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.
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 hold largest share of current sensor market by 2019
APAC is expected to hold the largest share of the
current sensor market by 2019. This growth is mainly attributed to the
population growth and rapid urbanization in developing economies, such
as China and Japan, which have accelerated the regional development and
would in turn boost the demand for current sensors from several end
users, such as industrial, energy, telecom and networking, and
healthcare sectors, and automotive and consumer electronics industries.
The countries considered in the region are China, India, Japan,
Australia, and South Korea. Also, the rapid adoption of the renewable
sources for power generation and electric vehicles in China is the major
factor contributing to the growing current sensor market in APAC. China
has the fastest adoption rate for new renewable energy sources. It also
has the maximum number of new electric vehicles registered in the
region. China and India were among the top 6 countries for the maximum
installation of renewable energy in 2016, and China witnessed the growth
of 78% in the registration of electric vehicles in 2017.
A few key players operating in the current sensor
market are Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro
Microsystems (US), Infineon Technologies (Germany), and Honeywell (US).
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