Current Sensors Market 2021 Analysis by Key Drivers, Top Players, Forecast, Growth Rate, Constraints, Future Trends, Events, And Challenges Until 2027
Market Highlights
Current sensors are used to detect and measure
alternating and/or direct current in an electronic circuit using Hall effect
sensing, and giant magnetoresistive sensitive technology. The current sensors
find a variety of applications in power management devices, current supplies,
inverters in electric vehicles, and battery-powered devices. Open loop current
sensors integrated with Hall effect sensing technology are widely used for
sensing current and offer the ability to work in low power mode. Manufacturing
and consumer electronics are the largest end-users of current sensors. However,
the automotive industry is expected to register the highest CAGR during the
forecast period.
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Key Players
The key players in the current sensor market
are identified across all the major regions based on their country of origin,
presence across different regions, recent key developments, product
diversification, and industry expertise. Some of them are Pulse Electronics
Corporation (US), Honeywell International Inc. (US), Tamura Corporation
(Japan), Melexis NV (Belgium), Vacuumschmelze GmbH & Co. KG (Germany),
Infineon Technologies AG (Germany), Phoenix Contact (Germany), Texas
Instruments, Inc. (US), Allegro MicroSystems, LLC (UK), and AKM Semiconductor
Inc (US).
Apart from the top key players, the other
players contributing nearly 40–45% in the current sensor market are Advantech
B+B SmartWorx (US), Broadcom Inc. (US), Coto Technology (US), CR Magnetics Inc
(US), CUI, Inc. (US), Diodes Incorporated (US), Harting Technologiegruppe
(Germany), Lem Holding SA (Switzerland), Littelfuse, Inc. (US), Monnit
Corporation (US), Red Lion Controls, Inc. (US), Silicon Laboratories, Inc.
(US), TDK-Micronas (Switzerland), and Weidmüller Interface GmbH & Co. KG
(Germany).
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Regional Analysis
The market for current sensor is estimated to
grow at a significant rate during the forecast period from 2019 to 2024. The
geographic analysis of the current sensor market has been studied for North
America, Europe, Asia-Pacific, and the rest of the world (including the Middle
East & Africa, and South America). According to MRFR analysis, Asia-Pacific
is expected to grow with the highest rate during the forecast period. The
market growth in Asia-Pacific is high due to the increasing concentration of
end-users such as consumer electronics and automotive industries. In addition,
Asia-Pacific is at the forefront of digital transformation in semiconductor
& electronics industry which impacts the production of power-efficient
devices. The production of power efficient devices for consumer, automotive,
and industrial applications has further increased the need for current
measurement and ultimately the increased production of current sensors.
Additionally, China, Taiwan, and Japan are among the largest exporters of electronic
components in the Middle East & Africa and Europe. On the other hand, North
America is estimated to continue dominating the current sensor market during
the forecast period owing to the major contribution from the US and Mexico.
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