Current Sensor Market is Expected to Reach US$ 2.93 Billion by 2028

IMARC Group, a leading market research company, has recently released a report titled “Current Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the current sensor market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Current Sensor Market?

The global current sensor market size reached US$ 1.95 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.93 Billion by 2028, exhibiting a growth rate (CAGR) of 6.72% during 2023-2028.

What is Current Sensor?

A current sensor is an electronic device that identifies and measures the electric current flowing within a circuit. It generally involves measuring the magnetic field generated by the current and converting it into an electrical signal that can be employed to offer feedback or regulate the circuit. It is used in various applications, including industrial automation, power management, and electrical safety. Some commonly available options include Rogowski coils, Hall-effect sensors, and shunt resistors. The sensor selection relies on the specific application and the accuracy and measurement of range requirements. Additionally, it is frequently integrated into larger control systems or devices such as motor drives and battery management systems. It is also used in several modern electrical systems due to their reliability and accuracy as they are essential to ensure safe and efficient operation. Moreover, current sensors find extensive applications in industrial, telecom, and healthcare industries across the globe.

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What are the growth prospects and trends in the current sensor industry?

The market is primarily driven by the widespread adoption of industrial robots across several industrial sectors, such as consumer electronics, automotive, and renewable energy. In addition, the escalating product demand in several industries to measure and monitor energy consumption for optimizing energy use and reducing costs are contributing to the market growth. Moreover, the significant expansion in the automotive sector and the rising product demand for electric vehicles (EVs) as they secure safe and efficient charging of batteries by controlling the flow of electricity represents another major growth-inducing factor. Additionally, the increasing product application and adoption of automation and control systems are surging the demand for advanced sensors capable of measuring, detecting, and monitoring multiple parameters. Besides this, the increasing demand for current sensors in consumer electronics, such as smartphones and tablets, as an ultra-low power solution to accurately estimate battery life and protect circuitry and Li+ batteries against overcurrent conditions is also providing a positive thrust to the market growth. Apart from this, the current sensor market is growing at different rates in numerous regions, with Asia-Pacific being the largest market due to the rising demand for energy-efficient devices, widespread adoption of automation and control systems, and the escalating demand for electric vehicles (EVs). Moreover, the industry is expected to face competition in the upcoming years as various key players are implementing competitive strategies to sustain their presence in the market. For instance, in June 2022, Murata introduced the MRD series of open-loop current sensors for industrial systems that incorporate high-performance tunnel magneto-resistive (TMR) elements. These sensors enable precise measurement of both DC and AC currents up to 40A while maintaining stable characteristics across an extensive temperature range. Furthermore, the development of advanced sensor technologies such as Hall-effect sensors and shunt resistors provides high accuracy and reliability, making them suitable for several applications and creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

Current Sensing Technology Insights:

Sensing Method Insights:

Application Insights:

End Use Insights:

Market Breakup by Region:

Who are the key players operating in the industry?

The report covers the major market players including:

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