Global Current Sensing Market Size By Product Type (Closed-Loop Sensors, Open-Loop Sensors), By Technology (Hall-Effect, Inductive), By Application (Automotive, Consumer Electronics, Industrial Automation), By Geographic Scope And Forecast

Current Sensing Market Size And Forecast

Current Sensing Market size was valued at USD 1.85 Billion in 2021 and is projected to reach USD 4.07 Billion by 2030, growing at a CAGR of 9.14% from 2022 to 2030.

The rising use of power management systems in data centers to improve efficiency and speed while consuming less power feeds market demand. Current sensors integrated with backup power systems such as inverters and UPS systems protect batteries during charging and increase efficiency, boosting their demand in data centers. Furthermore, one of the critical elements driving Current Sensing Market growth is stringent government regulations controlling data center power use management. The Global Current Sensing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Current Sensing Market Definition

Current sensors, also known as current transformers or CTs, measure the current flowing through a wire by detecting the current and producing a proportional output. A current sensor is a device that detects and converts electric current to create an output voltage. The output voltage generated is proportional to the current in the specified route. Current sensors detect the kind of electric current flowing through electrical equipment, such as alternating current (AC) or direct current (DC). DC sensors monitor the voltage drop generated by current flowing through passive electrical equipment. On the other hand, when an alternating current flows through a conductor, a current sensor measures the magnetic field that surrounds it.

Global Current Sensing Market Overview

The increasing use of current sensors in industrial automation and technological advances are driving market expansion. The Global Current Sensing Market has been driven by the rising development of consumer electrical gadgets. Furthermore, the increasing use of battery-powered devices and the increased emphasis on renewable energy are boosting market expansion. The market for battery-powered devices is quickly rising due to the expanding portable electronic equipment, automotive, and uninterruptible power supply (UPS) businesses.

Current sensors are used in various modern automotive applications, including battery management, overcurrent protection, converter control, and motor drive control. Integration of sophisticated automotive systems accelerates industry growth. These sensors also see a lot of demand from the electric and hybrid car segments. These sensors effectively monitor battery usage and provide real-time information on charging status and battery management. The adoption of electric cars and hybrid electric vehicles (EVs/HEVs) is increasing due to numerous nations’ focus on green energy programs and low fuel emissions, driving the market for current sensors in the automotive industry.

Despite the expanding usage of current sensors in autonomous cars, communication devices, consumer electronics, and healthcare devices, price reductions have considerably hampered sales growth. It is owing, in part, to tight rivalry among a rising number of sensor manufacturers. While the lower ASP is beneficial to buyers, it implies that suppliers’ profit margins are shrinking. The average selling price (ASP) lowers due to the extreme pricing pressure, stifling revenue growth in the highly competitive Current Sensing Market.

However, the use of construction equipment causes environmental imbalance and stifles growth. This heavy machinery is a significant source of ozone emissions, resulting in poor air quality. The emissions from this equipment, such as nitrogen oxides (NOx), volatile organic compounds (VOC), and carbon monoxide (CO), harm the environment, generating an imbalance between rural and urban regions. Furthermore, mining equipment working at mining sites contributes significantly to ozone emissions. These factors can hinder the growth of the Global Current Sensing Market for the forecasted period.

Global Current Sensing MarketSegmentation Analysis

The Global Current Sensing Market is Segmented on the basis of Product Type, Technology, Application, And Geography.

Current Sensing Market, By Product Type

• Closed-Loop Sensors
• Open-Loop Sensors

Based on Product Type, the market is segmented into Closed-Loop Sensors and Open-Loop Sensors. During the forecast period, the closed-loop sensors in the Global Current Sensing Market are estimated to grow at the fastest CAGR. Closed-loop current sensors utilize feedback control to provide an output proportionate to the measured current. In contrast, open-loop current sensors do not use feedback control and instead generate an output voltage corresponding to the measured current.

Current Sensing Market, By Technology

• Hall-Effect
• Inductive Effect

Based on Technology, the market is segmented into Hall Effect and Inductive Effect. During the forecast period, the hall effect in the Global Current Sensing Market is estimated to grow at the fastest CAGR. The advancement of hall-based technologies, such as coreless technology, has boosted its demand. Manufacturers gain from lower bill of materials (BOM), design size, and forward integration in other industry verticals. Benefits of hall effect technology include linearity, high precision, low power consumption, and a broad frequency spectrum.

Current Sensing Market, By Application

• Automotive
• Consumer Electronics
• Industrial Automation

Based on Application, the market is segmented into Automotive, Consumer Electronics, and Industrial Automation. During the forecast period, the automotive segment in the Global Current Sensing Market is estimated to grow at the fastest CAGR. The automotive application is expected to dominate the Current Sensing Market due to the increasing use of current sensors in EVs and HEVs. EV/HEV advancement necessitates the development of powertrain electrification, which increases the need for current sensors.

Current Sensing Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Global Current Sensing Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific Current Sensing Market is predicted to grow at the fastest CAGR during the forecast period due to the rising usage of these sensors in the automotive, building automation, energy, and industrial industries. Because of rising passenger vehicle manufacturing and sales in countries such as China, Japan, and South Korea, Asia Pacific is one of the most critical regions for the automobile industry. The Asia Pacific market for current sensors is being pushed by the rising use of isolated current sensors in the automotive sector for electric and hybrid vehicles.

Key Players

The “Global Current Sensing Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Honeywell International, Infineon Technologies, Eaton, Allegro MicroSystems, Kohshin Electric Corporation, LEM, TAMURA Corporation, Sensitec, TDK, etc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• In October 2021, Infineon Technologies AG introduced the new XENSIVTM TLE4972, its first vehicle current sensor. Because of its small design and diagnostic modes, the TLE4972 is ideally suited for xEV applications such as traction inverters used in hybrid and battery-powered cars and main battery switches.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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