CHICAGO, March 19, 2019
CHICAGO, March 19, 2019 /PRNewswire/ -- According to the new market research report "Current Sensor Market by Type (1) (Closed Loop and Open Loop), Type (2) (Isolated and Non-Isolated Current Sensors), End User (Automotive, Healthcare, Energy, Consumer Electronics, Industrial, and Others), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Current Sensor Market is expected to grow from USD 2.4 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 8.34% from 2019 to 2024. The growth of this market can be attributed to the high demand for current sensors from various industries such as energy, automotive, industrial, especially from APAC and North America.
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Automotive industry to hold largest share of current sensor market by 2019
The automotive industry accounted for the largest share of the current sensor market in 2018. The growth of the market for the automotive segment is attributed to the high volume of current sensors being used in automotive vehicles worldwide. Further, this growth is also ascribed to the increasing number of electric vehicles and hybrid vehicles (EV and HEV). The growth of the electric vehicle industry is driven by the increasing adoption of hybrid and electric cars in China, Germany, the US, and other countries. China was the largest market for electric cars in 2018, with 380 thousand electric cars registered. The US is the second-largest market for electric cars with 190 thousand units registered.
Closed loop to hold larger share and witness significant CAGR in market during forecast period
The closed-loop segment accounted for a larger share of the current sensor market in 2018. This growth is attributed to the advantages of this type over open-loop type; these include high accuracy and linearity, low gain drift, wide bandwidth, and fast response time. Owing to this, closed-loop current sensors have major demand from the industrial and automation sectors. Closed-loop current sensors are used in industries such as aerospace & defense, automotive, medical, railway, automotive, and consumer electronics, where accuracy and response time are the major requirements. These sensors are generally used in motor drive controllers, photovoltaic systems, generator/alternator monitoring and controlling system, robotics, UPS and telecommunication power supplies, welding power supplies, and frequency and voltage inverters.
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APAC to hold largest share of current sensor market by 2019
APAC is expected to hold the largest share of the current sensor market by 2019. This growth is mainly attributed to the population growth and rapid urbanization in developing economies, such as China and Japan, which have accelerated the regional development and would in turn boost the demand for current sensors from several end users, such as industrial, energy, telecom and networking, and healthcare sectors, and automotive and consumer electronics industries. The countries considered in the region are China, India, Japan, Australia, and South Korea. Also, the rapid adoption of the renewable sources for power generation and electric vehicles in China is the major factor contributing to the growing current sensor market in APAC. China has the fastest adoption rate for new renewable energy sources. It also has the maximum number of new electric vehicles registered in the region. China and India were among the top 6 countries for the maximum installation of renewable energy in 2016, and China witnessed the growth of 78% in the registration of electric vehicles in 2017.
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A few key players operating in the current sensor market are Asahi Kasei Microdevices (Japan), Melexis (Belgium), Allegro Microsystems (US), Infineon Technologies (Germany), and Honeywell (US).
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