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Market Overview:
The Current Sensor Market size is estimated to reach $5.7 billion by 2030, growing at a CAGR of 9.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Current Sensor Market Size, Share & Trends Analysis Report- By Technology (BiCMOS, CMOS), By Loop (Open-Loop Current Sensor, Closed-Loop Current Sensor), By Output (Linear (Analog) Current Sensor, Threshold (Digital) Current Sensor), By Type (Isolated (Magnetic, Opto-Isolated, Shunt-isolated), Non-Isolated (Analog-to-Digital Converter, Current Sensing Amplifier)), By Application (Proximity Sensing, Positioning, Speed Detection, Current Sensing, Flow Measurement, Others), By End User (Industrial automation, Automotive, Consumer Electronics, Telecommunication, Utilities, Medical, Railways, Aerospace & Defense, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Growing demand for electric vehicles and technological advancements are fueling the growth of the Current Sensor industry during the forecast period.
Asia-Pacific Dominated the Market in 2023:
Asia-Pacific has emerged as the largest market for current sensors, commanding over 34% of the global market share in 2023. This dominance is primarily attributed to the region's increasing demand for power management solutions and government initiatives supporting industrial automation. Countries like China, India, South Korea, and Japan are at the forefront of this growth, with significant investments in the industrial sector. For instance, India's government approved semiconductor manufacturing projects worth approximately USD 31.64 million to bolster the electronics manufacturing industry, further driving the demand for current sensors in the region.
Current Sensor Market: Key Takeaways
Growing Demand for Electric Vehicles is Driving the Market Growth:
The demand for electric vehicles (EVs) is surging due to government initiatives in countries like India, China, Germany, and the U.S. Hall sensors play a crucial role in EVs by monitoring component positions, engine vibrations, and ignition systems. Companies like Allegro are investing in advanced Hall-effect current sensors for improved energy efficiency in EV applications. Ford has pledged to increase its EV investments to $30 billion by 2025. This growing demand for EVs is expected to significantly boost the current sensor market from 2024 to 2030, reflecting a broader trend towards sustainable mobility solutions globally.
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Market Growth Driven by Technological Advancements:
Technological advancements and the rising demand for fully integrated programmable current sensors are expected to boost the Current Sensor market. Companies are actively developing innovative sensors to enhance market presence. For example, Infineon launched the XENSIV™ TLE4971 sensor family in November 2022, designed for automotive applications. These sensors combine sensing elements with high-precision signal conditioning and voltage isolation, catering to demanding automotive and industrial systems. They offer improved precision, sensitivity, fault detection, and programmability. Such innovations are projected to significantly increase the Current Sensor market share during the forecast period from 2024 to 2030.
Scope of the Report:
Recent Developments:
- In May 2023, Infineon Technologies acquired the Stockholm-based startup Imagimob AB. This acquisition enhances its edge AI capabilities for sensor solutions, targeting applications like predictive maintenance and anomaly detection in the current sensors market.
- In July 2023, Littelfuse Inc. unveiled its latest Current Sensing Resistor (CSR) family, providing a cost-effective solution for current measurement in circuits. These resistors enable voltage monitoring, control, and power management crucial for applications like battery charging and motor speed regulation.
Current Sensor Market: Competitive Landscape
Key companies profiled in the Current Sensor Market are ABB, Melexis N.V, Allegro Microsystems, Inc., LEM International S.A., Honeywell International, Inc., TDK Corporation, Texas Instruments, Inc., Asahi Kasei Microdevices Corporation, Infineon Technologies AG, TAMURA Corporation, and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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IndustryARC
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