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Current Sensor Market Trends

ID: MRFR//6189-CR | 188 Pages | Author: Aarti Dhapte| November 2023

Global Current Sensor Market Overview

Current Sensor Market Size was valued at USD 2005.3 Million in 2023. The Current Sensor Market industry is projected to grow from USD 2157.70 Million in 2024 to USD 3,871.8 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.58 % during the forecast period (2024 - 2032). Current sensors are crucial for maintaining the safety, efficiency, and proper functioning of many electrical systems. They provide real-time data about current consumption, allowing for control and monitoring of devices and systems. The market is driven by the rapidly expanding use of battery-powered and renewable energy applications. Smaller form factors and lower power consumption rates are required for smartphones, tablets, and other portable devices. The need for current sensors is significant because they provide a highly precise, ultra-low-power solution for estimating remaining battery life and safeguarding the circuitry and Li+ battery from overcurrent situations.

Figure1: Current Sensor Market, 2019 - 2032 (USD Million)

Current Sensor Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Current Sensor Market Opportunity

  • Growing Demand from Consumer Electronics

The consumer electronics sector has had significant expansion in recent years, and this growth is anticipated to continue. Players from many consumer electronics markets are developing new technologies that heavily utilised present sensors. Effective power management ICs are needed for consumer electronics such smartphones, tablets, TVs, wearables, and infotainment equipment. GaN (gallium nitride), which enables businesses to offer effective solutions for their clients, has developed into a crucial building block for power electronics in response to the rising demand for mobility, autonomy, and energy efficiency. As a result, the present sensor market is seeing a significant increase in income because of the growing consumer electronics sector. In order to control the output voltage and avoid overloads, current sensors are employed to measure the current moving through the power supply. The usage of current sensors in consumer electronics is expanding quickly as consumers' need for more dependable and efficient products grows. Current sensors are an important part of many consumer electronics products and are necessary for assuring the functionality and safety of these products.

Current Sensor Market Loop Segment Insights

Current Sensor Loop Insights

Based on loop, the Current Sensor Market segmentation includes open loop and closed loop. The open loop segment held the majority share in 2022, contributing around ~63.4% to the market revenue. There is an increasing emphasis on energy efficiency across industries, commercial buildings, and residential applications, which has led to a rising demand for Open Loop current sensors. These sensors are essential for monitoring and optimizing electrical currents, helping to reduce energy consumption. Open Loop current sensors play a vital role in monitoring and controlling power generation and distribution as the world transitions to renewable energy sources such as solar and wind power.

Current Sensor Sensing Type Insights

Based on Sensing Type, the Current Sensor Market segmentation includes Direct Current Sensing and Indirect Current Sensing. The Direct Current Sensing segment held the majority share in 2022 contributing around ~66.2% to the market revenue. The Direct Current (DC) sensing market is growing due to various factors, including the increasing demand for energy-efficient systems, the growing need for accurate power monitoring and control, and the rising adoption of electric vehicles. The increasing use of battery-powered systems, such as electric vehicles, is driving the demand for DC sensing technology. DC sensors are used to monitor the battery's current and voltage, ensuring the battery's optimal performance. For instance, the Melexis MLX91216 is a direct sensing type current sensor that uses IMC-Hall® technology to measure the current. The sensor provides an analog output voltage proportional to the applied current, making it ideal for use in EV applications where accurate current measurement is critical. The MLX91216 is a high-speed, high-accuracy current sensor that can measure currents from 200 to 2000 A, making it suitable for use in a wide range of EV applications.

Figure 2: Current Sensor Market, by Sensing Type, 2022 & 2032 (USD Million)

Current Sensor Market, by Sensing Type, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Current Sensor Technology Type Insights

Based on the Technology Type, the Current Sensor Market segmentation includes Isolated Current Sensors and Non-isolated current sensors. By Technology Type, isolated current sensor segment holds the majority market share in 2022 contributing 70.5% of the market share. The growing use of battery-powered systems in various industries such as automotive, consumer electronics, and healthcare is driving the demand for isolated current sensors. These sensors are used to monitor the current flow in battery-powered systems, which helps in optimizing the battery life and improving the overall system performance. For instance, Infineon Technologies offers several isolated, non-contact current sensors that can be used for current detection and monitoring in SiC and GaN applications, including motor control applications. The latest additions to the XENSIV™ family range include TLE4971 high-precision coreless current sensors designed for automotive and industrial applications.

Current Sensor End User Insights

Based on End User, the Current Sensor Market segmentation includes automotive, consumer electronics, industrial, healthcare, energy & power, aerospace & defense, and others. By End User, The Automotive end-user segment is witnessing substantial growth in the current sensor market due to several reasons. Firstly, the automotive industry is shifting towards electric and hybrid vehicles, and current sensors are crucial components in electric powertrains, helping monitor and manage the flow of electricity in batteries and electric motors. Secondly, the integration of advanced driver-assistance systems (ADAS) and autonomous driving features relies heavily on current sensors for accurate monitoring of power distribution, motor control, and safety mechanisms. Moreover, the automotive industry's commitment to improving fuel efficiency and reducing environmental impact has led to the development of more energy-efficient internal combustion engines. Current sensors play a pivotal role in optimizing engine performance and fuel consumption.

Current Sensor Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America, consisting of the US, Canada, and Mexico, stands at the forefront of technological innovation in current sensor market. The North American current sensor market is growing due to several factors. Firstly, there is an increasing emphasis on energy efficiency and sustainability in the region, which has led to a higher demand for current sensors across various industries. These sensors play a crucial role in energy management systems, supporting efforts to reduce environmental impact and lower energy costs. Secondly, the expansion of renewable energy sources in North America, including wind and solar power, has driven the need for current sensors to optimize energy conversion and monitor electricity flow. Lastly, the growing adoption of industrial automation and Industry 4.0 technologies has propelled the demand for current sensors in motor control, robotics, and IoT applications.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

The European current sensor market is experiencing robust growth, driven by a confluence of factors that reflect the region's commitment to energy efficiency, sustainability, and technological innovation. One of the primary drivers of this growth is the continent's unwavering focus on energy efficiency. Europe has actively promoted sustainability and reduced energy consumption, spurring demand for current sensors across various applications. These sensors have become integral to industrial automation, smart grid systems, and electric vehicles, all contributing to the reduction of energy consumption and greenhouse gas emissions.

The current sensor market in the Asia-Pacific (APAC) region is experiencing substantial growth and transformation. Key countries such as China, Japan, South Korea, India, and other APAC nations are at the forefront of advancing this industry. Governments throughout the APAC region are actively investing in current sensor technologies to enhance various sectors, from manufacturing to energy management and beyond. The current sensor market is marked by robust growth, driven by the country's expanding manufacturing sector and the increasing demand for automation. For instance, Chinese manufacturers are adopting current sensors for various applications, such as motor control, solar power generation, and power management. For instance, in June 2022, the introduction of LEM's solar current sensor made with BASF's Ultramid in China has enhanced the reliability and accuracy of solar power generation in the APAC region, boosting market expansion and competitive advantage. This innovative technology aligns with sustainability goals and has fostered collaborations between local companies, driving growth in the APAC current sensor market.

Current Sensor Key Market Players & Competitive Insights

With a strong presence across different verticals and geographies, the Current Sensor Market is highly competitive and dominated by established, pure-play vendors. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Current Sensor Market is highly competitive, with many vendors offering similar products and services.

The major players in the market include Infineon Technologies, Honeywell International, Texas Instruments Incorporated, TAMURA Corporation, TDK Corporation, Allegro MicroSystems, LLC, LEM International SA, Eaton Corporation, Pulse Electronics, NK Technologies, Sensitec GmbH, Sensor Electronic Technology and Others. Infineon Technologies aims to improve its core business while expanding into new growth markets. Over many years, the firm has steadily established and increased the technical competence required. Infineon Technologies focuses on innovation and zero-defect quality along with optimized design, product performance, cost competitiveness, and high system integration to give the most economic automotive solutions to customers. Realizing these benefits frequently results in greater research and development costs for their customers. As a result, they encourage the adoption of these new technologies in two ways.

Key Companies in the Current Sensor Market include

  • Infineon Technologies

  • Honeywell International

  • Texas Instruments Incorporated

  • TAMURA Corporation

  • TDK Corporation

  • Allegro MicroSystems, LLC

  • LEM International SA

  • Eaton Corporation

  • Pulse Electronics

  • NK Technologies

  • Sensitec GmbH

  • Sensor Electronic Technology

  • Others

Current Sensor Industry Developments

  • In June 2023, Avnet -a global technology distributor, entered into a distribution agreement with ACEINNA, a MEMS based sensing solutions company focusing on the development of innovative Inertial Measurement Unit (IMU) and current sensing technologies. The agreement is expected to enable Avnet to sell ACEINNA products globally. ACEINNA provides a comprehensive range of cutting-edge products including Inertial Navigation Systems (INS), Real-Time Kinematic (RTK) solutions, Inertial Measurement Units (IMUs), and current sensors. Their state-of-the-art MEMS modules empower customers worldwide to drive transformative innovations in off-road, autonomous, and electric vehicle automotive markets. These advanced solutions are characterized by exceptional performance and scalability, setting new benchmarks in the industry.

  • In July 2022, Melexis introduced its Current Sensor Simulator - an easy-to-use web application for rapidly selecting sensors from the company’s IMC-Hall portfolio. This interactive tool significantly accelerates the design process, enabling engineers with limited magnetic sensing experience to benefit from such technology. By filling in parameters on the web interface, users can describe their specific design requirements. Based on these, it recommended the appropriate part number, as well as the relevant ferromagnetic concentrator (shield). The tool provides a total error budget, so performance can be instantaneously estimated across the full temperature and current sensing range.

Current Sensor Market Segmentation

Current Sensor Type Outlook

  • Open Loop

  • Closed Loop

Current Sensor Sensing Type Outlook

  • Direct Current Sensing

  • Indirect Current Sensing

Current Sensor Technology Type Outlook

  • Isolated Current Sensor

  • Non-Isolated Current Sensors 

Current Sensor Current Range Outlook

  • Less than 100A

  • 100A-1000A

  • More than 1000A

Current Sensor Sales Channel Outlook

  • Online

  • Offline

Current Sensor Application Outlook

  • Motor Drives

  • Converters & Inverters

  • UPS & SMPS

  • Generators

  • Battery Management, Electric Drives

  • Fast DC Chargers (EV)

  • Overload Detection

  • Grid Infrastructure

  • Automotive Power Trains

  • Others

Current Sensor End User Outlook

  • Automotive

  • Consumer Electronics

  • Industrial

  • Healthcare

  • Energy & Power

  • Aerospace & Defense

  • Others

Current Sensor Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia Pacific

  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest of Middle East & Africa

  • South America

    • Chile

    • Brazil

    • Rest of South America

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