Global Current Sensor Market Segments 2024, Forecast To 2033
5 Mar, 2024
The current sensor market has displayed robust growth, increasing from $2.44 billion in 2023 to $2.68 billion in 2024, with a 9.8% CAGR. Historical growth drivers include automotive electrification, consumer electronics evolution, and industrial automation growth. The market is expected to continue strong growth, reaching $3.85 billion in 2028, with a 9.5% CAGR. Anticipated trends include energy efficiency regulations, renewable energy growth, electrification in automotive, industrial automation, and IoT and smart devices integration.
Global Current Sensor Market Key Driver
The current sensor market is expected to grow with the increasing demand for electric vehicles (EVs). In 2022, global EV sales doubled, reaching 6.6 million, and the trend is expected to continue. Current sensors play a vital role in controlling motor drives, monitoring battery currents, and managing direct current conversion in EVs. As the world transitions toward greener transportation, the demand for electric vehicles rises, propelling the current sensor market's growth due to its integral role in supporting EV functionalities.
Get A Free Sample Of The Global Current Sensor Market ReportGlobal Current Sensor Market Segments
The current sensor market covered in this report is segmented –
1) By Type: Closed Loop, Open Loop
2) By Technology: Hall Effect, Shunt, Fluxgate, Magneto-Resistive
3) By Application: Motor Drive, Converter and Inverter, Battery Management, UPS and SMPS, Starter and Generators, Grid Infrastructure, Other Applications
4) By End-Use: Automotive, Consumer Electronics, Industrial, Telecommunication, Other End-Uses
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the current sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the current sensor market report during the forecast period. The regions covered in the current sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Current Sensor Industry Players
Allegro MicroSystems LLC; Honeywell International Inc.; Infineon Technologies AG; TDK Corporation; TAMURA Corporation; Texas Instruments Incorporated; Melexis N.V.; LEM International SA; ACEINNA Inc.; Omron Corporation; Asahi Kasei Microdevices Corporation; STMicroelectronics N.V.; Silicon Laboratories Inc.; Pulse Electronics Corporation; Vishay Intertechnology Inc.; Microchip Technology Incorporated; ROHM CO. LTD.; ON Semiconductor Corporation; Elan Microelectronics Corporation; Triad Magnetics Inc.; Current Sensors Inc.; SCT Sensing Technologies Inc.; Semtech Corporation; Analog Devices Inc.; VACUUMSCHMELZE GmbH & Co. KG; Grace Technologies Inc; Eaton Corporation Plc; NK Technologies Inc.; Crocus Technology Inc.; SoftEnergy Controls Inc.
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AIOps Current Sensor Market Overview
A current sensor refers to a device that detects current and converts it into an output voltage that can be easily measured and is proportionate to the current flowing through the measured route. Current sensors are used for power metering, current supply measurement, control system diagnosis, managing loads from motors, and other purposes.
Current Sensor Global Market Report 2023 provides data on the global current sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The current sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.