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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Automotive industry to hold largest share of current sensor market by 2019
The automotive industry accounted for the largest share of the current sensor market in 2018. The growth of the market for the automotive segment is attributed to the high volume of current sensors being used in automotive vehicles worldwide. Further, this growth is also ascribed to the increasing number of electric vehicles and hybrid vehicles (EV and HEV). The growth of the electric vehicle industry is driven by the increasing adoption of hybrid and electric cars in China, Germany, the US, and other countries. China was the largest market for electric cars in 2018, with 380 thousand electric cars registered. The US is the second-largest market for electric cars with 190 thousand units registered.
Closed loop to hold larger share and witness significant CAGR in market during forecast period
The closed-loop segment accounted for a larger share of the current sensor market in 2018. This growth is attributed to the advantages of this type over open-loop type; these include high accuracy and linearity, low gain drift, wide bandwidth, and fast response time. Owing to this, closed-loop current sensors have major demand from the industrial and automation sectors. Closed-loop current sensors are used in industries such as aerospace & defense, automotive, medical, railway, automotive, and consumer electronics, where accuracy and response time are the major requirements. These sensors are generally used in motor drive controllers, photovoltaic systems, generator/alternator monitoring and controlling system, robotics, UPS and telecommunication power supplies, welding power supplies, and frequency and voltage inverters.
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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