The global current sensor market is poised to exhibit substantial growth through 2030. The rapid adoption of industrial automation technologies such as artificial intelligence (AI), robotics, and the Internet of Things (IoT) will offer lucrative business scope for current sensor manufacturers.
These components are extensively used in advanced systems such as smart meters, automatic cranes, robots, and conveyor belts. Robots and robotic systems largely use current sensors for sensing applications to ensure high functional capabilities along with meeting power requirements. The global unit sale of current sensors was valued at 1 billion units in 2021.
Increasing focus on the integration of robots and autonomous systems in different industry verticals is encouraging manufacturers to focus on innovative product development. Allegro MicroSystems, Inc., Honeywell International Inc., Infineon Technologies AG, Omron Corporation, TDK Corporation Melexis, TAMURA Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., and LEM International SA are few of the leading industry players making promising advancements.
In July 2022, Melexis introduced a new current sensing simulator to simplify the development and implementation of current sensing solutions with its proprietary IMC-Hall? technology. The tool offers accurate and contact-free current measurement across a wide range of industrial as well as automotive applications.
Based on type, the industry is fragmented into closed-loop and open-loop. Among these, the closed-loop current sensor market was valued at USD 1 billion in 2021. These components will witness considerable demand driven by rising deployment of robotics, and power supplies across industrial applications. They offer accurate measurement of AC & DC currents, quick response, high linearity, and low-temperature drifts, attributing to the surging popularity of closed-loop sensors.
In terms of technology, the current sensor industry share from fluxgate technology is projected to exhibit 6% CAGR between 2022 and 2030. The growth can be attributed to increasing dependence on advanced diagnostic and medical equipment across healthcare facilities and institutes. MRI and CT scanners are widely used in ultrasonography, lithotripsy, echocardiography, arteriosclerosis, and other applications, and are integrated with fluxgate sensors for higher accuracy output.
With respect to applications, the industry is segregated into battery management, motor drive, converter & inverter, UPS SMPS, grid infrastructure, starters & generators, and others. In 2021, UPS & SMPS applications accounted for USD 400 million of the global current sensor market value. These components are gaining traction in UPS and SMPS applications owing to their growing use in data centers along with the telecommunication and BFSI sectors. Advanced technologies are being incorporated into UPS and SMPS for transforming them from earlier bulky to more compact rack sizes.
From a regional perspective, Europe current sensor market share accounted for more than 20% in 2021. The region is emerging as a lucrative business landscape, given the rising implementation of next-generation technologies such as Industrial IoT and cloud computing. Industrial robots are widely used across circuit & DC motor current detection applications to accurately determine power requirements and functions of robots. Demand for such robots in the manufacturing sector may accelerate the adoption of current sensors across Europe.