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The market size is projected to increase by USD 1.79 billion, at a CAGR of 10.37% between 2023 and 2028. The market growth analysis depends on several factors, including the rise in the adoption of energy-efficient solutions, the increasing demand for high-precision current measurement in semiconductor manufacturing processes, and the growing integration of current sensors in industrial automation equipment and Internet of Things (IoT) devices. A current sensor, also known as an ampere sensor or current transducer, is a device designed to measure electric current flowing through a conductor. It operates based on electromagnetic, Hall effect, or open-loop principles to detect and quantify the current passing through the conductor without the need for a direct electrical connection. Current sensors are utilized in various applications, including power monitoring, motor control, renewable energy systems, and electrical safety.
The report includes a comprehensive outlook on the market offering forecasts for the industry segmented by Type, which comprises open loop current sensors and closed loop current sensors. Additionally, it categorizes Technology into hall effect, current transformer, flux gate, and rogowski coil, and covers Regions, including APAC, North America, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The rise in the adoption of energy-efficient solutions is the key factor driving market growth. Several factors such as the increasing awareness about energy conservation, stringent government regulations promoting energy efficiency, and the growing emphasis on sustainability across various industries drive market growth. In addition, one of the key contributors to this factor is the trend toward smart and energy-efficient buildings. With the construction industry embracing green building standards, there is a growing demand for current sensors that can accurately monitor and manage energy usage.
Furthermore, the growing adoption of renewable energy sources such as solar and wind power is driving the demand for energy-efficient current sensor solutions. These sensors play a vital role in monitoring the output of renewable energy systems, facilitating efficient power generation, and enabling seamless integration with the existing electrical grid infrastructure. Hence, such factors are expected to increase the demand for energy-efficient solutions, which will propel the growth of the global market during the forecast period.
The rise in focus on Industry 4.0 and smart manufacturing is the primary trend shaping market growth. Integral to Industry 4.0, the integration of current sensors in smart manufacturing transforms processes by enabling real-time monitoring and energy optimization. Manufacturers, propelled by Industry 4.0 momentum, seek current sensors with precise measurements, connectivity, data analytics, and interoperability. Aligning with market trends and analysis industry 4.0 principles drive the evolution of current sensor solutions, featuring built-in diagnostics for predictive maintenance and early identification of potential equipment failures.
Moreover, smart manufacturing's rise amplifies the demand for current sensors seamlessly integrating with IIoT platforms, facilitating real-time data analysis, energy management strategies, and demand response programs. The current sensors' enhanced accuracy and stability, driven by a focus on energy efficiency and sustainability in smart manufacturing, prove vital in optimizing energy consumption and achieving environmental sustainability goals. Hence, such factors are expected to increase the demand for energy-efficient solutions, which will propel the growth of the global market during the forecast period.
The increasing complexity of current sensor solutions is a challenge that affects market growth. One major factor contributing to the increased complexity is the need for higher accuracy and resolution in current measurements. Precision requirements in fields such as electric vehicle power systems and renewable energy generation have necessitated the development of more sophisticated current sensor technologies. In addition, the demand for precision in these applications has led to the development of complex current sensor solutions incorporating advanced signal processing and calibration techniques.
Additionally, as consumer electronics and IoT devices continue to shrink in size, there is a growing requirement for compact and low-profile current sensors that can be integrated into smaller form factors without sacrificing performance. This has led to the development of current sensor technologies, such as integrated current sensing integrated circuits (ICs) and micro-sized hall-effect sensors, which present new design and manufacturing challenges. Therefore, such challenges are anticipated to impede the growth of the global market during the forecast period.
The market share growth by the open loop current sensors segment will be significant during the forecast period. The open-loop current sensors are widely utilized in various applications across industries due to their accuracy, reliability, and efficiency in measuring electric current. As a result, these play a vital role in ensuring the safe and optimal functioning of electrical systems. Also, the open-loop current sensors segment is witnessing continuous advancements in technology, leading to the development of more accurate and efficient sensors.
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The open loop current sensors segment showed a gradual increase in the market share of USD 1.45 billion in 2018. Moreover, the increasing emphasis on energy efficiency and the growing adoption of electric vehicles (EVs) are contributing to the rising demand for open-loop current sensors. These sensors play a crucial role in monitoring and controlling the flow of current in EV systems, thus supporting the transition toward sustainable transportation solutions. Thus, the above-mentioned advantages are expected to increase the adoption of open-loop current sensors in current sensors, which will propel the growth of the open-loop current sensors segment in the market during the forecast period.
Hall effect sensors are widely utilized for measuring current in both AC and DC applications, making them essential components in modern electrical systems. Hall effect sensors are widely utilized in EVs, renewable energy systems, and consumer electronics, highlighting their wide-ranging applicability. The Hall effect segment continues to experience advancements driven by ongoing innovations in sensor technology. Furthermore, the increasing adoption of EVs and renewable energy solutions has contributed to the growing demand for Hall effect current sensors. Therefore, such advantages are anticipated to increase the adoption of the hall effect in current sensors, which will propel the growth of the segment in the market during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period.
Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. APAC holds a significant share of the global market displaying substantial growth and a strong presence in various industry sectors. The demand for current sensors in APAC is driven by the rapid development of industries such as automotive, consumer electronics, industrial manufacturing, and energy, among others.
Moreover, population growth and rapid urbanization in rising economies such as India, China, and Japan have accelerated the regional economy, increasing the need for current sensors from end-users such as energy, automotive, telecom and networking, industrial, and healthcare. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.37% |
Market Growth 2024-2028 |
USD 1.79 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.13 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., ACEINNA Inc., Allegro MicroSystems Inc., Analog Devices Inc., CR Magnetics Inc., Eaton Corp. Plc, Honeywell International Inc., Infineon Technologies AG, LEM Holding SA, Melexis NV, Methode Electronics Inc., Mitsubishi Electric Corp., Ning Bo Sinomags Electronic Technology Co Ltd., NK Technologies, ROHM Co. Ltd., STMicroelectronics International N.V., Tamura Corp., TDK Corp., Texas Instruments Inc., and Yageo Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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