Current Sensor Market : Key players adopted the strategy of product launches and developments to strengthen their position in the market

The current sensor market is expected to grow from USD 2.4 billion by 2019 to USD 3.6 billion by 2024 at a CAGR of 8.34%. The increasing use of battery-powered applications and renewable energy forms, and growing market for Hall effect current sensors are among the key driving factors for this market. Moreover, the growth of automotive electronic control systems and new vehicle technologies, and large-scale commercialization of IoT and IIoT are among the other factors fueling the market growth.

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The automotive, healthcare, industrial, and energy sectors, and the consumer electronics industry, among others, are the major end users of current sensors. The current sensor market is expected to reach USD 3.6 billion by 2024 from USD 2.4 billion by 2019, at a CAGR of 8.34% during the forecast period. The growth of this market is mainly attributed to the increasing use of battery-powered applications and renewable energy forms, and growing market for Hall effect current sensors. Moreover, the growth of automotive electronic control systems and new vehicle technologies, and large-scale commercialization of IoT and IIoT are among the other factors fueling the growth of this market.

Major players in the current sensor market have primarily adopted the strategy of product launches and developments to strengthen their position in the market. For instance, in February 2019, ACEINNA released a family of AMR-based isolated magnetic current sensors with high accuracy, wide bandwidth (1.5MHz, 3dB), low phase delay, and fast response time for a wide range of power and electrical applications. The current sensors have isolation of 4.8kV and are UL/IEC/EN60950-1 and UL1577 certified. Such safety, reliability, and performance features are offered in an integrated “All-In-One” simple-to-use, single-chip solution at effectively low costs.

Asahi Kasei Microdevices (Japan) and Allegro MicroSystems (US) are among the major players in the current sensors market. Asahi Kasei Microdevices (Japan) is a leader in process control solutions and overall valve industry. The company provides advanced sensing solutions and superior mixed-signal integrated circuits (ICs). It has expertise in the design and manufacturing of high-performance analog and digital ICs. It operates in 2 major segments—Semiconductors and Magnetic Sensors. The company has a strong geographic presence with subsidiaries and affiliates in the US, France, South Korea, China, Japan, and Taiwan. AKM offers 2 series of current sensors for industrial and automotive applications. The company provides open-loop current sensors that ensure high accuracy and fast response time. These sensors have applications in inverter control, overcurrent detection, and electrical power detection, among others. The company spends heavily on the development of new products and technologies to strengthen its portfolio. AKM continuously realigns its business strategies to meet the changing needs of its customers and proactively branches into new fields to expand its business. It focuses on enhancing its ability to create new businesses by connecting its technologies, business models, and human resources internally as well as externally through joint R&D, business alliances, and mergers and acquisitions.

Flowserve is a leading manufacturer and aftermarket service provider of flow control products. It develops, manufactures, and markets high-performance semiconductors. The company provides high-performance current sensor ICs for automotive and industrial applications. It focuses on innovation in the areas of motor control, regulation, and magnetic field sensing applications. Product innovation has always been a prominent part of Allegro MicroSystems’ growth strategy for expanding its market presence. The company has recently launched many current sensors ICs for automotive, industrial, consumer electronics, and other applications. For future growth, Allegro MicroSystems is likely to focus on providing the best of the next-generation sensor type, giant magnetoresistance (GMR) sensors. The company has more than 300 leading global original equipment manufacturers (OEMs) and distributors to sell its products in all the major regions. Allegro MicroSystems has a strong presence in most of the emerging economies. In April 2018, Allegro MicroSystems launched a new high-precision, back-biased, programmable Hall-Effect sensor IC. It includes differential Hall elements and is packaged in a custom back-biased package that includes an integrated magnet. In March 2018, Allegro MicroSystems launched a new family of current sensor ICs that provide economical and precise solutions for AC or DC current sensing. This new family can be used in automotive and industrial applications, with an accuracy of ±2.1% over the lifetime of the IC.

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