Chicago, Aug. 06, 2023 (GLOBE NEWSWIRE) -- The Current Sensor Market by Loop Type (Closed Loop and Open Loop), Technology (Isolated and Non-Isolated Current Sensors), Output Type (Analog and Digital), End-User, and Geography", Key factors fueling this current sensor industry growth include growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in consumer electronics industry. Deployment of IoT and IIoT with current sensors and increasing manufacturing of hybrid and electric cars create a strong demand for current sensor for efficient industrial operations in the midst of COVID-19.
Current Sensor Market Report Scope :
| Report Metric | Details |
| Estimated Market Size | USD 2.3 Billion |
| Projected Market Size | USD 3.8 Billion |
| Growth Rate | CAGR of 10.8% |
| Market size available for years | 2021–2026 |
| On Demand Data Available | 2030 |
Key Market Players in Current Sensor Market
- Asahi Kasei Microdevices (AKM) (Japan),
- ACEINNA (US),
- Melexis (Belgium),
- Allegro MicroSystems (US),
- TDK Corporation (Japan),
- LEM International (Switzerland),
- Infineon Technologies (Germany),
- Tamura Corp. (Japan),
- Texas Instruments (US),
- Honeywell (US)
Market Dynamics:
Driver: Increasing demand in consumer electronics industry
The consumer electronics industry has witnessed considerable growth in recent years, and the trend is expected to continue in the future as well. Players from various consumer electronics segments are coming up with new technologies where current sensors are highly used. Consumer electronics, such as smartphones, tablets, TVs, wearables, and infotainment devices, require efficient power management ICs. With the increasing demand for portability, autonomy, and energy efficiency, GaN (gallium nitride) has become an important building block for power electronics by enabling companies to provide efficient solutions for their customers. Thus, the expanding consumer electronics industry is creating a prominent revenue pocket for the current sensor market.
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Restraint: Intense pricing pressure resulting in decline in average selling prices (ASPs)
Although the increasing applications of current sensors in automated vehicles, telecommunication equipment, consumer electronics, and healthcare devices have increased their shipments, the sales growth has been significantly hampered due to price erosion. This is partially a result of the intense competition among the rising number of sensor manufacturers. While the reduction in ASP is beneficial for consumers, it results in shrinking profit margins for suppliers. Thus, intense pricing pressure results in a fall in average selling price (ASP), which hampers revenue growth in the highly competitive current sensor market.
Opportunity: Deployment of IoT and IIoT with current sensors
IoT plays an important role in the information technology sector. It refers to a network of sensors formed by the integration of various information-sensing devices with the internet. Moreover, IoT creates a huge demand for advanced connected devices enabling M2M and interoperation with other devices according to the requirement of the connected environment. The network traffic due to the interconnection of devices is expected to grow at a significant rate as the internet- and cloud-based content delivery, smart grid applications, healthcare and safety monitoring, resource and inventory management, home entertainment, connected transportation, and other M2M data applications are witnessing high adoption. Moreover, IoT technology has witnessed significant technological innovation and government funding in several nations in the last few years.
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Challenge: Accuracy over different temperature ranges
Current sensors are extremely accurate at the temperature conditions with low variance. However, maintaining this accuracy over the temperature ranges commonly existing in automobile applications is the major challenge faced by the manufacturers. End users may use two main current measurement technologies—open-loop and closed-loop current sensors. With the open-loop sensors, the end users may experience problems with temperature shifts or at high temperatures. On the other end, closed-loop sensors provide the gain stability and handle short-duration, high-current transients well. However, the destructive overload capability favors open-loop current sensors. Moreover, the closed-loop sensors absorb significant quiescent current when the primary current is high, causing self-heating. Thus, the end users face multiple difficulties with respect to the working temperature of current sensors, which act as a challenge to the current sensor providers.
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Challenge: Accuracy over different temperature ranges
Current sensors are extremely accurate at the temperature conditions with low variance. However, maintaining this accuracy over the temperature ranges commonly existing in automobile applications is the major challenge faced by the manufacturers. End users may use two main current measurement technologies—open-loop and closed-loop current sensors. With the open-loop sensors, the end users may experience problems with temperature shifts or at high temperatures. On the other end, closed-loop sensors provide the gain stability and handle short-duration, high-current transients well. However, the destructive overload capability favors open-loop current sensors. Moreover, the closed-loop sensors absorb significant quiescent current when the primary current is high, causing self-heating. Thus, the end users face multiple difficulties with respect to the working temperature of current sensors, which act as a challenge to the current sensor providers.
Related Reports:
Automotive Sensors Market by Sales Channel (OEM, Aftermarket), Type (Temperature Sensors, Pressure Sensors, Position Sensors), Vehicle Type, Application (Powertrain Systems, Chassis), Region [2020-2026]
https://www.marketsandmarkets.com/Market-Reports/automotive-sensors-market-426.html
