The current sensor market is expected to gain substantial traction by 2027 owing to surging demand for the Hall effect technology in current sensors.
Current sensors, also known as current transformers, measure the current flowing through a wire by detecting the current and producing a proportional output. They work with both alternating current (AC) and direct current (DC). Current sensors enable users to measure current passively without interfering with the circuit in any manner. The growing popularity of hybrid and electric vehicles worldwide has been favorable for industry outlook.
Moreover, industry players are employing lucrative strategies to capitalize on emerging trends and innovations, which has strengthened the overall business landscape. For instance, in March 2021, Allegro MicroSystems, Inc., a leading manufacturer of advanced semiconductor devices, expanded its product portfolio with the launch of its novel coreless Hall-effect current sensor, the ACS37610 IC, for the electric automotive market and other industrial applications. The coreless Hall-effect current sensor has been developed to offer additional fault detection capabilities, high accuracy and sensitivity, and user programmability.
The current sensor market has been segmented on the basis of end use, type, application, technology, and region. With respect to technology, the market has further been categorized into shunt, magneto resistive, Hall effect, and fluxgate. The fluxgate sub-segment is slated to register significant growth at over 4.5% CAGR through the assessment period. Increasing adoption of the fluxgate technology in the automotive sector owing to its high accuracy and reliability features is likely to fuel segmental growth over the next few years.
From the application perspective, the current sensor market has been divided into battery management, motor drive, converter & inverter, UPS & SMPS, and others. The converter & inverter sub-segment attained more than 15% market share in 2020 and is speculated to amass notable gains over the analysis timeframe. Extensive application of converters and inverters in telecom & data centers to minimize energy use and offer high resilience is set to boost segmental development over the review timeline.
In terms of end use, the current sensor market has been bifurcated into healthcare, automotive, industrial, telecom, consumer electronics, and others. The healthcare sub-segment held a market share of nearly 5% in 2020 and is expected to see solid growth over the study period. Mounting prominence of current sensors in various medical devices for monitoring and diagnosing the patient's vitals, such as CT-scan, MRI, and other imaging equipment, is projected to augment segmental expansion over the forthcoming years.
From the regional point of view, the Latin America current sensor market is anticipated to progress at a CAGR of approximately 3.5% through the forecast timeline on account of increasing penetration of industrial robots in Mexico and Brazil.