Current Sensor Market Size, By Type (Closed Loop, Open Loop), By Technology (Hall Effect, Shunt, Fluxgate, Magneto Resistive), By Application (Motor Drive, Converter & Inverter, Battery Management, Uninterrupted Power Supply (UPS) & Switched-Mode Power Supply (SMPS)), By End-use (Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Current Sensor Market size exceeded USD 2 billion in 2020 and is predicted to grow at a CAGR of over 6% from 2021 to 2027. The unit shipments are poised to reach 1.5 billion in 2020. Rising inclination towards the adoption of renewable energy resources, such as solar, geothermal, and wind, for power generation will foster the market growth.
 

Get more details on this report - Request Free Sample PDF
 

Current sensor have high acceptance in various renewable energy systems such as grid-tied inverters, photovoltaic (PV) systems, DC-DC converters, ultra-capacitor modules, and generators. The integration of current sensor into these systems reduces the cost per watt, optimizes power extraction, and efficiently manages the power control of convertors & invertors. The rising construction of new solar energy farms across the U.S., China, and India to increase energy capacity and combat future power-deficit crises will augment the market expansion in the coming years.
 

The COVID-19 pandemic has severely impacted the current sensor market progression with the shutdown of major consumer electronics and automotive manufacturing facilities in early 2020. In the first half of 2020, market players also witnessed a severe supply chain disruption related to raw materials and components. This was majorly owing to delay in supply orders by sensor manufacturers and international trade barriers imposed by various governments & regulatory bodies across the globe. The increasing work-from-home trend across the IT services industry has resulted in the rising uptake of new desktops/PCs, tablets, and laptops, which require current sensor for battery management and charger management applications.
 

Proliferation of 5G base stations across Europe will fuel the market adoption of closed-loop sensors

The closed loop current sensor market dominated more than 60% of revenue share in 2020 and is slated showcase 7% growth rate through 2027. The industry growth is credited to several high-end characteristics offered by the closed-loop architecture such as contactless current sensing, low-temperature drift, high accuracy, and faster response time. Closed-loop sensors are immune to electrical distortions, helping to achieve a stable current flow and contactless AC-DC current measurement.
 

In the telecom industry, closed-loop sensors are gaining high popularity due to their high accuracy, quick response time, and stable current measurement in 5G base station equipment such as switch-mode power supplies.
 

Technological advancements in Hall effect sensors will propel the market value

Get more details on this report - Request Free Sample PDF
 

The Hall effect technology segment held 60% of the current sensor market share in 2020 and is estimated to attain a CAGR of 7% till 2027. The market revenue is attributed to ongoing technological advancements, such as chopper stabilization, Circular Vertical Hall (CVH), and coreless technology, in hall-effect current sensor. These technology additions help sensor manufacturers to reduce sensor footprint, weight, cost, and Bill of Material (BOM). This will further increase their integration across various industry verticals including automotive, industrial, and telecommunications. Companies are highly focusing on developing technically advanced Hall-based sensors to stay competitive among other players.
 

Rising demand for eco-friendly Electric Vehicles (EVs) will boost the market adoption of motor drives

Get more details on this report - Request Free Sample PDF
 

The motor drive segment in the current sensor market captured 40% of revenue share in 2020 and is projected to expand at more than 6% till 2027. The market growth is credited to the increasing usage of electric motor drives in eco-friendly electric vehicles including hybrid, plug-in, and hydrogen fuel-cell cars. The electric motor drives support both drive and regeneration of heavy DC current-loads in a car’s powertrain compartment.
 

The integration of current sensing devices into motor drives delivers high energy efficiency and achieves high torque stability in electric motors. The increasing electrification of vehicles across the globe will further accelerate the market acceptance of current sensor during the forecast timeline.
 

Growing use of current sensor in robotics and factory automation

Get more details on this report - Request Free Sample PDF
 

The industrial segment in the current sensor market will observe 7.5% gains by 2027 on account of the rising usage of robotics and automation equipment across the manufacturing and processing industries. According to a September 2020 press release by the International Federation of Robotics (IFR), in 2019, 373,000 robots were produced and sold across the globe with a 12% y-o-y growth rate. Mexico accounted for 40,300 units with an 11% y-o-y increase compared to 2019. The report also shows that there were around 2.7 million operational robots around the world in 2020 and it is projected that around two million new units of industrial robots will be installed in factories worldwide by 2022.
 

Proliferation of hyper-scale data centers across APAC economies will create growth opportunities for the industry

Get more details on this report - Request Free Sample PDF
 

Asia Pacific current sensor market captured 30% of the revenue share in 2020 and is anticipated to grow at 8% CAGR during 2021 to 2027. The market demand is led by increasing establishments of hyper-scale data centers across APAC economies including China, Japan, India, and South Korea. For instance, in August 2020, Alibaba Cloud launched three new hyper-scale data centers in China and has further planned to add 10 new facilities in the coming years. These hyper-scale data centers are highly integrated with current sensor in various power management devices such as datacenter UPS, SMPS, and Power Distribution Units (PDUs).
 

Focus on new product developments & launches to stay competitive in the market

Key players operating in the current sensor market include Asahi Kasei Microdevices Corporation, Allegro MicroSystems, Inc., Infineon Technologies AG, TDK Corporation, TE Connectivity, Aceinna, Littelfuse, Inc., and Melexis. These leaders are highly focused on new product developments and innovations to stay competitive among other participants.
 

The current sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:

Market, By Type

• Closed loop
• Open loop

Market, By Technology

• Hall effect
• Shunt
• Fluxgate
• Magneto Resistive

Market, By Application

• Motor drive
• Converter & inverter
• Battery management
• UPS & SMPS
• Others

Market, By End-use

• Automotive
• Consumer electronics
• Industrial
• Healthcare
• Telecommunication
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC