Current Sensor Market by Current Sensing Methods (Direct, Indirect), Loop Type (Closed Loop, Open Loop), Technology (Isolated, Non-Isolated), Output Type (Analog, Digital), End User (Automotive, Industrial) and Region – Global Forecast to 2028
[248 Pages Report] 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.
Factors such as deployment of IoT and IIoT with current sensors, and miniaturization of current sensors creates lucrative opportunities whereas intense pricing pressure resulting in decline in average selling prices (ASPs) is a major restraint for the growth of the current sensor market.
Current Sensor Market Forecast to 2028
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Market Dynamics:
Driver: High adoption of Hall-effect current sensors
Hall-effect current sensors are mainly used for current monitoring, overcurrent fault detection, and power measurement in the industrial automation, telecommunication, and utility sectors, as well as medical, aerospace & defense, consumer electronics, automotive, and railways industries. Currently, industry players are manufacturing completely integrated and programmable current sensors based on bipolar complementary metal-oxide semiconductor (BiCMOS) or complementary metal-oxide semiconductor (CMOS) technologies. These current sensors exhibit features such as no insertion loss, low power consumption, compact package size, single or dual power supply, high accuracy and sensitivity, galvanic isolation, and fast response time.
The surging adoption of Hall-effect sensors in advanced applications, such as autonomous cars and robots, is expected to spur the growth of the current sensor market. For instance, the ACS714 30 Amp Hall-effect current sensor module provides economical and precise solutions for AC or DC current sensing in robotics and automotive applications for autonomous devices. Magnetic sensors used in these applications are highly efficient, accurate, reliable, robust, and have a simple design. The manufacturers of magnetic current sensors are highly investing in different magnetic sensing technologies, such as tunnel magnetoresistance (TMR) and giant magnetoresistance (GMR), to enhance their domain expertise and strengthen their market position. Moreover, the players are also expanding their current sensor product portfolios by introducing new products to cater to the needs of various end users. For instance, in August 2023, Texas Instruments Incorporated (US) launched TMCS1123, a lowest-drift isolated Hall-effect current sensor for high-voltage systems and a portfolio of current shunt monitors that eliminate the need for an external shunt resistor for non-isolated voltage rails.
Restraint: Intense pricing pressure resulting in decline in average selling prices (ASPs)
Increasing applications of current sensors in EVs, HEVs, consumer electronics, telecommunication equipment, and healthcare devices have increased its overall shipment, but sales growth has been hampered due to the continued fall in the price of a product over time, due to pressure from customers and competitors. Several companies are channeling their research and development activities toward providing cost-effective current sensor solutions that use MEMS technology and developing IoT-compatible sensors. This has resulted in pricing pressure, especially for applications where current sensors are used in a high volume. Consequently, manufacturers have been compelled to decrease the potential price of current sensors. Reducing the average selling price benefits the customers but shrinks the profit margin of suppliers. The main challenge for the companies is to offer improved quality products and reduce the overall cost of production. Thus, intense pricing pressure has resulted in a decline in average selling price (ASP), which is expected to hamper the growth of the highly competitive current sensor market.
Opportunity: Miniaturization of current sensors
The miniaturization of current sensors is a key trend in the current sensor market. This is driven by the increasing demand for current sensors in a variety of applications, such as wearable devices, medical implants, power grids, electric vehicles, and control systems. Certain benefits associated with miniaturization of current sensors are reduced size and weight based on application, improved performance, lower cost compared to larger sensors, and enhanced integration with other electronic components.
There are certain challenges associated with miniaturizing current sensors, but to overcome these challenges, several techniques are available. For instance, one of the key challenges is the need to maintain accuracy and sensitivity as the sensor is miniaturized. This can be achieved by using new materials and fabrication techniques.
Another challenge is the need to reduce the power consumption of miniaturized current sensors. This can be achieved by using low-power electronics and optimizing the sensor design.
Some techniques that can be used to miniaturize current sensors are the use of new materials , such as graphene and carbon nanotubes, to make current sensors smaller and more sensitive; the use of new fabrication techniques, such as 3D printing and micromachining, to create miniaturized current sensors with complex geometries; the use of integrated circuits to reduce the size and power consumption of current sensors; and the use of wireless communication to transmit the output of current sensors to a remote location, which can reduce the size and complexity of the sensor.
The miniaturization of current sensors is a rapidly developing field, and new techniques are constantly being developed. This is a promising trend that is expected to continue in the coming years, as it will enable the development of new and innovative applications for current sensors.
Challenges: Need for product differentiation and development of innovative solutions
Current sensors require proper and timely maintenance and replacement to avoid problems related to accuracy, drift, and sensitivity. Currently, in the current sensor market, Hall-effect and magnetoresistive (AMR, TMR, and GMR) are among the most widely used sensor technologies. Hall-effect and AMR sensors have been in the market for a long time. Hence, players need to differentiate their products from competitors by innovating products and providing customized magnetic sensor solutions. Companies are trying to innovate their products according to the changing requirements to capture the maximum share of the market. Magnetoinductive and magneto-optical sensors are being used for customized sensor applications.
Current Sensor Market Map:
By technology, the isolated segment in the current sensor market is expected to grow at the highest growth rate during the forecast period.
The current sensor market for isolated technology segment is expected to hold a larger market share and expected to grow at the highest rate during the forecast period from 2023 to 2028. This growth is attributed to the increasing demand for magnetic current sensors worldwide due to their usability in a wide range of applications. Magnetic current sensors offer high accuracy, dynamic range, and faster response for power conversion applications such as power supplies for datacenter, servers, and telecom; motor drives and inverters; and uninterruptible power supplies (UPSs). Also, conversion and power management applications in next-generation electronic devices are increasing, which require magnetic current sensors that deliver reliability, durability, and accuracy.
Automotive segment account for the largest market share of the current sensor market, by end user, during the forecast period.
The current sensor market for the automotive industry holds the largest market share and is projected to retain its position during the forecast period from 2023 to 2028. With the growing adoption of electric vehicles, there would be significant advancements and growth in the use of current sensors. Since battery is the main source of energy for systems in hybrid electric vehicles (HEVs)/ electric vehicles (EVs), it is important to know about its charging-discharging cycles. Current sensors are the main source of information for this charging-discharging cycle, and it also reports the status of the battery’s state of health (SOH) to the battery management system. They may be located onboard or externally. With the increase in battery capacities of HEVs/EVs, the requirements for higher current ranges are increasing, thereby accelerating more demand for current sensors.
Asia Pacific region is expected to exhibit the highest CAGR during forecast period
The current sensor market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period; this region is likely to hold the largest share of the current sensor market by 2028. This growth is attributed to the increased use of current sensors in the automotive, building automation, energy & power, and manufacturing industries. Asia Pacific is among the most prominent regions for the automotive sector. The rapidly increasing number of passenger car manufacturing and sales in this region and the growing adoption of isolated current sensors for EVs/HEVs in automotives is driving the current sensors growth in Asia Pacific.
Rapid urbanization and increased investments in R&D by current sensor manufacturers in Asia Pacific contribute significantly to the market growth. A few of the major players offering current sensors, such as Asahi Kasei Corporation (Japan), TDK Corporation (Japan), TAMURA Corporation (Japan), Sensor Electronic Technology (Hong Kong), Kohshin Electric Corporation (Japan), OMRON Corporation (Japan), and ABLIC Inc. (Japan) are headquartered in this region.
Current Sensor Market by Region
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Key Market Players
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), Texas Instruments Incorporated (US), Silicon Laboratories (US), Ningbo Xici Electronic Technology Co., Ltd. (China), KOHSHIN ELECTRIC CORPORATION (Japan), Yageo Group (Taiwan), VACUUMSCHMELZE GmbH & Co. KG (Germany), STMicroelectronics (Switzerland), OMRON Corporation (Japan), ICE Components, Inc. (US), Magnesensor Technology (US), and American Aerospace Controls, Inc. (US), are some key players operating in the current sensor companies.
Current Sensor Market Report Scope
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Report Metric |
Details |
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Market size available for years |
2019–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
USD Million/Billion |
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Segments Covered |
Current Sensing Methods, Loop Type, Technology, Output Type, End User, and Region. |
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Regions covered |
North America, Asia Pacific, Europe, and RoW |
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Companies covered |
Some of the leading companies operating in the current sensor market 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), Texas Instruments Incorporated (US), Silicon Laboratories (US), Ningbo Xici Electronic Technology Co., Ltd. (China), KOHSHIN ELECTRIC CORPORATION (Japan), Yageo Group (Taiwan), VACUUMSCHMELZE GmbH & Co. KG (Germany), STMicroelectronics (Switzerland), OMRON Corporation (Japan), ICE Components, Inc. (US), Magnesensor Technology (US), American Aerospace Controls, Inc. (US), ELECTROHMS PRIVATE LIMITED (India), DARE Electronics, Inc. (US), YUANXING ELECTRONICS CO., LTD. (China), Sensor Electronic Technology (SET) (Hong Kong), and Tell-i Technologies, Inc. (US). |
Current Sensor Market Highlights
This research report categorizes the current sensor market based on Current Sensing Methods, Loop Type, Technology, Output Type, End User, and Region.
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Segment |
Subsegment |
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By Current Sensing Methods |
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By Loop Type |
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By Technology |
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By Output Type |
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By End User |
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By Region |
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Recent developments
- In May 2023, Infineon Technologies AG (Germany) acquired Swedish startup Imagimob (Sweden) to boost its TinyML edge AI capabilities on its microcontrollers and sensors. Imagimob’s platform enables a wide range of use cases in embedded designs, from audio event detection, voice control, predictive maintenance, gesture recognition, and signal classification to material detection.
- In April 2023, TDK Corporation (Japan) announced its plans to double the production capacity at its TDK Asama Techno Factory (Japan) from the first half of 2025 to strengthen its TMR magnetic sensor production system in response to increasing demand.
- In October 2022, Texas Instruments Incorporated (US) opened a new 300-mm wafer fabrication plant RFAB2 to support the future growth of semiconductors in electronics. The new fab is connected to RFAB1, which opened in 2009 as one of the world’s first 300-mm analog wafer fabs. At full production, the fabs will manufacture more than 100 million analog chips a day.
Critical questions answered by this report:
What are the key strategies adopted by key companies in the current sensor market?
Product launches, acquisitions, and collaborations have been and continue to be some of the major strategies the key players adopted to grow in the current sensor market.
What region dominates the current sensor market?
The Asia Pacific region will dominate the current sensor market.
What application dominates the current sensor market?
Automotive applications are expected to dominate the current sensor market.
Which technology from the technology segment dominates the current sensor market?
The isolated technology segment is expected to have the largest market size during the forecast period.
Who are the major autonomous underwater vehicle (AUV) market companies?
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).
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The study involved four major activities in estimating the current size of the current sensor market—exhaustive secondary research collected information on the market and its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Various secondary sources have been referred to in the secondary research process for identifying and collecting information important for this study. These secondary sources include current sensor technology journals and magazines, annual reports, press releases, investor presentations of companies, white papers, certified publications and articles from recognized authors, and directories and databases such as Factiva, Hoovers, and OneSource.
Primary Research
Various primary sources from both supply and demand sides have been interviewed in the primary research process to obtain qualitative and quantitative information important for this report. The primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the current sensor market. After complete market engineering (including calculations regarding market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information as well as to verify and validate the critical numbers arrived at.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market estimation process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the current sensor market and other dependent submarkets listed in this report.
- Extensive secondary research has identified key players in the industry and market.
- In terms of value, the industry’s supply chain and market size have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Current Sensor Market: Bottom-Up Approach
Market: Top-Down Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the global market has been split into several segments and subsegments. Market breakdown and data triangulation procedures have been employed wherever applicable to complete the overall market engineering process and arrive at exact statistics for all segments and subsegments. The data has been triangulated by studying several factors and trends identified from both the demand and supply sides.
Market Definition
A current sensor is a component that detects and converts current to an easily measured output voltage, which is proportional to the current passed through the measured path. Current measurement is essential in many power and instrumentation systems, where the current sensor detects electric current in a wire and generates a signal proportional to it. The generated signal could be an analog voltage or current or even a digital output. This signal is used to display the measured current in an ammeter or is stored for further analysis in a data acquisition system (DAS). Traditionally, current sensing was done for circuit protection and control, but with advancements in technology, it has emerged as a method to monitor and enhance the performance of fans, pumps, motors, and many other electrical loads for proper operation in various end-user industries.
Key Stakeholders
- Raw material suppliers
- Component manufacturers and providers
- Sensor manufacturers and providers
- Original equipment manufacturers (OEMs)
- ODM and OEM technology solution providers
- Automobile manufacturers
- Current sensor and device suppliers and distributors
- Market research and consulting firms
- Associations, organizations, forums, and alliances related to the current sensor industry
- Technology investors
- Governments and financial institutions
- Venture capitalists, private equity firms, and start-ups
- End users
Report Objectives
The following are the primary objectives of the study.
- To define, describe, and forecast the current sensor market, by current sensing methods, loop type, technology, output type, end user, and region, in terms of value
- To describe, segment, and forecast the current sensor market, by loop type, in terms of volume
- To describe and forecast the market across four key regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), along with their respective country-level market size, in terms of value
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges pertaining to the current sensor market
- To strategically analyze the micromarkets1 with respect to the individual growth trends, prospects, and their contribution to the current sensor market
- To map competitive intelligence based on company profiles, key player strategies, and key developments
- To provide a detailed overview of the current sensor value chain and ecosystem
- To provide information about the key technology trends and patents related to the current sensor market
- To provide information regarding trade data related to the current sensor market
- To analyze opportunities for stakeholders by identifying high-growth segments of the current sensor ecosystem
- To benchmark the market players using the proprietary company evaluation matrix framework, which analyzes them on various parameters within the broad categories of market ranking/share and product portfolio
- To analyze competitive developments, such as contracts, acquisitions, product launches, collaborations, partnerships, and research & development (R&D), in the current sensor market
- To analyze the impact of the recession on the growth of the current sensor market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Current Sensor Market