Current Measurement Sensor Market: Summary
The Global Current Measurement Sensor Market is projected to reach a value of over USD 4.79 billion by 2027 at a CAGR of around 9.6%.
Current sensor is a device who measures the current passing through a wire by using the magnetic field to detect the current and generate a proportional output. When a current pass through the circuit, a voltage drops across the path where the current is flowing. Moreover, magnetic field is generated near the current carrying conductor. Current sensing is a generation of voltage related to the current passing to the circuit. A traditional method of current sensing is to put a resistor in the path of current to be sensitive and place the sensed resistor anywhere in series with the circuit it maybe loads or switch. Hence, current sensing devices are stated as current to voltage converter.
Current Measurement Sensor Market: Drivers & Opportunity
- Rising Use of Electric & Hybrid Electric Vehicles (HEVs)
Source: IEA 2020
The sale of electric vehicles from 2018 is increasing. In 2018, China accounted 45% market share in Electric vehicles. In comparison with China, Europe accounted 24% and the US accounted 22% market share. Rising prices of fossil fuels and growing concerns of health & environment, the market of EVs are expected to rise during forecast period. According to Allegro MicroSystems, LLC, a typical HEV contain various systems that require electrical current sensors for AC motor and DC–DC converter applications. This company provide Hall-effect current sensor technology to provide unique, high bandwidth, enhanced resolution, improving the performance and cost-effectiveness for HEV applications.
- Commercialization of IoT Current Sensors
The industrial IoT is a part of IoT is used by many global players to collect, aggregate, and share large amount of data for achieving automation level at domestic and commercial levels. IoT current and voltage sensors consists of contactless hall effect, shunt resister current resister, battery voltage sensors, and temperature sensors. These sensors are read by analog to digital converter and processed by programmable microcontroller. This data is then uploaded to cloud with the help of Wi-Fi interface. Hence, need for monitoring battery driven equipment, energy efficiency, cost monitoring, and efficient solar power operations will drive the IoT current sensors market and can become an opportunity for the current measurement sensors market during growth period.
Current Measurement Sensor Market: Key Segments
- Segmentation based on type: Isolation ADC and Magnetic Sensor
- Segmentation based on technology: Hall-Effect, MEMS, Anisotropic Magneto Resistance (AMR), Giant Magneto-Resistive (GMR), and Tunnel Magneto-Resistance (TMR)
- Segmentation based on end use industry: Automotive, Energy & Power, Industrial, Consumer Electronics, Healthcare, Networking & Telecommunication, and Others
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Current Measurement Sensor Market: Report Scope
The report on the current measurement sensor market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Type, Technology, End Use Industry, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- HONEYWELL INTERNATIONAL INC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Asahi Kasei Microdevices Corporation
- Texas Instruments Incorporated
- Allegro MicroSystems, LLC
- Pulse A Yageo Company
- Infineon Technologies AG
- TDK Corporation
- TAMURA Corporation
- LEM HOLDING SA
- Silicon Laboratories
- OMRON Corporation
- PHOENIX CONTACT
- Kohshin Electric Corporation
- ICE Components, Inc.
- ELECTROHMS PRIVATE LIMITED
- Other Key Companies
Current Measurement Sensor Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Current Measurement Sensor Market, by Type
- Isolation ADC
- Magnetic Sensor
- Cored Current Sensors
- Open Loop
- Close Loop
- Coreless Current Sensors
Current Measurement Sensor Market, by Technology
- Anisotropic Magneto Resistance (AMR)
- Giant Magneto-Resistive (GMR)
- Tunnel Magneto-Resistance (TMR)
Current Measurement Sensor Market, by End Use Industry
- Hybrid Electric Vehicles (HEV) Inverters
- Electronic Power Steering (EPS) System
- Energy & Power
- Motor Drives & Control
- Solar Power Generation System
- Wind Power Generation System
- Industrial Robots
- Overcurrent Detection
- Industrial Inverters
- Laser Cutting & Welding Machines
- Consumer Electronics
- Networking & Telecommunication
Current Measurement Sensor Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Current Measurement Sensor Market Providers
- Current Measurement Sensor Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Current Measurement Sensor Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE CURRENT MEASUREMENT SENSOR MARKET STUDY