The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising demand for electric vehicles is likely to spur innovation in current sensor manufacture, propelling the market throughout the forecast period.

The global current sensor market is expected to grow from $2.21 billion in 2022 to $2.43 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The global current sensor market size is expected to grow to $3.45 billion in 2027 at a CAGR of 9.2%.

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Global Current Sensor Market Segments Include:

• By Type: Closed Loop, Open Loop
• By Technology: Hall Effect, Shunt, Fluxgate, Magneto-Resistive
• By Application: Motor Drive, Converter and Inverter, Battery Management, UPS and SMPS, Starter and Generators, Grid Infrastructure, Other Applications
• By End-Use: Automotive, Consumer Electronics, Industrial, Telecommunication, Other End-Uses
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global current sensor market in 2021.

Major Market Players in the current sensor market include Allegro MicroSystems Inc., Honeywell International Inc., Infineon Technologies AG, TDK Corporation, TAMURA Corporation, Texas Instruments, Melexis, LEM International SA, Aceinna Inc.

The primary trend gaining popularity in the present sensor industry is technological improvement. To maintain their market position, major players in the contemporary sensor market are focusing on developing innovative technical solutions. For example, TDK Corporation, a Japanese manufacturer of electronic components and systems, will release the CUR 4000 Hall-effect sensor in April 2021. The CUR 4000 is distinguished by its non-intrusive, galvanic-isolated contactless current sensing and is intended for highly precise current measurements in automotive and industrial applications. These properties will be advantageous in future high-voltage systems for hybrid and electric cars (xEV). The product is capable of measuring dynamic current ranges up to =2000 A and is appropriate for DC and AC measurements as well as overcurrent detection in high-power battery monitoring.

The Current Sensor Global Market Report 2023  provides a current sensor market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The current sensor market forecast analyzes current sensor market size, current sensor market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A current sensor is a device that detects current and converts it into an easily measurable output voltage that is proportional to the current flowing through the measured path. Power metering, current supply monitoring, control system troubleshooting, motor load management, and other applications make use of current sensors.

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