Rapidly Rising Use of Battery-powered Systems Uplifting Demand for Current Sensors

Rockville, April 17, 2024 (GLOBE NEWSWIRE) -- Global sales of current sensors market have been calculated to reach US$ 3.1 billion in 2024, mainly due to the rising use of these components with high sensitivity and accuracy in several industries such as automotive, consumer electronics, and many more. A recently updated study by Fact.MR, a market research and competitive intelligence provider, has revealed that the global current sensor market is projected to advance at 9% CAGR from 2024 to 2034.

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Gradual shift in the automotive industry toward electric vehicles is set to act as a catalyst driving demand for current sensors. Their increased demand is attributed to the utilization in electric vehicles for motor control and battery management. Rising environmental concerns along with growing fuel prices are stimulating various automakers as well as consumers to shift to hybrid and electric vehicles, which is projected to create lucrative opportunities for suppliers of current sensors.

Key Takeaway from Market Study

• Worldwide sales of current sensors are estimated at US$ 3.1 billion in 2024.

• The global current sensor market has been forecasted to reach a valuation of US$ 7.3 billion by the end of 2034.

• The market is expected advance at a CAGR of 9% from 2024 to 2034.

• North America is projected to account for 24.3% share of global market revenue by the end of the forecast period (2024 to 2034).

• Demand for current sensors in South Korea is forecasted to increase at a CAGR of 9.8% from 2024 to 2034.

• Isolated current sensors are estimated to account for 60% of global market share by the end of 2034.

“Development of advanced current sensing solutions, rising production of electric and hybrid vehicles, and expansion of renewable energy sector are factors contributing to increased demand for current sensors,” says a Fact.MR analyst.

Industrial Automation in United States Driving Demand for Current Sensors

Sales of current sensors in the United States are projected to rise at a CAGR of 9.4% and reach US$ 740 million by 2034-end. An expansion of the defense and aerospace industries along with the adoption of industrial automation is contributing to the current sensors demand. They play a pivotal role in industrial automation for precise control, monitoring, and protection of electrical equipment and systems.

Key Market Players

• Honeywell International Inc.

• Texas Instruments Inc.

• Aceinna Inc.

• TDK Corporation

• Allegro MicroSystems, LLC

• Infineon Technologies AG

• Asahi Kasei Microdevices Corporation

• Silicon Laboratories Inc.

• TAMURA Corporation

• LEM Holding SA

• Melexis NV

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What is the Demand Projection for Current Sensors in the United States?

By 2034, it's anticipated that the United States will command a substantial 45.6% share of the North American market. This dominance is bolstered by the presence of leading current sensor manufacturers within the country, fueling the expansion of the current sensor market. Moreover, as the automotive industry transitions towards electric vehicles, there's an expected broadening of the application range for current sensors. The surge in IoT integration and industrial automation is further driving up the demand for current sensors across various sectors within the nation.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the current sensor market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on sensing method (direct, indirect), circuit type (isolated, non-isolated), sensor type (hall effect current sensors, rogowski coils), and end use (IT & telecom, consumer electronics, automotive, industrial automation, healthcare, energy & utility), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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