased use of the integrated current sensor has been within consumer electronics.


Covid 19 analysis


The impact of the pandemic situation on the current sensor market has witnessed unprecedented increment in growth. Further, the amount of rising investment within consumer electronics has been increased. Further, the covid 19 has dealt with the severe blow of the industry that starts recovering with the effects of the pandemic. The pandemic has been restricted with the supply of the current sensors and the solutions have been disrupted within the global supply chain. Apart from that, the anticipated growth in the Current Sensor Market has been segmented with expected to decline. Hence, the social distance being foremost with curbing the spread of the disease. Hence, the Current Sensor Market has been expected to regain the growth momentum within the industries recovering from the effects of this covid situation.


Market Dynamics


Drivers

The growing utility of battery-powered devices has been increasing and the focus has been based upon the renewable source of energy. Therefore, the Market for the battery system has been growing at a rapid pace. The reason behind the expansion has been based upon the portable electronic power supply markets. Hence, the increase in the investment has been renewable and the rapid adoption of electric cars has been increasing as well.


Opportunities


An increase in the manufacturing of electric and hybrid cars has been acknowledged. The digitalization of conventional vehicles has been more compared to the other formats of market research. The reduction in the consumption of fossil fuels has also reduced global warming along with ecological damage. Further, the covid situation has analyzed that the automotive industry has been witnessing a slowdown within the demand for electric and autonomous vehicles. The demand has been considered to be higher than any of the other motors.


Restraints

An increase in the pricing pressure has resulted within the average selling price. Although the increment in the application of the current scenarios has been automated, the sales growth has also significantly hampered the price erosion. Hence, the result of the intense competition has been among the members of the sensor manufacturers. Therefore, the ASP has been considered to be beneficial to the customers and it also results in the shrinking of profit margins for the supply chain management.


Challenges

The basic challenge faced by the stated market addresses the product differentiation and also the development of the solutions that are considered to be innovative. Hence, the current sensors require time management that propels the maintenance of the problems related to sensitivity, accuracy, and efficiency. A need has been considered to be required that enables to differentiate the innovative problems along with the changing requirement of the maximum share of the Current Sensor Market. Hence, the company has been trying to innovate the problems that have been according to the changing requirements of the maximum share of the market.


Cumulative Growth Analysis

The global Current Sensor Market analysis has been anticipated and the growth has been acquired at a CAGR of 8% during the forecast period till 2023. Hence, the demand for the low cost and the accuracy of the current sensor solution has been increasing with further implementation of the power protection and the generation of fully integrated services for analyzing the low-cost sensor devices within the stated market.


Value Chain Analysis


The value Chain Analysis of Current Sensor Market has been concerned with the global demand for energy that enhances the overall expansion of the global demand that improves efficiency. Further, the requirement of the current sensor has been analyzed that depicts the importance of withstanding overloads. Therefore, the factor drives the value Chain sustainability and it focuses on minimizing cost management.


Segment Overview


According to the current sensor market, the segmentation has been based upon the current type and the technological application that digitized the current sensor. Further, the current type has analyzed that the Current Sensor Market has been segmented on the basis of the alternating current and direct current technology. Apart from that, the direct type established that the Current Sensor Market has been segmented on the half effect sensing of the current as well as the giant magnetic current sensation. Therefore, the automotive sensor has been further segmented into the computer blade that serves the power supply. Hence, the region, or rather the marketing has been based upon the segmentation of the rest of the world. The monitoring of the power segment has been analyzed by the computer blades within the server and it acknowledges the high demand for the analysis.


Regional Analysis


The Current Sensor Market for analyzing the region has been estimated by the growth at a significant rate that has been forecasted during the period from 2019 to 2024. Hence, the geographical analysis of the Current Sensor Market has been conducted by North America, Asia Pacific, Europe, and other rest of the world. Further, it has been analyzed that the largest share hold up happens to be North America and the ever-increasing industrial application has been presented by the various tier of manufacturing within the region. Hence, the current analysis has been generalized by the current sensing of the high demand.


Competitive Landscape


The stated market region has been highly fragmented along with several companies that operated the segments.  Hence, the leading players have been currently focused on providing cost-competitive products for their customers. Hence, the rivalry of the competitive key players has been based upon the sensing module.


List of Companies



  • Pulse Electronics Corporation

  • Honeywell International Inc

  • Tamura Corporation

  • Melexis NV

  • Vacuumschmelze GmbH & Co. KG

  • Infineon Technologies AG

  • Advantech B+B SmartWorx

  • Broadcom Inc

  • Coto Technology

  • CR Magnetics Inc

  • CUI, Inc

  • Diodes Incorporated

  • Harting Technologiegruppe

  • Lem Holding SA

  • Littelfuse, Inc.

  • Monnit Corporation


Recent Development


The Allegro Microsystems has been expanded along with the cordless sensor portfolio and it introduces the new cordless hall effect current capabilities.


The TDK corporation has acquired magnets that alloy Research with a comprehensive portfolio of electronic materials. Hence, the acquisition has enabled the major developments of high-performance and high-quality magnets. Thus, the establishment of highly efficient production has to meet up the escalating Current Sensor Market demands.


The collaboration of the TDK corporation has been severed by the department of cardiovascular medicines. The developed accuracy of the magnetic sensors has been measured by the establishment of high efficiency to meet the escalating market demands.


Report Overview


In this particular report, the important facts have been based upon the largest market share that the global current sensor has forecasted in the period 2024. Apart from that, the different section has been available and the depth of the information collected includes, opportunities, challenges, drivers, restraints, regional analysis, covid 19 analysis, market segmentation, and the others. All the facts collected have been from the primary and the secondary sources which are entitled to provide the Current Sensor Market growth.


Report details



  • Historic Period- 2019-2021

  • Base Year- 2021

  • Forecast Period- 2024


By Geographically



  • Europe

  • Asia-Pacific

  • Middle East & Africa

  • Americas



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Frequently Asked Questions (FAQ) :

The valuation of the current sensor market is expected to grow from USD 2.12 Bn in 2017 to USD 3.71 Bn by 2024.

The segments of the current sensor market based on current type are alternating current (AC), and direct current (DC).

The segments of the market, by technology, are giant magnetoresistive (GMR) current sensing and hall-effect current sensing.

The current sensor market is poised to augment at 8.3% CAGR.

The regional segments assessed for studying the current sensor market are North America, Europe, Asia-Pacific, and the Rest of the World.

Current sensors are used to sense alternating current (AC) and/or direct current (DC) within a circuit, by clamping the sensor around the wire.