Global Current Sensor Market is poised to record significant growth from 2023 to 2032 owing to the increasing use of renewable energy for electricity generation. Renewable energy is clean, economical, and infinite, with wind and solar energy being commonly used to generate power. Growing environmental concerns, coupled with a tremendous rise in global energy consumption, have fostered the adoption of renewable energy sources. Furthermore, the growing use of renewable energy in several nations will promote the growth of Hall effect technology in the present sensor industry.
An increasing number of government programs and investments focused on promoting the sales of EVs for environmental preservation will provide new development prospects to the current sensor market.
Citing an instance, in May 2022, Continental, a prominent manufacturer of automotive parts, expanded its sensor line by introducing two new sensors for electric vehicles: the Current Sensor Module and the Battery Impact Detection system. Both new systems will focus on battery protection and/or battery parameter preservation.
The current sensor industry is segmented based on type, application, end-use, and region.
By type, the open-loop current sensor market gained significant momentum in 2022 and is poised to grow at more than 8% CAGR through 2032. The segment growth can be credited to the increased usage of this device to detect AC and DC currents without needing a feedback control loop. Open-loop current sensors are lightweight and compact, require minimal energy to operate, and consume power steadily. Such features are projected to increase their acceptance in a variety of applications, thus, driving segment growth in the long run.
The current sensor market from the battery management application segment accounted for a sizeable revenue share in 2022. High demand for electric cars is expected to drive the market’s steady expansion through 2032. Battery management helps keep track of both the EV battery’s charge and its overall health. In addition, it regulates the current supply to prevent overcharging and enforces maximum charge or discharge current limits based on temperature. Battery management is also utilized in electric charging stations to check battery status in real-time and prevent an explosion which is likely to supplement segment growth.
As per end-use, the market revenue from the industrial segment is anticipated to grow appreciably throughout 2023-2032, resulting from the development of improved automated solutions and the rising trend of automation technology in factories. In recent years, the increasing acceptance of industrial applications including automated guided vehicles, autonomous mobile robots, and machine tools such as compressors, conveyor control, fans, and pumps, will increase the usage of current sensors over the next ten years.
North America current sensor market is estimated to amass USD 3 billion by the end of 2032. Businesses across North America are rapidly adopting modern technologies and are inclining toward integrating AI and IoT technologies across the automotive sector. The market is foreseen to grow rapidly owing to the rising product demand across industrial and automotive sectors that require enhanced automated solutions such as driverless/autonomous cars, IoT-connected cars, and electric/hybrid vehicles.