Global Current Sensor Market to Grow at a CAGR of 6.5% During 2024-2032, Driven by the Growing Applications of Current Sensors in the Automotive Sector

The Asia Pacific represents a significant share of the market due to the presence of leading automotive firms such as Toyota Motor Corp (NYSE: TM) in countries like Japan, South Korea, and China. In industrial applications, current sensors are used to monitor and control currents in actuators, motors, and other parts. They are employed in manufacturing, robotics, and process control. Hence, the increased use of automation in the automotive, manufacturing, and energy and power sectors drives the current sensor market growth.

Current sensors are used in many consumer electronics items, such as chargers, power converters, and smart home systems, to monitor and control power usage and ensure safety. Additionally, the growing popularity of electric vehicles (EV) and hybrid vehicles expands the market adoption of isolated current sensors.

The expansion of production facilities for magnetic sensor production systems further contributes to the market growth. In April 2023, TDK Corporation announced plans to expand production capacity at its TDK Asama Techno Factory (Saku-shi, Nagano, Japan) in order to bolster its TMR magnetic sensor production system in response to rising demand.

The company has planned to double its monthly output volume by the first half of 2025. As TDK's TMR magnetic sensors feature exceptional temperature properties, high precision, high reliability, and stable operation, they are used as the preferred sensors in the automotive industry for applications requiring accuracy, dependability, and safety. As the sensors require less power, they are also frequently used in consumer goods like smartphones, robotics, and other devices.

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Market Analysis by Type, Current Sensing Technology, End Use, and Region:

• The market, on the basis of type, can be divided into open loop and closed loop.

• Based on current sensing technology, the market can be divided into hall effect, current transformer, flux gate, and Rogowski coil.

• On the basis of end use, the market can be divided into automotive, consumer, industrial, and telecommunication, among others.

• The major regional markets for current sensor include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Grid-tied systems require current sensors for fault detection for safety, optimal power extraction from solar panels, and management of the converters and inverters. The increased demand for clean energy and consumer interest in energy generation propel the current sensor market expansion.

• Innovations in very accurate linear hall effect current sensors that provide a range of factory-calibrated, stray-field-resistant, high-isolation properties are aiding the market growth.

• In order to improve convenience and safety, electric motors are frequently utilised to electrify automobiles. This is driving the expansion of current sensors to monitor for emission reduction and consumption optimisation in order to prevent damage to a vehicle's electric components.

• The extensive application of current sensors in manufacturing processes to monitor physical conditions of a machine by constantly streamlining the data acquisition fuels the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global current sensor market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, current sensing technologies, end uses, and major regions of current sensor.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global current sensor market are Allegro MicroSystems, Inc., Eaton, Honeywell International Inc., Infineon Technologies AG, TAMURA Corporation, TDK Corporation, and Sensitec GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.