Current Sensor Market Regional Analysis, Competitive Landscape and Forecast to 2027 | COVID-19 Effects

[vivek vishwakarma]

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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Segmental Analysis

The segmental assessment of the current sensor market has been segmented based on current type, technology, application, type, and region. On the basis of types, the current sensor market has been segmented into a closed loop current sensor, digital/inductive current sensor, and open-loop current sensor. Based on the current types, the current sensor market analysis comprises of direct current (DC) and alternating current (AC). On the basis of technology, the current sensor market has been segmented into giant magnetoresistive (GMR) current sensing and hall-effect current sensing. The segmentation of the current sensor market on the basis of applications comprises of industrial inverters, automotive, consumer electronics, motor control, and power monitoring. Based on the regions, the current sensor market has been segmented into Europe, Asia-Pacific, North America, and the rest of the regions globally.

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.

Competitive Analysis

The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised. The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is also expected to emphasize on innovation to amplify the development scope in the global market. The need to integrate is projected to become even more prominent in the market in the upcoming period.

The strategic contenders in the current sensor market are Pulse Electronics Corporation (US), Phoenix Contact (Germany), Texas Instruments, Inc. (US), Honeywell International Inc (US), Tamura Corporation (Japan), Melexis NV (Belgium), Vacuumschmelze GmbH & Co. KG (Germany), Infineon Technologies AG (Germany), Allegro MicroSystems, LLC (UK), and AKM Semiconductor Inc (US), to name a few.

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