Current Sensor Market: A Breakdown of the Industry by Region and Segment
Any system’s performance can be measured without affecting it, and this is important. Therefore, current measurement is crucial to many power and instrumentation systems. The main purposes of current sensing were typically circuit protection and control. But as technology has advanced, a method to assess and enhance performance has emerged: sensing current. Therefore, understanding the total current being transmitted to the load is very beneficial for a wide range of applications. Therefore, a current sensor’s working with applications is discussed in this article.
current sensor market size was USD 2.31 Billion in 2021 and is expected to register a revenue CAGR of 10.4% over the forecast period, according to the latest analysis by Emergen Research. Rising demand for renewable energy, consumer electronic products, and Electric Vehicles (EVs) among consumers are further increasing demand for current sensors.
Rising concerns about global warming have increased due to an increase in GHG emissions brought on by burning of fossil fuels. Currently, the transport industry accounts for over 30% of CO2 emissions in developed nations. Rising demand for renewable energy has led to an increase in popularity of EVs globally. In Electric Vehicle (EV) systems, current and power monitoring are typically used to track overall current used from battery and provide driver with real-time data utilizing algorithms regarding amount of charge still in the battery. Similarly, a typical HEV has a number of systems, including applications for AC motors and DC-DC converters, that depend on electrical current sensors to operate as efficiently as possible. This has led to an increase in demand for current sensors in EVs and thereby propel market revenue growth.
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Forecast Period : 2022-2030
Base Year: 2022
Number of Pages: 250
Prominent players operating in the industry have undertaken collaborations and agreements to gain a competitive edge and gain a robust footing in the industry. Some prominent players profiled in the report are:
Honeywell International Inc., Texas Instruments Incorporated, Aceinna Inc., Allegro MicroSystems, Inc., Tamura Corporation, LEM International SA, Infineon Technologies AG, Melexis., Asahi Kasei Microdevices Corporation, and TDK Corporation.
Some Key Highlights from the Report
- On 27 October 2021, Infineon Technologies AG. launched its first automotive current sensor named XENSIV TLE4972. The coreless current sensor measures current with accuracy and stability using Infineon’s tried-and-true Hall technology. TLE4972 is perfect for xEV applications including traction inverters used in hybrid and battery-powered vehicles as well as battery main switches due its compact form and diagnosis modes.
- The open-loop segment revenue is expected to account for largest share over the forecast period due to their small size, low power consumption, and open-loop current sensors, which are widely used in battery-powered circuits as they produce an output voltage proportional to measured current.
- The isolated segment accounted for a larger market share in 2021 owing to its efficacy and simplified design due to elimination of need for external concentrators which can further contribute to revenue growth of this segment.
- The digital segment is expected to register a rapid growth rate over the forecast period. Increased demand for efficient power monitoring systems and energy consumption is a result of growing demand for power-efficient technologies, which is expected to sustain revenue growth of the market over the forecast period.
The report is an investigative study of the technological developments and product advancements, along with a regional analysis for each product and application offered in the market. The fundamental objective of the report is to give an insight into the workings of the Current Sensor industry. It provides an accurate and strategic outlook of the market with a thorough assessment of the segments and sub-segments of the market. It provides a panoramic view of the industry to offer a deeper understanding of the global industry.
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Emergen Research has segmented the global current sensor market based on loop type, technology, output type, end-users, and region:
- Loop Type Outlook (Revenue, USD Billion, 2019–2030)
- Closed Loop
- Open Loop
- Technology Outlook (Revenue, USD Billion, 2019–2030)
- Output Type Outlook (Revenue, USD Billion, 2019–2030)
- End-User Outlook (Revenue, USD Billion, 2019–2030)
- Consumer Electronics
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