Current Sensor Market | What are the leading industries of current sensors?

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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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Closed-loop current sensors to account for larger share of market during forecast period

The current sensor market, by type (1), is segmented into open-loop and closed-loop current sensors. The open-loop current sensors are expected to witness significant growth in the market during the forecast period as they provide a cost advantage over a closed-loop sensor in high current ranges (over 100 A). The sensors of this type are small in size and light in weight, and maintain constant power consumption, irrespective of the current levels.

Current sensor market for energy sector to grow at highest CAGR during forecast period

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 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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