The current sensor market size is poised to expand at substantial CAGR during the forecast period. An array of big changes and exciting new trends lie ahead for the current sensor industry. From smart home appliances like washing machines, air conditioners, and microwave ovens to lawn movers and electric vehicles, current sensors are experiencing robust demand. This demand will be sustained by the growing popularity of smart home electronics including televisions, smart speakers, smart lighting and others. In the U.S. alone, smart home product sales are slated to surpass USD 15 billion this year, an increase of over 3% compared to 2020.
The current sensor market will benefit significantly from the global electric vehicle boom. Adoption of electric and hybrid vehicles worldwide is growing strong worldwide with never-ending efforts towards sustainability. Automotive innovations such as ADAS, ABS, and other autonomous driving systems indicate significant opportunities for the adoption of current sensors in the future.
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Reports estimate that the global current sensor market size could be worth more than US$3 billion by 2027. Technological advances in sensor technologies such as coreless sensors, circular vertical hall sensors, and integration of improved BICMOS technology will be pivotal factors influencing the product demand in the forthcoming years.
The rise in highspeed broadband connections in data centers and cloud-based services is driving the need for reliable and efficient current sensor technologies in UPS and SMPS applications. This is because current sensors enhance UPS and SMPS efficiency by limiting reverse current flow. Current sensor industry size from UPS and SMPS applications could expand at a 7% CAGR in the coming years. In 2020, these applications captured around 15% of the overall revenue share. Manufacturers are focusing on bringing novel solutions to the market. Citing a recent instance, in March 2021, Fuji Electric rolled out two new products for solar inverters and data center compact UPS systems.
Magneto resistive technology is gaining significant traction thanks to advantages such as coreless architecture, high linearity, low output noise and low hysteresis. Its application in the energy & utility sector is expanding owing to reliable performance, design flexibility, and high sensitivity. Magneto resistive technology segment held over 15% revenue share of current sensor market in 2020 and could witness a 6% CAGR till 2027.
The proliferation of 5G is opening up new opportunities for the deployment of current sensors in the telecom sector. The increase in data traffic and demand for seamless internet connectivity, especially amid the COVID-19-induced work-from-home trend, are forcing telecom companies to upgrade their network infrastructures. Based on these factors, it is estimated that current sensor industry share from telecom sector will grow at 5% CAGR through 2027. Back in 2020, the sector held about 10% of the overall market share.
Europe is emerging as a leading adopter of e-mobility solutions, led by strict safety and emissions regulations. The European Commission aims to cut down CO2 emissions from the transportation sector significantly by the year 2050. As a result, rapid transition towards electrical vehicles could be witnessed between 2030 and 2050. The regional automakers are also laying emphasis on integrating advanced vehicle systems into autonomous cars. Rapid developments in the automotive sector mean that Europe current sensor market size could expand at over 5.5% CAGR over the next few years.
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Honeywell International, Infineon Technologies AG, Aceinna, Silicon Laboratories, TDK Corporation, and Allegro MicroSystems are some of the leading manufacturers and suppliers of current sensors throughout the world. New product development is a top priority among these companies as they gear up to meet the growing market demand and look to gain a competitive edge. For example, in May 2021, EMUS had launched a new busbar type current sensor that can measure current readings of up to 1,000 A. Featuring a Molex connector, the high-precision device is intended for use along with EMUS’s battery management system.
The current sensor market has experienced slight disruption due to the COVID-19 crisis, which led to the temporary closure of manufacturing operations, international trade restrictions, and supply chain uncertainty. These factors, however, are anticipated to accelerate the shift towards automation, industrial robots, and autonomous cars, which will bolster the industry outlook in the near future.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definition
1.2 Methodology and forecast parameters
1.3 Region-wise COVID-19 impact analysis
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 Middle East & Africa
1.4 Data Sources
Chapter 2 Executive Summary
2.1 Current sensor market 3600 synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Technology trends
2.1.5 Application trends
2.1.6 End-use trends
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