Current Sensor Market worth $4.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 9, 2023 /PRNewswire/ -- The Current Sensor Market was valued at USD 2.8 billion in 2023 and is projected to reach USD 4.7 billion by 2028, growing at a CAGR of 10.4% during the forecast period from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors accelerating the growth of the current sensor market are the growing use of battery-powered systems and increasing focus on renewable energy, high adoption of Hall-effect current sensors, and increasing demand in the consumer electronics industry.

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Browse in-depth TOC on "Current Sensor Market" 

193 – Tables
67 – Figures
248 – Pages

Current Sensor Market Report Scope:

 

Hall-effect magnetic current sensors segment to account for the largest share during the forecast period.

In 2022, the Hall-effect sensors segment held the largest share of the magnetic current sensor market and was expected to follow the trend during the forecast period. The growth of the segment can be attributed to the rising demand for Hall-effect sensors in the consumer electronics and automotive industries. The automotive industry is among the major consumers of Hall-effect sensors; they are used in advanced driver-assistance systems (ADAS)and hybrid and electric vehicles for current and voltage measurement. Most consumer electronics applications require inexpensive, robust, and durable sensing technology. Thus, the Hall-effect sensor is one of the most apparent choices owing to its non-contacting feature, durability, and robustness to dirt and other environmental contaminants. Moreover, it is among the oldest and most reliable technologies used by end users.

The digital output segment in the current sensor market is expected to grow at the highest growth rate during the forecast period.

The digital output segment of the current sensor industry is projected to grow at a higher CAGR than the analog output segment during the forecast period. Current sensors with digital output offer several advantages over sensors with analog output and are mostly suited for remote applications. The applications of digital current sensors include enterprise servers, telecommunications, and power management. Moreover, these sensors offer both design and operational advantages over analog output current sensors.

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China in Asia Pacific to hold the largest market share throughout the forecast period.

China held the largest market share and is expected to retain its position during the forecast period from 2023 to 2028 in the current sensor market. China is one of the world's largest and fastest-growing economies, and it has a huge consumer electronics industry, with a large population base and increasing per capita income. China's large-scale industrialization has led to the growing need for current sensors. China plays a significant role in the current sensor market as it is the largest automobile manufacturer in the world. According to the International Trade Organization, automobile production in China is the largest in the world, and the country has a considerable number of smart city projects. The automotive and building automation sectors are expected to contribute significantly to the growth of the current sensors market in the country. 

The report profiles key current sensor players and analyzes their market shares. Players profiled in the current sensor companies report are Asahi Kasei Corporation (Japan), Infineon Technologies AG (Germany), Allegro MicroSystems, Inc. (US), LEM International SA (Switzerland), Melexis (Belgium), TDK Corporation (Japan), Aceinna (US), Honeywell International Inc. (US), TAMURA Corporation (Japan), and Texas Instruments Incorporated (US), are some major players.

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