Industrial automation as an end-use vertical account for a majority of the current sensor market share. The automotive industry has experienced increasing demand in developing countries such as China and India. Furthermore, mounting demand for customized and intelligent automotive products has resulted in the opening up numerous market opportunities for current sensor market players. Furthermore, advancements in manufacturing and production processes are anticipated to drive the demand for current sensors over the forecast period. Direct sensing-based current sensors are expected to be most attractive due to their high functional properties; they find usage in automotive, medical and consumer electronics industries.
According to a new Fact.MR study, the current sensor market is poised to progress at a value CAGR of 8%, creating an absolute opportunity of $2.7 billion by 2030-end.
The study found that the global current sensor market is expected to add 2.5 times more value in 2030 as compared to 2020. Also, the direct sensing-based current sensors segment will continue to dominate demand, accounting for more than three-fourth of the global share.
Fact.MR says the isolated circuit-based current sensors segment is set to grow at a higher rate, facilitated by mounting demand for IoT applications and advancements in the automotive industry, over the forecast period.
The report finds that the global current sensor market is expected to witness a rise in emerging countries, such as India, China and Brazil, from increased focus toward digitalization and industrial automation. East Asia is estimated to be the most lucrative market in terms of revenue generation, currently valued at $510 million, and is expected to experience expansion over the forecast period.
Current sensors used in industrial automation and consumer electronics will continue their dominance, accounting for more than half of the market share in North America by 2030, at a growth rate of 7% over the forecast period. The COVID-19 pandemic has resulted in lockdowns and trade restrictions across the world, which has affected both the demand and supply of current sensors. This will adversely affect market growth in the near term.
Prominent players in the current sensor market are focusing on product innovation through increased R&D expenditure says Fact.MR. Numerous companies in the semiconductor industry file for patents, and many have been granted associated patents. Companies are doing vertical integration to enjoy full profit of the value chain and increase their product portfolio. Prominent players in the current sensor market include Infineon Technologies AG, Honeywell International, Texas Instruments, TDK, Silicon Laboratories, Tamura, Melexis NV, Asahi Kasei Microdevices and Allegro MicroSystems.
