Increasing demand for current sensors from the automotive and energy industries drives market growth
The current sensor market is expected to grow at a CAGR of 8.34% to reach USD 3.6 billion by 2024 from USD 2.4 billion in 2019. The increasing use of battery-powered applications and renewable energy forms, and growing market for Hall effect current sensors are among the key driving factors for the current sensor market growth. Moreover, the growth of automotive electronic control systems and new vehicle technologies, and large-scale commercialization of IoT and IIoT are among the other factors fueling the growth of the current sensor market. However, falling average selling prices of sensor components is affecting new market entrants and therefore is restraining the growth of current sensor market.
Demand for magnetic current sensors to boost market for isolated current sensors
The current sensor market, by type (2), is segmented into isolated and non-isolated types. The isolated current sensor market is expected to witness significant growth during the forecast period. The growth of the market for this segment is ascribed to the growing demand for magnetic current sensors worldwide due to their usability in a wide range of applications such as automotive HEV inverters and electronic power steering (EPS) systems, and in industrial and consumer inverters and motor control applications.
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Automotive sector to hold largest share of current sensor market during forecast period
In this report, the current sensor market, by end user, has been segmented into automotive, consumer electronics, energy, industrial, healthcare, telecom and networking, and others. Among these, the automotive segment is expected to hold the largest share of current sensor market throughout the forecast period. This share of 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 vehicle (EV/HEV).
APAC to hold largest share of current sensor market from 2019 to 2024
In terms of market size, APAC is expected to dominate the current sensor market during the forecast period as it is likely to witness significant growth in the said market during the forecast period. The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development in the region, which will boost the demand for current sensors from several verticals, such as automotive, energy, industrial, healthcare, and telecom and networking.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the current sensor market.
Following is the breakup of the profiles of primary participants for the report.
- By Company Type: Tier 1 – 56 %, Tier 2 – 23%, and Tier 3 – 21%
- By Designation: C-Level Executives – 75%, Managers – 25%
- By Region: North America – 40%, Europe – 23%, APAC – 26%, and RoW – 11%
The report profiles key players in the current sensor market and analyzes their market rankings. Players profiled in this report are Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro Microsystems (US), Infineon Technologies (Germany), Honeywell (US), ACEINNA (US), TDK Corporation (Japan), Tamura Corporation (Japan), Texas Instruments (US), Siliocn Labs (US), LEM International (Switzerland), Sensitec (Germany), Koshin Electrin (Japan), Pulse Electronics (US), Vacuumschmelze GMBH (Germany), STMicroelectronics (Switzerland), Omron Corp (Japan), ICE Components (US), Magnesensor Technology (US), American Aerospace Controls (US), and Electrohms Pvt. Ltd. (India).
- This report segments the current sensor market by type (1), type (2), end user, and geography.
- The report also describes major drivers, restraints, challenges, and opportunities pertaining to this market, as well as includes value chain and market ranking analysis.
Reasons To Buy This Report
The report will help leaders/new entrants in the current sensor market in the following ways:
- The report segments the current sensor market comprehensively and provides the closest market size estimation for all subsegments across regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the current sensor market.
- The report will help stakeholders understand their competitors better and gain insights to improve their position in the current sensor market.
- The competitive landscape section describes the competitor ecosystem.