What is Global Current Sensors Market?
The Global Current Sensors Market is a vast and dynamic field that encompasses a wide range of technologies and applications. Current sensors are devices that detect and measure the flow of electric current in a wire or circuit and convert it into a usable form of data. This market is global in nature, meaning it spans across all continents and countries, catering to various industries and sectors. The value of this market was estimated at US$ 2699.8 million in 2023 and it's projected to reach a staggering US$ 4625.7 million by 2030. This growth is driven by the increasing demand for these sensors in various applications, from industrial machinery to automotive systems. The market's expansion is also fueled by technological advancements that have led to the development of more efficient and accurate sensors.
Hall-Effect Current Sensors, Shunt Current Sensors, TMR Current Sensors, Others in the Global Current Sensors Market:
The Global Current Sensors Market is segmented into various types based on the technology used. These include Hall-Effect Current Sensors, Shunt Current Sensors, TMR Current Sensors, and others. Hall-Effect sensors are widely used due to their ability to measure both direct and alternating currents, while Shunt Current Sensors are known for their accuracy and low power consumption. TMR Current Sensors, on the other hand, are gaining popularity for their high sensitivity and small size. Each of these sensor types has its own set of advantages and applications, making them indispensable in their respective fields.
Industrial, Automotive, Others in the Global Current Sensors Market:
The usage of current sensors is not limited to a single industry or sector. They find extensive applications in various areas such as Industrial, Automotive, and others. In the industrial sector, these sensors are used in machinery and equipment to monitor the current flow and prevent any potential damage due to overcurrent. In the automotive industry, current sensors play a crucial role in electric vehicles and hybrid electric vehicles, where they monitor the battery's state of charge and control the electric motor's power. Other applications of current sensors include power supplies, air conditioners, and even in consumer electronics.
Global Current Sensors Market Outlook:
The Global Current Sensors Market outlook appears promising. In 2023, the market was valued at US$ 2699.8 million and it's expected to reach US$ 4625.7 million by 2030, growing at a CAGR of 7.9%. This growth can be attributed to the increasing demand for these sensors in various industries and the continuous advancements in technology. The market is dominated by key players such as Asahi Kasei Microdevices Corporation, Allegro Microsystems, LLC, and Melexis NV, who collectively accounted for 38% of the global revenue market share in 2019. Geographically, APAC accounted for 35% of the volume market share in 2019, while Europe dominated the Current Sensors production market with a 33% volume market share.
| Report Metric | Details |
| Report Name | Current Sensors Market |
| Accounted market size in 2023 | US$ 2699.8 million |
| Forecasted market size in 2030 | US$ 4625.7 million |
| CAGR | 7.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Asahi Kasei Microdevices Corporation, Allegro Microsystems, LLC, Melexis NV, TDK Micronas, LEM Holding SA, Honeywell International Inc., Infineon Technologies AG, Kohshin Electric Corporation, Sensitec GmbH, Pulse Electronics Corporation, MultiDimension Technology |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
