Current Sensors Market Trends 2021: In-Depth Analysis of Market Growth & Forecast Up To 2027

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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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