By 2030, the current sensor market will be worth $5.59 billion, according to Emergen Research
According to Emergen Research’s most recent report, the global current sensor market had a value of USD 2.31 billion in 2021 and is projected to grow at a rate of 10.4% over the forecast period. Consumer demand for consumer electronics, electric vehicles (EVs), and renewable energy is pushing up the price of current sensors. Growing battery-powered systems, a focus on renewable energy, widespread usage of Hall-effect current sensors, and rising consumer electronics demand are some of the main drivers of this market’s expansion. In the midst of COVID-19, the deployment of IoT and IIoT with current sensors and the rising production of hybrid and electric cars create a significant need for current sensors.
Driver: Growing consumer electronics industry demand
The consumer electronics sector has had significant expansion in recent years, and this growth is anticipated to continue. Players from many consumer electronics markets are developing new technologies that heavily utilise present sensors. Effective power management ICs are needed for consumer electronics such smartphones, tablets, TVs, wearables, and infotainment equipment. GaN (gallium nitride), which enables businesses to offer effective solutions for their clients, has developed into a crucial building block for power electronics in response to the rising demand for mobility, autonomy, and energy efficiency. As a result, the present sensor market is seeing a significant increase in income because to the growing consumer electronics sector.
The widespread deployment of 5G networks in nations like South Korea, China, and India will increase demand for sensors currently on the market. The widespread use of 5G and the significant increase in high-bandwidth network acceptance will promote the use of these sensors in a variety of industry verticals. The integration of closed loop current sensors will be fueled by the telecom industry due to their high accuracy and quick response capabilities. Closed loop sensors can provide accurate current measurement in switch-mode power supplies, antennas, equipment, and other networking applications.
Rising GHG emissions brought on by the use of fossil fuels have intensified concerns about global warming. In affluent countries, the transport sector is currently responsible for about 30% of CO2 emissions. The demand for renewable energy is rising, which has increased EV popularity worldwide. Current and power monitoring are frequently used in Electric Vehicle (EV) systems to track total current drawn from the battery and give the driver real-time data using algorithms indicating how much charge is still in the battery.
Additionally, growing IoT and industrial robot adoption is anticipated to drive market revenue development. This industrial IoT wireless AC current monitor sensor detects current along with a split-core current sensor. It establishes the RMS current value, samples the current at a rapid data rate, and wirelessly communicates. This operation is repeated with a sleep period in between at user-defined timing intervals to reduce power consumption.
Principal Report Highlights:
· Infineon Technologies AG introduced the XENSIV TLE4972 as its first automotive current sensor on October 27, 2021. The coreless current sensor utilises the tried-and-true Hall technology from Infineon to measure current with accuracy and stability. Due to its small size and diagnostic modes, the TLE4972 is ideal for xEV applications such as battery main switches and traction inverters used in hybrid and battery-powered vehicles.
· Due to their small size, low power consumption, and open-loop current sensors’ widespread use in battery-powered circuits since they generate an output voltage proportionate to measured current, the open-loop segment’s revenue is anticipated to represent the biggest share over the projection period.
· Due to its effectiveness and simplified design due to the absence of external concentrators, the isolated category had a bigger market share in 2021 and is expected to continue to rise in terms of revenue.
· Over the course of the projected period, the digital category is anticipated to experience substantial expansion. Growing need for power-efficient technologies has led to increased demand for efficient power monitoring systems and energy consumption, which is likely to support market revenue growth over the forecast period.
· Some major companies operating in the market include Honeywell International Inc., Texas Instruments Incorporated, Aceinna Inc., Allegro MicroSystems, Inc., Tamura Corporation, LEM International SA, Infineon Technologies AG, Melexis., Asahi Kasei Microdevices Corporation, and TDK Corporation.
The biggest revenue share during the forecast period is anticipated to come from the North American market. Growing geopolitical tensions between the United States and China have prompted the American government to make more investments. Additionally, the presence of significant businesses like Texas Instruments Incorporated, Honeywell International Inc., and others is anticipated to fuel market revenue growth.
The global current sensor market has been divided by region, end-user, loop type, technology, and output type by Emergen Research:
- Loop Type Outlook (Revenue, USD Billion, 2019–2030)
- Closed Loop
- Open Loop
- Technology Outlook (Revenue, USD Billion, 2019–2030)
- Output Type Outlook (Revenue, USD Billion, 2019–2030)
- End-User Outlook (Revenue, USD Billion, 2019–2030)
- Consumer Electronics