Press Release / Technology / Current Sensor Market 2019, Trends, Analysis, Leading Players & Future Forecast by 2023

Current Sensor Market 2019, Trends, Analysis, Leading Players & Future Forecast by 2023

Market Highlights
The Global Current Sensor Market was valued at USD 2.12 billion in 2017; it is expected to reach USD 3.71 billion by the end of the forecast period growing at a CAGR of 8.3%.
Current sensors market are used to detect and measure alternating and/or direct current in an electronic circuit using Hall effect sensing, and giant magneto resistive 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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Current sensors are widely used in servo motor drives, static converters for DC motors, battery and UPS devices, and power supplies. The major factor contributing to the growth of the current sensor market is the rising need for current measurement in industrial applications for motor current sensing, robotics, and solar inverters. In addition, increased use of fully integrated and programmable current sensors in consumer electronics and automotive industries is expected to contribute to the market growth.
Key Developments
March 2019, Allegro MicroSystems developed a Hall effect current sensor IC named ‘ACS70310’ with the ability to sense current with accuracy. These sensors are ideally used for hybrid and electric vehicle inverters to increase the functional safety and reliability. April 2019, Allegro MicroSystems launched an energy-efficient automotive-specific Hall effect sensor IC, namely AEC-Q100 for electric vehicle chargers, DC-DC converters, and industrial motors.
Segmentation
The global current sensor market has been segmented based on type, current type, technology, application, and region. By type, the current sensor market has been segmented into digital/inductive current sensor, closed loop current sensor, and open loop current sensor. By current type, the current sensor market has been segmented into alternating current (AC), and direct current (DC). By technology, the current sensor market has been segmented into hall-effect current sensing, and giant magnetoresistive (GMR) current sensing. By application, the current sensor market has been segmented into automotive, industrial inverters, consumer electronics, motor control, and power monitoring. The automotive segment has been further segmented into hybrid electric vehicle (HEV) inverters and electronic power steering (EPS) systems. The power monitoring segment has been further segmented into computer blade servers and server power supplies. By region, the current sensor market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Threat Of Rivalry
4.1.5 Bargaining Power Of Suppliers
4.2 Value Chain/Supply Chain Of Current Sensor
5 Market Landscape
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
Continued…
LIST OF TABLES
Table 1 Global Current Sensor Market, By Type, 2019–2024
Table 2 Global Current Sensor Market, By Current Type, 2019–2024
Table 3 Global Current Sensor Market, By Technology, 2019–2024
Table 4 Global Current Sensor Market, By Application, 2019–2024
Table 5 Global Current Sensor Market, By Region, 2019–2024
Continued…
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LIST OF FIGURES
FIGURE 1 Global Current Sensor Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Current Sensor Market
FIGURE 4 Value Chain Of Global Current Sensor Market
FIGURE 5 Share Of Global Current Sensor Market In 2017, By Country (In %)
Continued…
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