The global current sensor market size was valued at USD 1,822 million in 2021, envisioned to reach USD 3,239 million, expanding at a CAGR of 6.6% during the forecast period.
Current sensors are devices that use a magnetic field for sensing the current and giving a proportional output. They are also known as current transformers or CTs. Current sensors measure the amount of current that is flowing through a wire. They can operate on both AC and DC currents. A current sensor is a device that can detect current and convert it into an easily quantifiable output voltage. This voltage is proportional to the amount of current flowing through the path that is being measured. There is a vast selection of sensors, each suited for a particular current range and ambient condition. They are utilized in several applications, including motor driving circuits and inverter circuits. Automotive, consumer electronics, and telecommunication industries use current sensors.
Increased power management systems in data centers to improve efficiency and speed while reducing power consumption drives the market growth. Integrated current sensors with backup power systems like inverters and UPS systems enable battery protection during the charging stage and provide efficiency, increasing demand in data centers. In addition, stringent government regulation regarding the management of data center power usage is one of the primary factors influencing the growth of the present sensor industry. However, technological challenges and high prices connected with current sensors globally impede the expansion of the market. In contrast, the increasing adoption of 5G technology raises the demand for closed-loop current sensors, which is anticipated to generate attractive prospects for the current sensor market.
Its demand has increased due to the development of hall-based technologies such as coreless technology. This reduces the manufacturer's bill of materials (BOM), design size, and forward integration into other industry verticals. Hall Effect Technology offers additional advantages for applications, including linearity, high precision, low energy consumption, and broad frequency bandwidth. For improvements in Hall Effect technology, the leading market participants are now focusing on BiCMOS design and galvanic isolation-based technology. Current sensor market demand has increased due to advantages and future development.
The increase in the implementation of the most recent developing technologies, such as cloud computing and the Industrial Internet of Things (IIoT), has driven the demand for robotic arms and industrial robots in production, which has driven current sensor market demand in countries like South Korea and China. Current sensing technologies for DC motors, circuits, and servos are required for these industrial robots. These applications measure the functionality of the robots as well as their precise power requirements. As a result, the rise in the use of industrial robots contributes to an increase in demand in the current sensor market.
One of the most challenging aspects of utilizing current sensors is that the outputs of many sensors used throughout a system are often significantly different. Therefore, if the faulty sensor is connected, or if it is connected poorly, this can damage the equipment and a risk to the safety of the workers. Failure rates are more likely to occur in environments with high currents and temperatures because a sensor might not be able to tolerate higher current surges. In addition, the installation, maintenance, calibration, and synchronization with software associated with these sensors must be performed by trained specialists; this contributes to an increase in the overall cost of operation. As a result, the expansion of the sensor market is being held back by several technical challenges and high investment costs.
Emerging 5G technology developments in various developed nations, including the United States, Germany, Canada, the United Kingdom, France, and China, among others, will result in infrastructure deployments that include the installation of servers, distributed antenna systems, UPS, base-stations, SMPS, and telecommunication power supply units. In addition, the closed-loop sensor category is gaining immense appeal in the telecom industry for measuring linear current flow in servers and circuits. At base stations for Switch-Mode Power Supplies (SMPS) and Uninterruptible Power Supplies (UPS), these sensors are widely used to detect direct (DC), alternating (AC), and impulsive currents. This presents a lucrative opportunity for the current sensors market as it is today.
The global current sensor market is classified based on type, sensing technology, end-use, and region.
Based on type, the segments include Open Loop and Closed Loop.
The open loop section is projected to advance at a CAGR of 6.3% and hold the largest market share. Open-loop current sensors provide an output voltage proportionate to the measured current without feedback control. They are frequently preferred in battery-powered circuits because of their low power consumption and small size. Potential applications include variable speed drives, uninterruptible power supplies, welding equipment, and overcurrent protection. The open loop current sensors are utilized in robots, industrial process control, variable speed drives, motor control in appliances, overcurrent protection, heating, ventilation, and air conditioning (HVAC), and current monitoring in electronic circuits. Demand for these applications in various end-users, like industrial, automotive, and healthcare, is the primary driver of market expansion. In addition, current sensors with the most recent technology, such as the MS Series Open Loop Hall-Effect Transducer, offer more precision and stimulate market growth.
The closed loop section will hold the second-largest market share. Current sensors with a closed loop measure AC and DC currents and provide electrical isolation. It features good linearity, rapid response, and minimal temperature drift. The closed-loop sensor's output current is relatively impervious to electrical noise. It has a lucrative opportunity on the market as a result of its rapid output and precision. These are predominantly utilized in hybrid cars, industrial robots, the automotive industry, and similar applications. In addition, closed-loop current sensors may simply convert their output to voltage, facilitating their integration in the telecom industry for high bandwidth and network infrastructure development.
Based on sensing technology, the segments include Hall Effect, Current Transformer, Flux Gate, and Rogowski Coil.
The hall effect section is projected to advance at a CAGR of 7.3% and hold the largest market share. Hall Effect technology is one of the present sensor industry's most significant market trends. The expansion is driven mainly by technological developments in Hall-based current sensors, such as coreless technology. It assists sensor makers in condensing the design and reducing the Bill of Materials, enhancing their integration across various business verticals. The Hall Effect technology has several benefits, including high precision, a broad frequency spectrum, linearity, and low energy consumption. The intelligent and programmable Hall Effect sensors have industrial applications like robots, smart batteries, traction motor inverters, and smart fuse devices. Increased demand for programmable and advanced coreless sensors for industrial automation drives the market for Hall Effect technology.
The current transformer section will hold the second-largest share. Across AC systems, current transformers are typically used to measure the busbar's current and primary side's current with iron core coils. These transformers can detect DC current and may have a single or dual core. Typically, it is outfitted with auxiliary DC winding. Additionally, these transformers are dependable and straightforward. This segment's market share will expand due to a rise in the use of smart monitoring units and the rapid development of smart grid networks.
Based on end-use, the segments include Automotive, Consumer Electronics, Industrial, telecommunications, and Others.
The industrial section is projected to advance at a CAGR of 6.5% and hold the largest market share. The industrial category consists of manufacturing facilities, storage facilities, and others. Various manually operated, semi-automated, and fully automated machines are utilized in the manufacturing facility. Current measurement requirements necessitate the installation of a current sensor in this equipment. Throughout the forecast period, the market for industrial current sensors is anticipated to rise faster due to the increasing use of current sensors in industrial automation and technical improvements in the market. Diverse businesses are enhancing their research and development efforts to introduce advances in the field of current sensors.
The consumer electronics section will hold the second-largest market share. Consumer electronics include televisions, digital cameras, PDAs, calculators, VCRs, clocks, DVDs, audio devices, tablets, cellphones, headphones, and other household products. This segment's growth is driven by the necessity to ensure the user's safety and meet industry standards. Moreover, the advancement of current sensors for monitoring real-time power usage represents a potential growth prospect for the market.
The region-wise segmentation of the global current sensor market includes North America, Europe, Asia-Pacific, and LAMEA.
The Asia Pacific and Europe will Dominate the Regional Market
The Asia Pacific will command the market with the largest share while advancing at a CAGR of 7.5%. The region earns most of its income from automotive, electronics, textile, information, and communication, among others. For production to be efficient, industries must install current sensors. Most of the present sensor market is dominated by industrial automation in Asia-Pacific. In addition, the expansion of the market in this area is fueled by a surge in demand for current sensors in the automobile industry in developing nations such as India, Brazil, and China.
In addition, the increase in demand for intelligent and customized automotive goods has created several potential prospects for the existing sensor market in Asia-Pacific. In addition, developments in production and manufacturing processes throughout the industrial sector in this area are predicted to fuel demand for current sensors over the projection period.
Europe will grow at a CAGR of 5.6% and hold USD 869 million. Automotive, information & communication, and industry, among others, are the key industries that sustain the region, as these businesses find the most critical application for modern sensors. Consequently, the need for sensors has surged throughout the region. The automotive sector is among the primary industries contributing to this region's market expansion. Current sensors have a variety of uses in modern automobiles, including battery management, converter control, overcurrent protection, and motor drive control. Integrating innovative automotive systems is anticipated to accelerate the market's growth.
In addition, the deployment of 5G technology is anticipated to increase market demand in this region. The deployment of 5G technology needs the construction of infrastructure, from servers, distributed antenna systems, and base stations to SMPS, UPS, and telecommunication power supply, requiring the installation of current sensors. In addition, a growing emphasis on developing innovative current sensor goods by the market's leading European players propels the market's expansion.
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