According to the new market research report "Current Sensor Market
by Type (1) (Closed Loop and Open Loop), Type (2) (Isolated and
Non-Isolated Current Sensors), End User (Automotive, Healthcare, Energy,
Consumer Electronics, Industrial, and Others), and Geography - Global
Forecast to 2024", the current sensor market is expected to
grow from USD 2.4 billion in 2019 to USD 3.6 billion by 2024, at a CAGR
of 8.34% from 2019 to 2024. The growth of this market can be
attributed to the high demand for current sensors from various
industries such as energy, automotive, industrial, especially from APAC
and North America.
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Building automation, smart homes, solar power, wind
power, and HVAC systems are the major current measurement applications
in the energy sector. Also, there is a growing shift toward generating
electricity from renewable energy sources. As a result, current sensor
providers are expected to have high growth opportunity owing to their
application-specific properties, such as high accuracy, sensitivity, and
stability, and faster response time.
APAC to account for largest share of current sensor market during forecast period
APAC is expected to account for the largest share of
the current sensor market during the forecast period. The market in this
region is also expected to witness significant growth during 2019–2024.
The population growth and rapid urbanization in developing economies,
such as China and Japan, have prompted the speedy development in the
region, which will boost the demand for current sensor from verticals
such as energy, automotive, telecom and networking, industrial, and
healthcare.
Key Market Players
Key players in the current sensor market include
Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro
Microsystems (US), Siliocn Labs (US), LEM International (Switzerland),
Sensitec (Germany), Koshin Electrin (Japan). Asahi Kasei Microdevices
(Japan) is a leader in the current sensing industry. The company has
shown consistent growth in the market by demonstrating capability to
serve new markets, and its product launches and promotional activities
have boosted its revenue growth.
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