The recently published report on the global current sensor market by Market Research Future (MRFR) surmises growth for this market at 8.3% CAGR between 2019 and 2024
— Current Sensors Market Overview
Current sensors are used for sensing alternating current (AC) and direct current (DC) within a circuit. These are sensors clamped around wires through which the current is flowing. In terms of monetary value, the market can be worth the USD 3.71 bn by the end of the forecast period.
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The predominant factor escalating the global current sensor market growth is the growing use of current sensors in servo motor drives, static converters for DC motors, battery devices, uninterrupted power supply (UPS) devices, and power supplies. The huge requirement for current measurement in industrial applications for motor current sensing, solar inverters, and robotics. Surging use of fully integrated and programmable current sensors in automotive industries and consumer electronics is also aiding market growth.
Major players in the global current sensor market include AKM Semiconductor Inc (USA), Allegro MicroSystems LLC (UK), B+B SmartWorx (USA), Broadcom Inc (USA), Coto Technology (USA), CR Magnetics Inc (USA), CUI Inc (USA), Diodes Incorporated (USA), Electronics Corporation (USA), Harting Technologiegruppe (Germany), Holding SA (Switzerland), Honeywell International Inc. (USA), Infineon Technologies AG (Germany), Melexis NV (Belgium), Monnit Corporation (USA), Phoenix Contact (Germany), Red Lion Controls Inc. (USA), Silicon Laboratories Inc. (USA), Tamura Corporation (Japan), TDK-Micronas (Switzerland), Texas Instruments Inc. (USA), Vacuumschmelze GmbH & Co. KG (Germany), and Weidmüller Interface GmbH & Co. KG (Germany).
Latest Industry News
The new and highly diverse modular technique of TT Electronics leverages Hall-Effect and Rogowski sensors. It also uses amplifiers and digital converters. 24 JUL 2019
The global current sensor market segmentation covers application, technology, type, and current type.
The application-based segmentation of this market covers automotive, consumer electronics, industrial inverters, motor control, and power monitoring. The automotive segment has been sub-segmented into electronic power steering (EPS) systems and hybrid electric vehicle (HEV) inverters. The power monitoring segment has been sub-segmented into computer blade servers and server power supplies.
Regarding technology, the market has been segmented into giant magnetoresistive (GMR) current sensing and hall-effect current sensing. Most current sensors use the Hall effect, and magnetoresistive principles as the characteristics of these sensors vary when it comes to performing different applications.
By type, the market has been segmented into closed-loop current sensor, open-loop current sensor, and digital/inductive current sensor. The use of open-loop current sensors is preferred in most battery-powered applications as they require low operating power. In the context of current type, the market has been segmented into alternating current (AC), and direct current (DC).
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The regional segmentation of the global current sensor market covers opportunities and latest trends in North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
During the forecast period, North America can hold the largest market share due to the presence of various tier 2 and tier 3 manufacturers in this region and the requirement of current sensors for the ever-increasing industrial applications. The USA and Canada have a more advanced industrial sector compared to Mexico.
The Asia Pacific has been envisioned to witness the highest growth during the forecast period due to rising demand for power management solutions in China, India, and South Korea. Major end-use industries have a significant presence in this region. Such industries include automotive, consumer electronics, medical, and transportation due to which the demand for current sensors is high. The production of power-efficient devices for applications has further increased the requirement for current measurement. China, Japan, and Taiwan are among the largest exporters of electronic components in the regions of Middle East & Africa (MEA) and Europe.
In Europe, the demand for current sensors is high, and some of the major market players are operating from this region. As mentioned earlier, European countries import current sensors from Asia Pacific countries. In terms of technological advancement, Europe lags only to North America. Other important country-specific markets in this region are France, Germany, Italy, and Spain.
The RoW segment covers Latin America and MEA region. In Latin America, the market is smaller than in North America due to limited technological advancement. In the MEA region, efforts are being made to improve the manufacturing sector and reduce dependence on oil. Hence, for new factories, current sensors are required.
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Source URL: https://marketersmedia.com/current-sensors-market-2019-global-industry-size-share-growth-factors-trends-competitive-landscape-applications-analysis-sales-revenue-and-forecast-2024/88909852
Release ID: 88909852